What is Ethereum. Guide for Beginners: (blockchain, ethereum, bitcoin, crypto, cryptocurrency, exchange) by Jimenez Juan

Author:Jimenez, Juan [Jimenez, Juan]
Language: eng
Format: epub
Published: 2019-09-11T16:00:00+00:00

What can Ethereum be used for?

First and foremost, Ethereum allows developers to build and deploy decentralized applications. Moreover, any centralized services can be decentralized using the Ethereum platform. The potential of Ethereum platform for building apps not limited by anything other than the creators’ creativity.

Decentralized applications have a potential of changing the relationship between companies and their audiences completely. These days there are a lot of services that charge commission fees for simply providing an escrow service and a platform for users to trade goods and services. On the other hand, Ethereum’s Blockchain’s can enable customers to trace the origins of product they’re buying, while the implementation of smart contracts can ensure safe and fast trading for both parties without any intermediary.

The Blockchain technology itself has a potential of revolutionizing web-based services as well as industries with long-established contractual practices. For example, an insurance industry in the US possesses more than $7 bln inclined life insurance money, which can be redistributed fairly and transparently using Blockchain. Moreover, with the implementation of smart contracts, clients can be able to simply submit their insurance claim online and receive an instant automatic payout, considering that their claim met all the required criteria.

Essentially, the Ethereum Blockchain is capable of bringing its core principles - trust, transparency, security and efficiency - into any service, business or an industry.

Ethereum can also be used to create Decentralized Autonomous Organizations (DAO), which operate completely transparently and independently of any intervention, with no single leader. DAOs are run by programming code and a collection of smart contracts written on the Blockchain. It is designed to eliminate the need for a person or a group of people in complete and centralized control of an organization.

DAOs are owned by people who purchased tokens. However, the amount of purchased tokens doesn’t equate equity shares and ownership. Instead, tokens are contributions that provide people with voting rights.

Advantages of Ethereum

Ethereum platform benefits from all the properties of the Blockchain technology that it runs on. It is completely immune to any third party interventions, which means that all the decentralized apps and DAOs deployed within the network can’t be controlled by anyone at all.

Any Blockchain network is formed around a principle of consensus, meaning that all the nodes within the system need to agree on every change made within it. This eliminates possibilities of fraud, corruption and makes the network tamper-proof.

The whole platform is decentralized, which means there is no possible single point of failure. Hence, all the apps will always stay online and never switch off. Moreover, the decentralized nature and cryptographic security make the Ethereum network well protected against possible hacking attacks and fraudulent activities.

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