Thursday, January 5, 2017

Ethereum, a censorship resistant 'world computer'

Ethereum Project Offers Censorship Resistant 'World Computer' for Developers - Breitbart - Tom Ciccotta :

January 3, 2017 - "The Ethereum Project, an open source platform developed by 22-year old programmer Vitalik Buterin, is seeking to build upon the blockchain technology established by Bitcoin by allowing developers to use the blockchain to build decentralized applications.

"The blockchain is a decentralized database where records and entries are virtually unchangeable. While Bitcoin utilizes blockchain technology to manage a currency, the Ethereum Project provides an open source environment where programmers can create applications on the blockchain.

"Tristan Winters, a reporter at ETHNews, the leading online Ethereum news site, explained to me the Ethereum project in layman’s terms: 'Ethereum is a "world computer." Instead of hosting apps on a server, you host them on the Ethereum blockchain and p2p network.... So the apps are censorship resistant and no one can shut them down'....

"Ethereum is driven by Ether, a cryptocurrency that acts as 'fuel' for the system. According to the project’s website, Ether is a necessary element that ensures that developers are writing quality applications ... (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources).

"Because of the open source nature of Ethereum, it has almost limitless functions. Developers have proposed and began work on decentralized file storage systems, financial systems, and business management systems.

"Ethereum allows actors to create smart contracts, which are programs that run on the blockchain that can handle currency in a way that is unchangeable. Smart contracts can be used for a variety of business functions, such as the representation of shares, organizational voting, and fundraising.

"The decentralized nature of the Ethereum blockchain would allow for social networks that are truly resistant to censorship. Unlike Facebook or Twitter, a social network operating on Ethereum wouldn’t be accessed via centralized servers. Such a network would exist as a peer-to-peer network that lives on computers throughout the world. Because such a network would have no centralized body, censorship would be extremely difficult."

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