What You Need To Know About Ethereum
Ethereum(ETH) is a distributed computing platform and also an operating system that allows scripting. This technology is open source, public and is based on the blockchain concept. The cryptocurrency that uses the Ethereum blockchain platform is called ‘Ether’.Our personal data such as passwords and financial information is stored in external systems belonging to companies or individuals, it can either be a cloud service or server. Example of such corporations are companies like Amazon, Facebook or Google. Everything is stored on a server that is then controlled by a company that charges to hold this data so it can be used whenever it is called upon. This whole setup of controlling and saving personal data of millions of users has a number of conveniences, as these companies deploy teams of specialists that can help those companies store data and secure it and remove any cost that might come with hosting and uptime. It may be convenience but it can also be a huge vulnerability. It can be easily accessed by government or hackers. As we are unaware or powerless due to lack of control of our data flow they can gain unwarranted access toour personal files. They do so by influencing or attacking the third party service. With the information leak, they can use the data as a means of extortion.
Brian Behlendorf About Ethereum
Brian Behlendorf, who created the Apache Web Server, has gone as far as calling this breaching of data the “original sin” of the internet. He proposes that the internet should be decentralized and take divided action that revolves around using new tools like blockchain technology. This will help achieve the goal of successfully recovering the data before it gets stolen by the third party without the user’s approval. Ethereum is one of the newest technology to join the splintered movement. While Bitcoin aims to put an end to PayPal and online banking, Ethereum have a goal of using blockchain to replace the third party which is found on the internet to help keep your personal important information secure.
Why Ethereum is Useful
In short, ethereum wants to be a ‘world computer’ that will decentralize and democratize the existing model of client and server. Through ethereum, servers and clouds will be changed by “nodes” run by people from around the globe which will ultimately form a world computer. It will help the people to enable the same functionality anywhere around the globe while also enabling them to compete to different other offer services on top of the whole infrastructure. An app store contains different kinds of apps. All these apps reply on other companies which can also be called the third parties that stores your credit card information, purchasing users history and other forms of personal data. Generally their servers are controlled by third parties. The apps of your choice are also governed by third parties like Google and Apple and they maintain and curate the apps you’re able to download. Ethereum will also return the control of data back to its user and the creative rights will be given to the author. The main idea of ethereum is that one organization will no longer have the whole control over your personal data and only user can make changes to it not any other entity.