We keep hearing about ethereum blockchain, But what is it and why it’s so popular !
Ethereum blockchain may seem as a rabbit hole for some, It is wildly popular and everyone may have heard about it at least once. It is true that it is the second largest known word after bitcoin, but most of the people could not wrap their head around it. Is it as revolutionary as bitcoin ? Can it change the world as we know it. If you want to have a better understanding of Ethereum, Stick and go through this article.
Ethereum with no technical gibberish
Ethereum was born right after bitcoin, It uses the technology behind, which is called blockchain. As you already know, Bitcoin blockchain helps to decentralise money, which means, individuals could trade bitcoin currency without a need for an intermediary. There is no central of failure in this network and it is impossible to shut down, manipulate or control since each bitcoin transaction is validated and confirmed by the entire bitcoin network. What if we copy this central free authority for other functions of society, Ethereum came just for that purpose.
Blockchain technology is the by-product of the bitcoin invention, Blockchain technology was created by fusing already existing technologies like cryptography, proof of work and decentralised network architecture together in order to create a system that can reach decisions without central authorities. “Blockchain technology” term made its first appearance after the bitcoin was invented.
Blockchain is to bitcoin, what the internet is to email
Birth of the Ethereum blockchain
Blockchain in general is a system on the top of which we can build applications and programs, a currency like bitcoin was one of the options. Back then, bitcoin was running on a large network, which was pretty limited because it understands only small sets of orders like who sent how much money to whom. If we want to create a more complex set of orders, We will need what we call the Ethereum network that was brought to life in 2014 by Vitalik Buterin who at the time was the co-founder of bitcoin magazine.
Definition of Ethereum
Ethereum is do it yourself platform for decentralised programs, also known as Dapps “Decentralised apps”. If you want to create a decentralised program that no single person control not even you, even though you wrote it. All you have to do, is to learn Ethereum programming language called solidity.
The Ethereum platform has thousands of independent computers running it, meaning it is fully decentralised. Once a program is fully deployed in the Ethereum network. These computers, also known as nodes will make sure it executes as written. Ethereum is the infrastructure for running dapps worldwide. It’s not a currency, it is a platform. The currency used to run the network is called Ether.
Ethereum blockchain goal
Ethereum’s goal is to truly decentralise the internet, Since it is centralised and controlled by most of the giants of the web. There is no activity on the internet that happens without an intermediary. But with Ethereum, people could start to imagine and design an internet that connects users directly without the needs for the centralised 3rd party. For example People can rent hard drive space directly to other people and make Dropbox obsolete.
Ethereum allows people to connect directly with each other without a central authority