Blockchain 8

Blockchain

Ethereum is based on an open-source, decentralized code based system, similar to Bitcoin. The system is decentralized and managed by miners (called nodes), which are entities in a network of computers dedicated to solving very difficult mathematical equations to keep the network functional. One of the main differences between this model and Bitcoin is that in Ethereum, not all of the blocks are made public, which makes the entire system somewhat decentralized and less centralized. Additionally, in ETH, everyone who wants to participate can participate — and the network grows with more users and use cases as they become established on the network.

Ethereum allows users to create contracts that execute automatically when certain conditions are met, rather than by a programmed function that would be difficult to execute. This makes the smart contracts much easier to write, as it does not require programming. Because of its flexible scripting language and its underlying Turing-Elegant programming concepts, Ethereum is also used in many other fields including financial services and computer vision.

Blockchain and Ethereum are a perfect combination. Blockchain technology is a powerful, innovative and simple technology that has seen tremendous growth.

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