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Ethereum is an open-source, decentralized network that allows smart contracts to be deployed on a blockchain with the use of ether. It’s a blockchain app (Dapp) platform that uses ether to run.
Ethereum’s main purpose is to serve as a platform to create and run decentralized applications. To ensure that the network runs smoothly, Ethereum needs crypto-fuel (called gas or ether) to perform operations. Think of this as payment which rewards the nodes for solving blocks in the chain.
Any centralized service that you can think of, be it bank accounts, mortgage brokers, car dealerships etc. could be decentralized by Ethereum and then remain unchanged. The possibilities are endless. The odds are that we might face the world where nearly everything is decentralized. This will ultimately put YOU in charge of your personal and professional affairs.Imagine a world without Third party! The dealings would be simple and clear just between the involved parties. To explain further I’ll use pizza as an example, because everyone can relate to pizza!
Say you wanted to order pizza to your house, you have to create an account, enter your banking details and give the app your address to receive your pizza. Many people overlook the risks that are associated with trusting a third party to handle such sensitive data. If this company’s serves are hacked into, the hacker will have your bank details and your address… Scary stuff.
So, you ordered a Pepperoni pizza and they turn up with a pineapple pizza. Since you’ve already paid for this pizza, there’s not much you can do. The process of refunding this money, is entirely reliant on a third party (often PayPal or your bank) and can take weeks for the refund to even happen. Placing your trust in this pizza company is again a risk that is overlooked.
Now let’s use the same example using Ethereum’s blockchain. You want to buy pizza, you go onto the decentralised app and place your order – your data is stored on the blockchain (something even the best hackers of the world are not able to hack) and you give permission via a smart contract for the pizza company to view your address. Your order is then created in a smart contract and once the order is delivered and you verify that it is correct, the funds are released to the pizza company.
Now,this is a very small example but just imagine what revolution this brings in large scale when it is applied to expensive goods and items.
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