What is Ethereum ?

You’re heard all of the hype of Bitcoin, Crypto and Cryptocurrency.  Eventually everyone will become familiar with Ethereum. Ethereum network or Ethereum blockchain. 

Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority. Transaction records are immutable, verifiable, and securely distributed across the network, giving participants full ownership and visibility into transaction data. Transactions are sent from and received by user-created Ethereum accounts. A sender must sign transactions and spend Ether, Ethereum’s native cryptocurrency, as a cost of processing transactions on the network.

Open source = Anyone can view, download, modify or redistribute the code. 

Peer to peer = Person to person no bank permission required. 

Decentralized = Not controlled by a single entity, government nor country. 

Public = only requirement is internet 

Blockchain = Each individual transaction is stored on blocks of transactional data that allows anyone to openly view the transaction. Check out Etherscan  https://etherscan.io

Smart contracts = Computer code that executes functionality of an agreement.  Let’s say you and 5 friends agree to all put $10 into a pool. Once the 5th person inputs $10.  The smart contract can automatically takes the $50 and send it to person #1.   The smart contract executes what ever terms you have stated in the contract.