Ethereum – here are a few things to know about it

After Bitcoin, Ethereum is growing rapidly as another cryptocurrency.

HubSpot defines Ethereum as “a blockchain-based software platform that hosts a decentralized app store and payment system on its network”. This platform allows its users to conduct safe and reliable transactions – free from censorship.

HubSpot’s Clifford Chi has shared a comprehensive article on Ethereum.

Chi says, “Launched in 2015, Ethereum uses blockchain technology to replace centralized computing systems that store people’s data. Common examples of these centralized computing systems are Apple and Google, which regulate the types of apps in their app stores. Another example of a centralized computing system is Amazon, which stores your credit card information and other personal data.

Since one entity controls an entire system, like Apple and their App Store, they can regulate, censor, and even ban your app if you don’t follow their rules.

Centralized computing systems also have a single point of failure, which means cybercriminals can easily hack into them. For instance, on Amazon, the sensitive information you store on their website is also stored on their servers. If a cybercriminal hacks into their servers, they could steal your credit card number”.

Everything You Need to Know About Ethereum