Why is Ethereum called ‘The World Computer’?

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Ethereum

Ethereum, the second-largest cryptocurrency after Bitcoin, doesn’t mind being misunderstood. In fact, it’s all part of its plan to challenge the status quo. The point is that Ethereum wants to power a decentralized Internet.

That’s a big job, with high expectations. The nascent technology, which rose to fame in recent months from an association with the digital currency Bitcoin, is looking for investors willing to help it achieve this lofty goal.

It’s also risky—there are already several clones of Ethereum doing their own thing (called altcoins), and they have already contributed massively to public confusion about what this whole blockchain ecosystem actually is.

If altcoin believers and supporters keep saying Ethereum is just an altcoin too, we’re never going to convince anyone of the real potential of the technology. We need an Ethereum Price that can show its real power.

The pursuit of funding is incredibly important—no one should take offense to it. The Ethereum project has a huge task ahead of it, and like many open-source projects it relies on volunteer labour. But getting money directly from the public isn’t as simple as saying “give us lots of money.” Many people in the community are watching these efforts closely to see how they will affect Ethereum itself over the long term.

This may be why some members of this forum appear to have such strong reactions against perceived fundraising attempts by members or contractors working on client software for Ethereum, including Parity and the Ethereum Foundation itself.

Ethereum community

Ethereum is a world computer that could one-day help power everything from your car to your fridge. This massively distributed system can be used to build online markets, virtual organizations, or even communities based on shared interests like music or sports – anything we do in our digital lives can become more communal without geographical constraints with this tool.

This massively distributed system can be used to build online markets, virtual organizations, or even communities based on shared interests like music or sports – anything we do in our digital lives can become more communal without geographical constraints with this tool. And because it’s decentralized, there’s no single point of failure if someone gets hacked or brings down a server farm for whatever reason.

The global network consists of tens of thousands of computers all over the world that are run by volunteers ̶ anyone from small start-ups to large companies has access to these resources and its infrastructure backbone thanks to an open-source platform developed by some 20 international software developers.

Most of them are not fundraising at all—they’re asking for money, but either has a very clear plan or are giving their best effort to make sure that the community has enough information to decide whether or not they’re being transparent about it.

However, from this perspective it doesn’t matter why someone is doing something—if people feel there is an attempt to trick the community into sending them money unjustly, then it will be treated as such, whatever the intentions may actually be.

New developments

A community of developers and entrepreneurs is constantly building new tools or improving existing ones. ̶ This is the power of decentralization: to build tools for a wide variety of industries in an open-source environment that empowers collaboration among participants without restrictions from any central authority.

But it’s not just about money – decentralized applications can be built for all sorts of things like storing documents on a public network with better security than RSA encryption; providing microloans across borders via blockchain contracts and cryptocurrencies so you avoid paying those nasty interest rates to banks who might have ulterior motives like outright fraud or pushing certain products over others; tokenizing real-world assets by enforcing ownership through smart contracts which allow people to trade these tokens peer-to-peer on the blockchain; and so much more.

Now with Ethereum’s unique design which allows computation on encrypted technology has been made open-source, meaning it can be used by anyone for anything – no restrictions from any central authority.

We’re in a time of unprecedented technological innovation, and with Ethereum we’ll finally have a decentralized internet where users aren’t beholden to big corporations or governments but instead are able to collaborate on projects together without borders – just as if they were working alongside each other in the same office.

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About the Author: Micky Aron