Etherum is a new type of digital currency which works on the Internet with connected computers. Before starting with our topic we will have to learn how our current Internet setting is working.
Talking in the knowledge you have the basics clear let us start with the internet. If you know that your data is currently stored on someone else’s computer then you might panic. You will panic more when you will know all your personal data is stored. Yes, it is true, all the data you have on the internet is stored on a server which is someone else’s computer.
Currently, everything on the internet is in the form of client-server where you have to pay, or the company pays to deliver content to their clients. With the client-server model, it has been an issue of privacy, as when the government needs anything they can reach out to the server and get the information without your consent.
With the income of Ethereum, we get to use a new tool, blockchain. With blockchain, it is clear that you will have to replace the third parties (servers) with something that will store the data. These data are stored on each and every computer which is technically having Ethereum. This works on Node – to – Node moments.
Talking more about World Computer
You might not have heard about the term in the paras above the heading, then why more about world computer? Because the nodes we talked just above is the world computer. These world computer will enable us to have better control over to the privacy of any particular information, for this case, it is about the owner of a particular Ethereum.
Ethereum basic idea is over any particular document only the owner will have any rights to change. Like say for an example the creator will have control over the builds and no one will able to stop the build to be downloaded. Same for the data no one will be able to view, modify, or delete them, only the owner will be the sole decision-maker over the same.
If you understood the concept of sole decision maker then you can easily make the concept of Ethereum, as it is on the same principle. When you have an Ethereum in the wallet you can send it over the distributed network, which will then be verified with any of the online nodes, once done your money will be transferred. Do note that this technology is also like Bitcoin, and uses the same basic fundamentals. There is not much difference between the two, especially in its functionality.
But still, the two differs in their purpose, Bitcoins, on one hand, is using the blockchain network to be mined in order to get new currency in hand. Whereas with Ethereum you will get a new programming code of a decentralized application. In Ethereum the miners earn there, whereas in bitcoin miners buy Bitcoins.
Do you still have any confusion about Ethereum? If yes do let us know in the comment section below. Will you be purchasing the cryptocurrency in the near future? Or have already got some?