Ethereum the 2 mins Summary
A bit about Ethereum
Ethereum is a platform for sharing information across the globe that cannot be manipulated or changed. The more technical description is that Ethereum is a distributed public blockchain network that focuses on running programming code of any decentralized application.
The best description of Ethereum’s vision is that they aim to create a “World Computer” — an international network of a vast amount of private computers that run all future internet applications without any third party involvement (such as Google and Microsoft).
It can be said that Ethereum is actually reinventing how the internet works. It’s removing power and control from the big tech companies and is putting it back into you (the users) hands.
A bit about ETH
The Ethereum blockchain has a crypto-token called Ether. Ether is a decentralized digital currency, also known as ETH. In addition to being a tradeable cryptocurrency, ether powers the Ethereum network by paying for transaction fees and computational services. Ether is paving the way for a more intelligent financial platform.
A bit about its origins
In 2013, programmer Vitalik Buterin and others created a new technology called Ethereum to change how the internet works. Ethereum is revolutionary because, for the first time, it allows online computer systems to run without using ANY third party (like Google). Ethereum is not actually controlled by Vitalik and his team — or any other person, company, or government. It’s run by the community of its users. This is what makes it so special and attracts many people to the Platform and Blockchain technology.
A bit about the benefits
Ethereum introduced the concept of smart contracts which is the ability to create their own applications on the blockchain. Decentralized applications run on the blockchain, they benefit from all of its properties, which include:
· Corruption & tamper proof
· Zero downtime
A bit about its drawbacks
Despite bringing a number of benefits, decentralized applications aren’t faultless. Because smart contract code is written by humans, smart contracts are only as good as the people who write them. Code bugs or oversights can lead to unintended adverse actions being taken. If a mistake in the code gets exploited, there is no efficient way in which an attack or exploitation can be stopped other than obtaining a network consensus and rewriting the underlying code. This goes against the essence of the blockchain which is meant to be immutable. Also, any action taken by a central party raises serious questions about the decentralized nature of an application.
In addition to this, all of these poorly written contracts cannot be deleted, thus, taking up unnecessary storage space from the Ethereum Blockchain. A problem which Ethereum is now looking on solving using a method called Sharding.
Ethereum is an extremely useful and ground breaking platform which can be used to create many interesting projects. Although this is the case there are many projects polluting the blockchain with their poorly developed applications. However, this doesn’t me that Ethereum can’t improve. With a very large developer community and as it is one of the most popular protocols many developers are trying to improve Ethereum. The future will certainly be challenging for Ethereum, however, if they are able to successfully expand their storage space then the capabilities and performance of the platform will vastly improve.