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Ethereum is a technology for building apps and organizations, holding assets, transacting and communicating without being controlled by a central authority. There is no need to hand over all your personal details to use Ethereum - you keep control of your own data and what is being shared. Ethereum has its own cryptocurrency, Ether, which is used to pay for certain activities on the Ethereum network.
Launched in 2015, Ethereum builds on Bitcoin's innovation, with some big differences.
Both let you use digital money without payment providers or banks. But Ethereum is programmable, so you can also build and deploy decentralized applications on its network.
Ethereum being programmable means that you can build apps that use the blockchain to store data or control what your app can do. This results in a general purpose blockchain that can be programmed to do anything. As there is no limit to what Ethereum can do, it allows for great innovation to happen on the Ethereum network.
While Bitcoin is only a payment network, Ethereum is more like a marketplace of financial services, games, social networks and other apps that respect your privacy and cannot censor you.
Not everyone has access to financial services. But all you need to access Ethereum and its lending, borrowing and savings products is an internet connection.
You don't need to provide all your personal details to use an Ethereum app. Ethereum is building an economy based on value, not surveillance.
Ethereum allows you to move money, or make agreements, directly with someone else. You don't need to go through intermediary companies.
No government or company has control over Ethereum. This decentralization makes it nearly impossible for anyone to stop you from receiving payments or using services on Ethereum.
Customers have a secure, built-in guarantee that funds will only change hands if you provide what was agreed. Likewise, developers can have certainty that the rules won't change on them.
Since all apps are built on the same blockchain with a shared global state, they can build off each other (like legos). This allows for better products and experiences being built all the time.
If you’ve ever sent money overseas (or plan to), or had to worry about the future of your assets due to external forces outside of your control where you live, or been fed up by the numerous restrictions and fees imposed by traditional financial institutions for everyday transactions, you might be interested in what cryptocurrencies have to offer.
Bear in mind that Ethereum is a story that is still being written, and many more reasons to use it are being uncovered as it evolves and develops over time.
1. Cheaper and faster crossborder payments
2. The quickest help in times of crisis
3. Empowering Creators
4. Empowering Gamers
Ethereum is not controlled by any one entity. It exists solely through the decentralized participation and cooperation of the community. Ethereum makes use of nodes (a computer with a copy of the Ethereum blockchain data) run by volunteers to replace individual server and cloud systems owned by major internet providers and services.
These distributed nodes, run by individuals and businesses all over the world, provide resiliency to the Ethereum network infrastructure. It is therefore much less vulnerable to hacks or shutdowns. Since its launch in 2015, Ethereum has never suffered downtime. There are thousands of individual nodes running Ethereum network. This makes Ethereum one of the most decentralized cryptocurrencies out there, second only to bitcoin.