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How Do You Explain Ethereum?

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.

In 2014, a group of developers wanting to create a more decentralized internet came together and proposed Ethereum as a solution. They were inspired by Bitcoin, but they wanted to do more than just create a digital currency.

They wanted to build a platform that would allow people to create decentralized applications.

Ethereum is sometimes described as a digital computer that anyone can program. That’s because it has all the same features as a computer: it has an operating system, it can store data, and it can run programs.

But unlike a regular computer, Ethereum is completely decentralized. That means there is no central authority that controls it, and everyone is equal.

NOTE: WARNING: Ethereum can be a complex concept to understand and explain. Before attempting to explain Ethereum, make sure you have a good understanding of the technology and its components. Additionally, be aware that the technology behind Ethereum is constantly evolving and new features are added regularly. Therefore, prior to explaining Ethereum, make sure you research updates to the blockchain that may have occurred since your initial investigation.

The way Ethereum works is by using what are called smart contracts. A smart contract is like a regular contract, but it is written in code and stored on the Ethereum blockchain.

That means it can’t be changed or deleted, and everyone can see it.

Smart contracts are used to run applications on Ethereum. For example, you could use a smart contract to create a decentralized marketplace where buyers and sellers can trade directly with each other without the need for a middleman.

Or you could use a smart contract to create a voting system where everyone can vote on anything they want without the need for a central authority.

The possibilities are endless, and that’s why Ethereum is so exciting. It’s still early days, but someday we could see an entirely new internet built on Ethereum where everything is decentralized and open source.

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