Understanding Ethereum

Understanding Ethereum
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  Ethereum was launched in 2014 by Vitalik Buterin, who at the time was the Co-Founder of the Bitcoin Magazine. Ethereum can be called the 'Do It Yourself platform for decentralized programs'. The Ethereum platform has thousands of computers running it, meaning it’s fully decentralized. Once a program is deployed in the Ethereum network, these computers, also known as nodes, will make sure it is executed as written. Ethereum is the basic framework for running Dapps worldwide; it’s not a currency; it is a platform. The currency used to incentivize the network is called Ether.  

Ethereum aims at truly decentralizing the internet. Amazon, Google,eBay, Netflix, Dropbox, Uber, and other tech giants control most of the world wide web as we know it today. There’s almost no action taken on the web that happens without some intermediary or third party.

Ethereum allows people to connect without a centralized authority to take care of things; it’s a system of computers that together combine into one powerful decentralized supercomputer.

Ethereum uses solidity as its coding language to write smart contracts that are the logic to run Dapps. They are referred to as smart contracts because they deal with all aspects of a contract -enforcement, management, performance, and payment