What Do You Mean By Ethereum?

What Do You Mean By Ethereum?

In order to understand ethereum, you need to understand the basic concept of the internet. In this modern world of the internet and super-fast technologies, most of your personal data, financial information, and passwords are stored in computers that belong to other. These vital information are also stored in clouds, as well as, servers that are owned by major companies such as Google, Amazon, and Facebook.

This entire setup has several conveniences. These major companies hire teams of specialists who help to store and secure all such data, as well as, get rid of any possible costs that may come with uptime and hosting. However, there is also a problem with this setup. A government or even a hacker can easily gain access to all such data without letting you know. They can easily leak, steal, as well as, alter vital information.

The creator of Apache Web Server, Brian Behlendorf, has labeled this centralized design as the “original sin” of the internet. There are many like Behlendorf who believe that the internet was supposed to be decentralized. A movement has also sprung up about using tools that also includes blockchain technology in order to help achieve this goal. Ethereum happens to be one of the newest technologies to have joined this movement. Just like bitcoin has the primary aim of disrupting PayPal and any online banking system, ethereum has the primary goal of using a blockchain in order to replace all the internet third parties, who transfer mortgages, store data, and also keep track of any complex financial instruments.

World Computer

The sole aim of ethereum is to become the “World Computer”, which would easily decentralize and also democratize the existing client-server model. With the help of ethereum, all the clouds and servers will be replaced by thousands of nodes that are run by volunteers from different parts of the planet. This is how it aims at becoming the World Computer. The goal is to enable this similar functionality to people from any part of the globe. As a result of this, these people can easily compete at offering services over and above this infrastructure.

When you search on any app store, you will come across several types of apps that represent fitness to banking to messaging apps. These apps have to depend on third parties to store all your important information and purchasing history in servers that are controlled by third parties. Even the wide array of apps you get on Apple and Android devices are controlled by Google and Apple. If everything goes according to plan, ethereum will return the control of these types of services to its owners.

The basic idea is not to let a single entity control your notes and also ban apps all of a sudden without letting others know. The user will have the control to make changes and not any entity as such. Although this sounds like a good plan, it will definitely take time and a lot of effort to bring about such a major change in the existing system.

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