Ethereum is a blockchain-based system where anyone can build and securely deploy any digital service without going through a formal, centralised approval process – such as getting an App added to Apple’s App Store.
It is the brainchild of Vitalik Buterin, a Russian born computer programmer, who was an early Bitcoin advocate, but thought it lacked a scripting language to enable connected applications.
Ethereum has been dubbed the ‘world computer’ as it enables permissionless access to a Turing Complete system that can process any request expressed in its bespoke programming language.
It uses a set of standards for creating tokens that allow value to be transferred within, and between, applications built on Ethereum, creating a vast interoperable ecosystem.
We can summary Ethereum’s objective as providing a platform that allows developers to build digital applications that are
- Decentralised – there is no central third party control.
- Reliably secure – fraud and third party interference are very difficult if not impossible
- Universally accessible – anyone can build, deploy and use Ethereum applications without the need for permission.
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