What is Ethereum?
Ethereum is an open source platform that allows users to build & distribute next generation decentralized apps (dapps).
The Ethereum platform allows everyone to interact with all types of systems directly.
- Gaming
- Financial
- Social Networking
This is all done directly peer to peer, and is focused on being the future platform for all dapps.
How are dapps different on Ethereum?
The first thing to mention is that on Ethereum all of your information stays private.
With normal systems we work with now like Facebook or our banks we are required to use them as a middle man while paying a fee. On the Ethereum platform the middle man is removed as is the transaction. So everyone saves on every transaction.
Also there are no firewalls or IT departments to deal with on Ethereum, because of smart contracts on the blockchain.
What is a smart contract?
Smart contracts are programs that follow a series of steps every time they receive a message or "transaction". These smart contracts are what make Ethereum different from Bitcoin.
Smart contracts can..
- Store data
- Send/Receive transactions
- Interact with other contracts
And they can solve solutions for things like..
- Medical Records
- Voting Machines
- Property Contracts
- And all other legal documents
With smart contracts users can stay in control of their funds and their personal information!
I hope this helps explain what Ethereum is to anyone out there who wanted to know more about it!
Thank you! That is very helpful.
As an example, in a future world, we will be able to 'release' our medical records to a doctor/specialist by sending it to them over a secure network without any fear of them being released to a 3rd party, right? Does that mean then that the hospital will continue having access to that document? Or will they only be able to access it for a short while?
I appreciate that!
Not sure though I'm sure our security will be most important though.
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