Now we’ll deal with the details that newcomers face when learning the Ethereum platform. We will answer the question, what kind of device is it, why is it needed and how can it affect your business?

Ethereum is a decentralized platform that executes smart contracts. The description is very similar to bitcoins. Let’s see what their difference is.

So bitcoin can be described as digital money. It has been around for eight years and has been used to transfer money from one person to another. Bitcoin is a means of preserving value and a way for the public to understand the concept of a decentralized digital currency.

Ethereum allows you to create smart contracts. They can be described as highly programmable digital money. This occurs subject to a number of conditions, for example, during the transaction of the sale of real estate or a car.

With Ethereum, many of the centralized systems we use today can be built decentrally. This opens up enormous prospects for the development of both local businesses and the global economy as a whole.

Secure Transactions with Ethereum

Decentralization eliminates individual points of failure or control. This makes internal collusion and external attacks inappropriate. Decentralized platforms exclude intermediaries, which ultimately leads to lower costs for the user. You do not pay extra interest for delivery, currency exchange and mediation.

Secure data storage

Data about your platform is not stored on your computer or on the server of the bank but is encrypted in a special code. This is an added benefit of using a decentralized application. A decentralized server is not censored. Several projects are also being developed that allow people to rent spare computing power and storage from those who have it.

Implementation of a new social media format

Also on the Ethereum platform Akasha is implemented. It is a decentralized platform for social media. There are no centralized servers for this, so neither side has full control over the content. This means that the platform is resistant to censorship. An additional advantage of creating a decentralized application for social networks on Ethereum is that you can create a system that financially encourages high-quality content.

Benefits in the distribution of rights

Decentralized applications can also be used to provide transparency for multiple industries. This may be the sphere of entertainment, commerce or another. The rights management platform allows you to openly distribute money between the creators, investors, the team, actors and other project participants. The number of intermediaries is minimized.

Ethereum is a new word in the development of a decentralized payment system. This helps to develop a business with minimal losses, realize it in any country in the world and be sure of the safety of invested finances.