Let’s break down Ethereum
Ethereum is an open source platform that uses blockchain technology for decentralized applications.
In an Ethereum blockchain, miners now mine for Ether, which is the “token” that supplies the network. Ether can be used to pay for all types of transactions, fees, and services, leveraging the Ethereum network.
What is a smart contract?
Smart contracts are computer codes that can act as the 3rd party for anything of value (i.e. Currency, property, intellectual property, equity). Smart contracts leverage blockchains to prevent the possibility of hackers, fraud, or interference for all transactions.
Benefits to using Ethereum
- Unchangeable – Once transactions are complete – there cannot be any changes
- Protected – Applications are well secure and prone to protect against fraud
- Never on maintenance – Applications cannot go down, it will always be actively online.