What is Ethereum?
Ethereum is quite different from Bitcoin, that is because Ethereum is not a crypto coin, rather it is a decentralized platform. However, Ethereum does have a crypto coin and this coin is called Ether.
The Ethereum platform runs smart contracts; “applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference”-as stated on the Ethereum website. So, you might ask what’s so good about smart contracts. Well, with smart contracts you do not need the middleman. For instance, if you wanted to buy a house you would have to go to the bank and fill out documents and wait days before they approve you, but with smart contracts there is no need for you to go to the bank, with the smart contract you just follow the rules listed in the smart contract and you will be able to purchase your house instantly. Thus, saving time and money.
In the Ethereum platform, you can create your own smart contracts. You can create your own cryptocurrency and uses it for crowdfunding, thus eliminating the need for Kickstarter (the middleman). This allows you to get all the money earned from the crowd donations.
With Ethereum you can create dApps which are called decentralized applications. You can see the decentralized apps that have been already created here: https://www.stateofthedapps.com/
Thank you for reading this! If you have any questions, please leave them in the comments and I will try to answer it as soon as possible. If you find this useful then make sure to resteem it so that others can benefit from this blog post.
Image and info source: https://ethereum.org/
