A DIFFERENT TYPE OF BLOCKCHAIN TECHNOLOGY
Ethereum
Ethereum is a decentralized network based on blockchain technology. Within this network is it’s own cryptocurrency, Ether. As a peer-to-peer network, Ether can be sent or received globally and instantly without the need for a bank or other financial service.
Launched in 2015, Ethereum aimed to create something that was more than just a payment network. Users can program applications that run on the blockchain, allowing for limitless possibilities of what can be created. Anything from games to social networks can be programmed, and there are currently 2,970 projects built on the Ethereum blockchain.
Ethereum Blockchain
The Ethereum blockchain is a public record of transactions that uses cryptography to make the network secure. Every time a new transaction is made, they enter the blockchain as ‘blocks’ and build upon the preexisting blocks. Each transaction is verified by all other users on the network, making it hard to alter data since a consensus needs to be met first.
Cryptography - the art of writing or solving codes.
Major companies like Shopify and Whole Foods currently accept payment in Ethereum.
Benefits
As a general purpose blockchain that breeds innovation, Ethereum promises a few benefits for those in the network.
Commerce Guarantees
Due to smart contracts, funds will only be exchanged when the merchant provides what was agreed. This ensures customers have a built-in purchase guarantee.
Privacy
No personal information needs to be provided to use an Ethereum app. Instead, Etheruem utilizes decentralized identities such as word keys to protect your privacy.
Censorship Resistance
As a decentralized network, no government or company controls Ethereum. This means services on Ethereum are available to use for everyone.
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