Ethereum – A Brief Overview

What is Ethereum?

Ethereum is an open source, decentralized platform that runs smart contracts. It’s an open network of computers that run programs written in a programming language called Solidity. The platform uses blockchain technology to process transactions and enable users to create applications.

What is Smart Contracts?

Smart contracts are a type of computer program that can be used to automate the exchange of money or property. They are a way for people to create their own rules around the transfer of money or other assets. For example, you could use a smart contract to help with the sale of a house. You could have the contract set up so that if the buyer doesn’t pay the seller within a certain amount of time, the seller can cancel the deal.

Why do people want to use smart contracts?

Smart contracts allow people to take back control of their finances by writing their own rules around how they want their money to be spent or saved. It also allows people to use their money more efficiently. For example, you could create a smart contract that would pay out your retirement savings into a trust fund for your children when you pass away. This would make sure that your children would get a portion of your estate even if you passed away before your retirement savings were fully paid off.

How does it work?

Etherium is the currency that is used on the Ethereum platform. Etherium is similar to Bitcoin, but it has one important difference: Etherium is not mined like Bitcoin is. Instead, Etherium is created through a process called “mining.” When someone mines Etherium, they receive a certain amount of Etherium as a reward. The more Etherium that is mined, the more valuable Etherium becomes.

Where can I find more information?

You can find more information about Ethereum and its benefits on the official website.

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