WHAT IS ETHEREUM?
Ethereum is a decentralized blockchain network and software development platform powered by the cryptocurrency called ether(ETH).
It's home to thousands of cryptocurrencies and applications across DeFi, NFTs, gaming, decentralized social media and stablecoins.
Ethereum is an open, public blockchain launched in 2015 by a software developer called vitalik buterin and a small team of co-founders.
The ideas behind Ethereum is that Ethereum would build on this with open-source programs called smart-contracts.
SMART CONTRACT let anyone create their own digital assets and decentralized applications(DAPPs) that runs 24/, globally. Unlike banks, corporations or other institutions, smart contracts are available to anyone with internet connection.
Ethereum has gown into a thriving ecosystem of digital assets like stablecoins, non-fungible tokens(NFTS), and governance tokens, as well as a sprawling world of dapps for decentralized finance(DeFi), art and collectibles, gaming and decentralized social media.
Collectively, the ecosystem is called "web3", representing the third phase of the internet centered around ownership.
WHAT IS ETHEREUM NETWORK
You can think of the ethereum network as a global digital infrastructure that anyone can use but nobody can abuse. The native cryptocurrency is called ether(ETH).
The network is made up of thousands of computers around the world called nodes. These nodes, run by regular people, work together to provide financial services and digital applications to anyone, anywhere.
The ethereum has three key advantages over traditional networks owned by institutions. these are censorship resistance, enhanced security and improved reliability.
CENSORSHIP RESISTANT
While traditional apps and financial services rely on banks or corporations that decides to block access or freeze accounts, dapps on ethereum are censorship resistant.
This is because ethereum's network of nodes record every single transaction without discrimination--and this rule is embedded in the code.
HIGHLY SECURE
While many apps today are hosted on cloud providers like AWS and can be vulnerable to takedowns and attacks, dapps on ethereum are secured by the network itself. Every node stores and syncs the entire state of ethereum, including all contracts.
If someone tried to change a contract, the network would reject it since it wouldn't match their records. To take down a single app, attackers need to take over the entire network, which cost billions and be extremely hard to coordinate.
DURABLE AND RELIABLE
Downtime on cloud hosting platforms can take apps offline, but Ethereum's design ensures perfect uptime. The network will keep running even if some nodes go offline due to software bugs, government crackdowns, natural disaster or war.
Millions of people can use thousands of dapps on ethereum everyday. While high demand can lead to elevated transaction fees, it reflects the strength of a network that prioritizes security, decentralization, and the guarantee that it's always available when you need it
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