What is Ethereum?

What is Ethereum?

Nowadays, all the financial information we possess, including personal data and our passwords, is stored on other people's computers. All this data is located in clouds and servers that are owned by major global companies such as Facebook and Google. This situation has its own positive and negative sides. The main advantage is that these companies create whole teams of specialists to store and secure our data, thus avoiding the costs that naturally come with hosting and uptime. The main disadvantage of this system is that government or hackers can also gain access to our personal files without our knowledge. They usually do it by attacking a third-party service, which is not always immune to these attacks. This is exactly how they steal or just change our info.

Decentralizing the Internet

Many people strongly believed that the Internet was always meant to be decentralized, so some groups and movements started creating and using new tools, such as Blockchain technology, to somehow reach this goal. Ethereum was one of the latest technologies that joined these movements. While the goal of Bitcoin was to disrupt the PayPal system and online banking in general, Ethereum's goal was to use a Blockchain in order to replace internet third-parties, those that store all our data and keep a record of sophisticated financial instruments.

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"World Computer"

In some way, Ethereum tends to become a sort of "world computer" that would decentralize the current client-server system. With Ethereum, all servers and clouds are replaced by numerous "nodes" which are run by a large number of volunteers from all around the globe. So, Ethereum's main goal is to offer this option to users around the world, enabling them to also compete in offering services on top of this complex infrastructure.

When you take a look at the items in average app stores, you can see that there's a wide range of small colored squares which represent various things, from simple messaging applications to something more serious such as banking. These apps generally depend on the company, the developer or some third-party service to store our credit card info, transaction history, and similar personal information. The choice of apps we can use is limited by third parties, as major companies such as Google and Apple choose what kind and which apps can be downloaded. Evernote and Google Docs are good examples of this online document services policy on the market.

Bringing back creative rights to authors

Another goal of Ethereum is to give back the control of the personal data in this type of services to its original owners, to return the creative rights to the authors. The idea is to disable on the particular entity to have control over our data, which protects us in the case where the app is suddenly banned, taking control of the computers offline. In this new technology, users can make changes without the interference of any entity.

Theoretically speaking, Ethereum tends to combine the control that people use to have over their data in the past with some new easy-to-access information that we possess in the modern digital age.

Theoretically speaking, Ethereum tends to combine the control that people use to have over their data in the past with some new easy-to-access information that we possess in the modern digital age. So, each time we add or delete notes and save edits, every node on the network should make the change. Even though numerous apps seem to be able to do this properly, it is still not clear which Blockchain apps will prove secure and useful in the future.

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