Ethereum is a decentralized platform that runs smart contracts: application that run exactly as programmed without any possibility of downtime, censorship, fraud and third party interference. These apps run on a custom built blockchain, a powerful-shared global infrastructure that can move value around and represent the ownership of property.
How It Effects Internet
Speaking at MoneyConf, the fintech-focused event that has been organized by the team behind Web Summit, Mr Lubin outlined ways in which blockchain technology is set to bring about a revolution in terms of online security.
Mr Lubin said at present the internet was inherently unsafe because it was not developed without a natively built money or identity construct at its heart.
Ethereum and ConsenSys founder Joe Lubin addressed attendees about the current state of internet affairs. “The internet is awesome,” he said, “but it is broken.”
Lubin believes in a collaborative infrastructure that is built on a public block chain that can lead to “a radically free market architecture with low barriers to entry.”
He said the current situation in terms of data protection and security for internet users is unsustainable. He added that blockchain technology represents a new kind of infrastructure that is infinitely better in terms of not only authenticating who someone is but also protecting their identity.
While most commonly associated with cryptocurrencies such as bitcoin and etherum, blockchain is expected to affect digital services and transform business models in a wide range of areas. Mr Lubin said that with a more trustworthy, collaborative infrastructure with improved security, “a radically free market architecture with low barriers to entry” is available to content creators and service providers via the public block-chain.
The Ethereum wallet is a gateway to decentralize application on the ethereum block-chain. It allows you to hold and secure ether and other crypto-assets built on ehtereum, as well as write, deploy and use smart contracts.
On a block-chain, anyone can set a node that replicates the necessary data for all nodes to reach an agreement and ne compensated by the users and app developers. This allow user data to remain private and apps to be decentralized like the internet was supposed to work.