Ethereum: Everything I Learned about Ethereum In One Hour
Stumbling upon the age of the new internet, Ethereum, Bitcoin, and all the other cryptocurrencies have been catching my eye recently. I want to know what all the hype is about. I would like to write about it until I have the knowledge and skills to be able to help others. For now, here is what I found in an hour, looking at Ethereum.Org, I put together some basic information that you can use to look up other information. Here is what I learned in an hour, and please keep in mind some of the information may and will be incorrect.
What is Ethereum?
- What is Ethereum? — Decentralized applications and money used to send cryptocurrency
- Through peer-to-peer transactions, governments have no control over your money.
Why does Ethereum have value?
- The value of Ethereum comes from the people, depending on their uses, it allows for direct peer-to-peer payments, no monitoring of your money from a government, and you are able to earn interest on Ethereum and other tokens.
- Monetary value is a “social contract”. Reminded to us by Anthony Sassano, who also did an article on the value of Ether.
- What is the concept of Defi? — Decentralized financial system
- Being a creator, there is an incentive to create and use the Ethereum network.
Why would others use it?
- Banking for everyone, from anywhere.
- Privacy, anonymity in keeping your identity and purchases safe, and secure.
- Can help support creators and website creators in a variety of ways that don’t have to include straight money.
- Your use of certain browsers or stakes in crypto is valuable to others.
- Get back at those over-ruling tyrannical governments who wish to tax your money out the wazoo, and restrict your purchasing power on things.
- Why governments may not like something like this
- Censorship resistance
- Sites and dapps (decentralized applications) running on Ethereum can’t…