Ethereum is a decentralized computing platform. It works differently from a laptop or PC since it runs on several devices. It doesn’t have an owner because it runs concurrently on thousands of devices all around the world.
Ethereum enables the transmission of virtual currency, just as Bitcoin and other cryptocurrencies. However, it’s far more versatile than that; you can use it to deploy your own code and engage with user-created apps. All kinds of complex apps may be launched on Ethereum due to its flexibility.
The fundamental principle of Ethereum is that programmers may design and deploy code that executes over a distributed network as opposed to a centralized server. As a result, these programs can’t be blocked or filtered in theory.
What gives Ethereum its value?
We mentioned Ethereum’s potential for distributed system code execution. Programs are therefore impenetrable to outside interference. They may be written such that the code cannot be changed, and they are put to the blockchain, which is the database used by Ethereum. Users can audit code before dealing with it because the database is also open to everyone.
This implies that anyone, anywhere, is able to start apps that cannot be taken down. More intriguingly, these apps may dictate the terms under which value is exchanged since their native currency, ether, holds value. Applications are made up of programs that we refer to as smart contracts. Most of the time, they can be programmed to work without human interaction.
It is understandable why “programmable money” has captured the attention of consumers, developers, and companies all around the world.