Ethereum network has offered tremendous potential to users helping them to build and take advantage of different functions and business that uses the block chain the efficiency, process, and its operation. Let us look at the Ethereum code ltd, its components, how is it operated and why is it special.
Compare It with Internet
As we all know our online data like email, social media posts are stored on the computer servers which is managed by the government or by large organizations. The thing about the app is also the same as you use to do your various activities like purchasing through the app, it is stored and tracked by the app provider. We as a user do not have any authority or control over our personal data, this information is stored and activities are managed by third parties. This is where your data gets to be centralized.
Let us examine a mobile app or WordPad, suppose you store all your information in the mobile app, and the provider of the app discontinue the app, that makes all your details deleted from it forever. In the case of Ethereum, it isn’t like that, one server alone doesn’t have control over all your data and no app can be discontinued by anyone. The user alone can only control over the personal data, in spite of being used in any app. Ethereum provides a decentralized solution, it runs on a global network called nodes.
How much do you Know Etheruem
The root of Ethereum lies in the blockchain, the blockchain protocol offers a mechanism that helps to decide on very important work, like identifying the user’s identity, the contribution of the network or authentication of transaction etc. The content delivery and storage is also taken by blockchains.
Some examples of Ethereum app are Weifund, provenance, and augur.DAO
WeiFund: There is some technology that runs on Ethereum, like crowdfunding, smart contracts. This helps in backed up digital sets that can be sold or traded on Ethereum.
Provenance: this app helps in the supply chain and give authority to all stakeholders to receive information about the products and services, that makes the consumers informed about the products and services.
Augur: This app helps in predicting the real world events and rewards for predicting one.
DAO, Decentralized Autonomous Organizations: This uses the combination of smart contracts, the rules can help to run a leaderless firm. This DAO can is run by anyone through a token, by the majority.
The potential of Ethereum comes with variety, Bitcoin is limited to payment transaction block chain, Ethereum is supported by anything, anywhere through its programming and app. With such an open programming there is no limit for Ethereum users.