What is Ethereum: To fully understand ethereum, you need to understand the internet or the concept of the internet as it is.3 min read
In today’s world, we are dependent on some giant companies for accessing and using our personal data, we handed it to them initially and we have less control over who can see and cannot see our information; that being said, our personal data, password, financial information, medical records, trade secrets among other confidential data of ours are stored or hosted on others’ computers, call it cloud or servers owned by corporation like Google, Facebook, Amazon and the likes, we are dependent on them. Ironically, this very article you are reading is hosted on a certain serve and they charge for hosting the domain upon which it sits.
Yes, we can access our information anytime we want to as these companies have teams of specialist in their different fields to ensure there is no downtime for us accessing our information, these teams of specialists ensure security and accurate information is fed whenever we call for it albeit their own charges for the company that hire them for this purpose. But, with these convenience comes vulnerability, the issue of iphone and FBI asking for backdoor into the iphone and thus revealing millions of people personal information, these are only few of the reported cases. A hacker can also gain unauthorized access to personal files without you knowing a thing, these are mostly done by attacking a third party service revealing your personal important information.
Brian Behlendorf; Apache web server creator label this system “centralized design” of the internet, his argument was that internet was always meant to be decentralized, and control back to the people and not some giant corporation, with this a movement sprung up on using new tools like blockchain technology to help achieve the goal of returning control back to the people who owns the information. Ethereum is one of the early technology in this decentralize movement.
Payment platform such as Paypal, online banking and others have been a major tool in this centralized system, ethereum goal is to use blockchain and replace internet third parties, these are the giants IT firm that store data, confidential medical records and keep track of complex financial instruments.
A Decentralized System (World Computer)
Ethereum major goal is to decentralize the control and shift away from the client-server model we are operating (relying on others for data confidentiality). Using ethereum, both servers and clouds will be replaced by multitudes of nodes run by people the world over (world computer). The vision is to enable same functionality to people anywhere in the world to compete, offer services on this infrastructure.
Since ethereum is still in its infancy, the idea appear to be possible, what is unclear in this is which blockchain application will be useful, secure and scalable and what will their user friendliness look like, will they be as easy as the one provided us by these corporate IT firms or come with their own uniqueness we haven’t perceive or conceive before, only future can tell. However, ethereum is proving to be true with its smart contract which allows anyone to write their self-executable script that can run independently on the blockchain platform.