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You do not need to be tech savvy before you can understand what is Ethereum and how it works. A simple explanation of Ethereum can be understood by anyone who understands some things about blockchain technology. All you have to do is read.
What is Ethereum?
Ethereum, in short, is an open blockchain-based software platform that allows developers to create decentralized applications. Many people consider Ethereum as the exact thing as Bitcoin, but this is not the case. Although both Ethereum and Bitcoin are based on blockchain technology, there are key differences that will be discussed in another article.
Miners in the Ethereum Blockchain mine for Ether. They solve complex mathematical equations and their reward is ether. Ether is the token that powers the Ethereum network. In addition to being a negotiable cryptocurrency, Ether can be used to pay for transactions on the network.
Intelligent contracts: the rocky base of Ethereum
Smart contracts are more commonly associated with Ethereum. It is a term that is used to refer to a computer code that facilitates the exchange of content, money, property, actions and practically anything of value. Smart contracts, when operating on the blockchain, act as self-operating programs that are executed automatically as long as the specific requirements are met. There is no possibility of censorship, fraud, downtime or any other form of interference by third parties in smart contracts. They work exactly as planned.
Although all blockchains can process codes, many are limited in their processing power. This is what makes Ethereum's blockchain exceptional. It does not provide a set of limited operations; allows developers to create their operations. This allows them to create hundreds and thousands of applications more advanced than anything else the world has ever seen before.
The Ethereum blockchain has exceptional capabilities. One of the incredible features of Ethereum's blockchain is its ability to create intelligent contracts that are self-executable as stated above.
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