What is Ethereum?
Ethereum is a distributed, virtual compute network that stores and enforces
policies defined by smart contracts. The Ethereum network is made up of many
globally distributed nodes that build a consensus in the form of a blockchain,
based on the transfer and execution of currency
Anyone, anywhere can become a node on the Ethereum network by simply running a
compatible Ethereum daemon such as https://github.com/ethereum/go-ethereum.
Any transaction created by an individual is verified and agreed upon by the
entire network, and becomes part of the global consensus.
How does Ethereum work?
Any user that joins the network can start performing transactions and
running/writing smart contracts. Whatever the results, these will be added to
the global consensus on the Ethereum blockchain.
Every transaction that takes place is identified with a block that joins the
blockchain. Each block and transaction have a unique identifier that enable them
to be read by any node on the network.
Once something is written onto the blockchain, it stays there forever. This
provides a historical reference at which this piece of data will always be
Why are people using Ethereum?
The Ethereum network represents a huge decentralized computing platform, with
expressive policies and programs that are run as smart contracts.
Integrity and resiliency of content: The advantage of this approach is that any change to the network is agreed upon by all nodes on the network and added to the blockchain. This means that there is no way of subverting the trust of the system without compromising a huge number of globally distributed nodes.
A new computing paradigm: The Ethereum network is growing rapidly, and represents a new approach in how large distributed systems and computing platforms can be built.