A distributed ledger is a database that is consensually shared and synchronized across network participants. It allows transactions to have public “witnesses,” thereby making trustless consensus possible.
Ethereum uses a decentralized virtual machine, the Ethereum Virtual Machine (EVM), to execute scripts and contracts. In this way, Ethereum is programmable money.
The key concept of a distributed ledger is that it allows for trustless consensus. That is, it allows network participants to agree on the state of the ledger without the need for a central authority.
This has a number of advantages over traditional centralized databases.
First, it makes the system more resilient to attack. If one participant tries to tamper with the data, the other participants can detect this and refuse to accept the invalid data.
NOTE: WARNING: Ethereum is not a distributed ledger. It is a decentralized platform that enables the creation of distributed applications (DApps) and smart contracts. Ethereum does not provide a distributed ledger, but it does provide the ability to create them. Before investing in any Ethereum-based projects, please be sure to do thorough research and understand what you are investing in.
Second, it reduces the cost of running the system. There is no need for a central server or administrator, which reduces overhead costs.
Third, it makes the system more transparent. All transactions are visible to all participants, and any changes to the data are publicly visible.
This reduces the risk of fraud or corruption.
Fourth, it makes the system more democratic. Because there is no central authority, decisions about how the system should be run can be made by consensus among the participants.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is a distributed ledger platform with many advantages over traditional centralized databases. It is more resilient to attack, more efficient, more transparent, and more democratic. These characteristics make Ethereum an attractive platform for developing decentralized applications.
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