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 the Ethereum protocol and blockchain there is a price for each operation. The general ledger of Ethereum is a decentralized database that stores the state of every account in the network.
This allows developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
The result is that middlemen who escrowed funds or provided other services can be replaced by code. For example, say you wanted to buy a house. You could put the house up for sale on an Ethereum decentralized marketplace, and when someone buys it, the contract automatically transfers ownership of the house to them and sends you the money.
No need for a real estate agent, lawyers, or anyone else. And because these applications are running on the decentralized Ethereum network, they are incredibly difficult to shut down or censored.
What Is Ethereum Turing Complete?
In computing, Turing completeness is the ability of a system of instructions to simulate any single-taped Turing machine. This means that given enough storage space and time, any computer program can be run on any computer that supports Turing completeness.
Turing complete systems are used in programming languages, general purpose computers, and even some hardware description languages.
The term was coined by Alan Turing in 1936, who showed that such systems were capable of solving any computable problem. He proved this by describing a machine now known as a universal Turing machine, which could be programmed to perform the computation of any other Turing machine..