What is Ethereum?
In essence, Ethereum is a giant, decentralized supercomputer that uses blockchain technology to operate. Some crucial developments distinguish Ethereum as a one-of-a-kind project containing all the building blocks required to establish a new, better, more secure, privacy, and trust-oriented internet.
What is an exciting factor in Ethereum?
Let’s start with the truth that it is “decentralized.” A network of computers or nodes runs this global computer, whereas nodes are dispersed worldwide (more specifically, it runs on a blockchain). This means that no one can unplug and halt its operations. Anyone who wishes to run a network node from any computer connected to the internet can do so without seeking permission. Furthermore, because it is decentralized, it cannot be readily hacked because there is no single point of failure.
Who controls it?
So, who is in charge of Ethereum? The answer is no one owns it. No single entity governs it; instead, it is now administered by a community of software engineers who write code and run network nodes on their computers. Ethereum is a genuinely decentralized project constructed by crowdsourcing the work of many experienced computer programmers. The Ethereum Foundation, a non-profit organization aiming to build a more globally accessible, free, and trustworthy Internet, coordinates efforts to improve Ethereum technology.
It is an open project, and anyone can utilize this worldwide computer. Many people can use it as they choose, and anyone can read the code that the computer is executing or create new code that the computer will be able to achieve. This feature means you can run your programs on it and use applications created by others. The Ethereum code is open source and may be found at github.com/ethereum.
Users can communicate with one another without the usage of an intermediary, eliminating the need for a third party. When you elect to interact with a third-party application built on Ethereum, you may read the code directly to ensure that the program performs what it says. No middlemen, no surprises.
The Ethereum Code is irrevocable. Transactions, data kept, and programs written are all permanent. They cannot be modified once deployed on the global computer. This feature means that not only can you verify the code of any program and understand what it does, but you can also be confident that no one will be able to change it once you’ve validated it. The code that is already in use cannot be updated.
This computer’s interactions are exceedingly secure. All transaction with the computer (whether it is deploying new code, engaging with current apps, or transferring value) is cryptographically signed, which means they cannot be altered or copied.
You preserve your worth because you own your data. On Ethereum, users can choose which data to give and keep, giving them complete control over who can use their data and for what purposes. Users will also be able to keep (and profit from) any value their data may generate, similar to all the data they post on Facebook or Twitter, which is a goldmine for advertising.
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This article is first published on www.blockchainshiksha.com
Written By: Shubhada Pande