What is Ethereum? Ethereum is a decentralized platform that runs smart contracts.
We usually associate the term ‘Ethereum’ with a cryptocurrency – like Bitcoin. While that definition is not completely inaccurate – it is essential to realize that Ethereum is much more than just a straightforward cryptocurrency, it is in fact an open software platform based on blockchain technology that allows developers to create and deploy decentralized apps.
Ethereum seeks to alter the way the internet operates because it enables online computer systems to operate for the first time without the use of any third party. Ethereum enables software applications to operate on a network of many independent servers (also known as a distributed architecture).
In other words, Ethereum is trying to reinvent the entire functioning of the internet. To create a “World Computer” – a vast network of many individual computers running different internet applications without third parties. Third party removal has numerous advantages. For instance, since Ethereum is a computer network operated by its own users, it implies that users’ private data are no longer stored inside main servers of major companies where it’s a ticking time bomb for future hacks, sales, and other unhappy endings! Decentralization also means that no applications can be excluded from the use of any user or group of users so that people from all countries and backgrounds are free to engage without barriers. There is no need for permission even for Ethereum applications themselves, so they can’t be stripped or banned from app stores. This is an open system so everyone with access to the internet can participate!
General Ethereum Statistics: