Ethereum with its second largest Cryptocurrency market cap has been a subject to a lot of hype. It is seen by some as the new Internet, a Web 3.0. Its critics call it a platform that gives rise to scammers and Ponzi schemes. In order to fully understand Ethereum, we need to delve deep into core concepts. This article briefly explains what Ethereum is and how it can potentially impact our society.
Before we begin, we must backtrack to what blockchain technology is. A Blockchain could be seen as a distributed database maintained by a network of nodes across the world. Data is stored in the form of blocks which are time stamped with each other to form a chain. The data stored here is secure and immutable. The blockchain also follows a consensus mechanism removing the need for third-party auditing. It enables us to transfer value across the Internet without middlemen. This revolutionizes the way Internet works.
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