Ethereum is considered to be a very broad programming platform that developers can use to build games, gambling apps, financial applications, insurance companies, social networks, and almost everything that we already use today. Yet, Ethereum is run off a decentralized system, meaning that no main authority holds all the information that is used in creating those applications.
How it Works
Imagine a network or a community of computers that are linked together throughout the world. These computers verify each other’s work. Anyone can run programs on the computers, and users can pay for just what they wish to use. This is how the Ethereum platform works.
If you are looking to build a social network where the information is stored on one server, under one authority, it means that a central authority owns your information and it may distribute or manipulate it however it wishes.
Ethereum was created with the intention that people can build programs to use every day, which there is no middle man, and no central server to house that information. Without a central server, no main authority can change or shut down these programs without the whole community knowing.
Ethereum was first developed in 2014 by a nonprofit organization. Every day there are great minds around the globe who are constantly contributing to the technology that helps to grow, facilitate and enhance this groundbreaking platform.