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Discussion on: Explain Ethereum like I'm five

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michaeltd profile image
michaeltd

I don't have a ready-set-go answer for ethereum specifically. I do have one however for crypto-currencies so here it is:

Ethereum is a crypto-currency. Crypto-currencies are alternative digital currencies. Alternative as they do not have a state, country or union to back them up trough its traditional financial enstablishment (USD US, GBP GB, EUR EU). Digital as they rely solely on digital means for traditional currency activities (Issuing, Pricing, Trading) and finaly Crypto as they make heavy use of cryptography technologies to validate and secure their various activities (Issuing and trading mostly).

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michaeltd

The new major factor introduced by ethereum to the crypto-currency "arena" is the use of "contracts". In other words the means to securely complete conditional transactions.