What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party meddling.
What makes Ethereum different from Bitcoin?
Ethereum has its blockchain and currency called Ether, but the goal of Ethereum goes far beyond the formation of an alternative digital currency. Ethereum, like its intelligent contract inspiration Ethereum, is nothing less than an open-source distributed computer that can run any decentralized application. Ethereum’s flexibility and convenience make Ethereum remarkably popular, with some of the largest banks in the world investing considerable sums on research into Ethereum.
What is Ethereum Used For?
Ethereum applications are endless; one used for Ethereum would be to create a secure notary that could certify and time-stamp documents in seconds, without the possibility of forgery or downtime. Ethereum has also been used to crowdfund companies such as Slock., which allow Ethereum users to invest in the project with future Internet of Things devices using Ethereum tokens.
Ethereum can be used to store information on IPFS, Ethereum’s decentralized hypermedia distribution protocol. Ethereum can be used to create an Ethereum casino; Ethereum gambling sites are top-rated since they cannot be censored or hacked. Ethereum can also be used to create your social network entirely independent of the NSA and other spying agencies because it would be hosted on Ethereum’s decentralized platform.
Ethereum can be used to create Ethereum stock exchanges, Ethereum marketplaces, Ethereum clearinghouses, Ethereum casinos, and gaming sites. Ethereum can be used to create your own Ethereum Search Engine that is entirely decentralized or even completely peer-2-peer if you host it on IPFS’s p2p hypermedia distribution protocol.
Ethereum can be used by individuals to create their own Ethereum email service that is hosted on Ethereum’s decentralized platform. Ethereum can be used to create Ethereum marketplaces, Ethereum voting systems, Ethereum auction houses, Ethereum job markets, and many more types of Ethereum applications.
What are some examples of existing Ethereum projects? Some of the most popular Ethereum projects are MyEtherWallet, Etheria, Digix, Ethereum Gas Station, Ethereum Faucet, Ethereum Pyramid Scheme, Ethereum Rising, Ethereum Millionaire, Ethereum Roulette, and many more.
What are the benefits of Ethereum?
Completely open-source. The Ethereum ecosystem is entirely decentralized, and all decisions related to the platform must be made by consensus among all participants of the ecosystem. No single party can take control of Ethereum. Ethereum cannot be censored since Ethereum applications are decentralized and hosted on various computers throughout the world. Ethereum also contains a fully functional programming language that allows everyone.
What are the disadvantages of Ethereum?
Ethereum is still very new, with some kinks that need to be worked out. Ethereum is also very slow, with Ethereum confirmations taking anywhere from 1 minute to 4 hours. Ethereum is unstable, with Ethereum’s value fluctuating wildly in the short term, sometimes more than 100% percent in a single day. Ethereum has its unique weaknesses that are unrelated to Bitcoin’s weaknesses.
Ethereum Price Prediction
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Ethereum is a decentralized platform for applications that run precisely as programmed without any chance of fraud, censorship, or third-party interference. The price prediction for 2018 has been estimated at $1,000, and this year it reached the highest point in its history with over 1 billion dollars market capitalization. What are your thoughts on investing in Ethereum? Would you like to know more about what we do at FundersClub before making a decision? We would love to hear from you! Comment below and let us know.
Table of Contents
- What is Ethereum?