Ethereum

The synergies gained from building on Ethereum’s decentralized app ecosystem

When the first home telephones were being installed in the 1870s, the companies selling them had a problem: phones aren’t very useful if you can only call a few people. However, this challenge got easier and easier as the networks expanded, since every new customer’s presence in the phone book increased the overall value of the product as a communication tool. This concept — called a “network effect” — entered its renaissance during the tech boom, as platforms like Facebook and the Apple ecosystem rapidly secured huge market shares on the power of large userbases.

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How does Ethereum work, anyway?

Odds are you’ve heard about the Ethereum blockchain, whether or not you know what it is. It’s been in the news a lot lately, including the cover of some major magazines, but reading those articles can be like gibberish if you don’t have a foundation for what exactly Ethereum is. So what is it? In essence, a public database that keeps a permanent record of digital transactions. Importantly, this database doesn’t require any central authority to maintain and secure it. Instead it operates as a “trustless” transactional system — a framework in which individuals can make peer-to-peer transactions without needing to trust a third party OR one another. Still confused? That’s where this post comes in. My aim is to explain how Ethereum functions at a technical level, without complex math or scary-looking formulas.

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