An alphabetical list of terms or concepts found in or relating to the Ethereum ecosystem with explanations, examples, and interactivity!
There is a cryptocurrency called ‘Ether’ within the Ethereum platform that is used to fuel the apps constructed on its blockchain. To be honest, the whole Ethereum vs. Ether paradigm can quickly become very overwhelming. We will subsequently investigate the differences between Ethereum and Ether, focusing on the fundamental elements that make Ethereum a groundbreaking platform.
You have used a distributed system if you downloaded a song or file off a system like Napster, Limewire, BitTorrent, etc. Songs are uploaded to the network so other users are able to download them as well. You download parts of the song from several individuals, however, instead of downloading the whole song from one individual – this is the file sharing aspect. So the great success behind Ethereum is that any user can create and run apps using this new, decentralized network. Because third parties are no longer necessary, no authorization is necessary.
It’s difficult to say what Ethereum is all about because it can be used for anything that you can write a computer program. But if there’s an issue where you want something to be tracked and it’s prone to hacking or manipulating the outcomes, Ethereum can defintiely be beneficial! The results are like regular webpages or mobile apps, but are totally unalterable. Until it is established, even the creator of the app is not capable of breaking the rules that have been adhered to.