Explain Ethereum to Me

[nickenburg]

Oke I want to know a lot about Ethereum because it really is still a little vague to me.

I only heard/saw it about 2 weeks ago and I immediately researched it on Youtube/Internet.

What I have come to understand about it is this: (Correct me if i'm wrong.)

Ethereum is revolutionary compared to Bitcoin's Sourcecode.
Ethereum can take over all kind of existing businesses and even Fiat money and implement it in the blockchain?   
Ethereum itself is the coin but there is also a fuel that runs it?
You can create a coin inside Ethereum and use it for your own purposes?

This coin just raises a lot of questions for me i'm sure I have some more soon

[1715643361]

1715643361

[1715643361]

1715643361

[1715643361]

1715643361

[The Sceptical Chymist]

And there is something something something about smart contracts, which I have yet to fully grasp.  I asked about what they are in another thread and didn't get a reply.  I'm totally not a computer geek and I looked at the wikipedia article on them, but I just don't think I'm savvy enough to understand without someone dumbing it down for me.  So I'm interested in the replies here as well.

The things you wrote seem to be mostly hype though. To say the very least, I'm extremely skeptical of ETH's chances of overtaking bitcoin.  We'll see.  I'm definitely watching the price on Yobit.

[thms]

And there is something something something about smart contracts, which I have yet to fully grasp. 

Maybe this link will help you understand it better:

https://www.ethereum.org/greeter

[owm123]

Oke I want to know a lot about Ethereum because it really is still a little vague to me.

I only heard/saw it about 2 weeks ago and I immediately researched it on Youtube/Internet.

What I have come to understand about it is this: (Correct me if i'm wrong.)

Ethereum is revolutionary compared to Bitcoin's Sourcecode.
Ethereum can take over all kind of existing businesses and even Fiat money and implement it in the blockchain?  
Ethereum itself is the coin but there is also a fuel that runs it?
You can create a coin inside Ethereum and use it for your own purposes?

This coin just raises a lot of questions for me i'm sure I have some more soon

My understanding is following (not sure if correct):

Ethereum is like giant, decentralized computer, for which you can write dapps (decentralized applications). dapps can be anything, decentralized facebook, marketplace, new decentralized currency, decentralized exanged, and many many more. For example, one of the more interesting dapps are http://www.augur.net/ or https://etherex.org/ at the moment.

Eth (Ether) is a coin/token used to "fuel" the network. Ppl provide resources (cpu, disk space, ram) for the dapps and enforcing dapps rules on their nodes and get rewarded by Eth (mining basically). Off course they can also pay for dapps services with eth, if they want to. If you run your own dapp on Ethereum network, need to pay for it with Eth.

So in short, bitcoin is decentralized currency, Ethereum is decentralized applications.

[adhitthana]

My understanding is following (not sure if correct):

Ethereum is like giant, decentralized computer, for which you can write dapps (decentralized applications). dapps can be anything, decentralized facebook, marketplace, new decentralized currency, decentralized exanged, and many many more. For example, one of the more interesting dapps are http://www.augur.net/ or https://etherex.org/ at the moment.

How good at coding does one have to be?

[owm123]

My understanding is following (not sure if correct):

Ethereum is like giant, decentralized computer, for which you can write dapps (decentralized applications). dapps can be anything, decentralized facebook, marketplace, new decentralized currency, decentralized exanged, and many many more. For example, one of the more interesting dapps are http://www.augur.net/ or https://etherex.org/ at the moment.

How good at coding does one have to be?

I havent used it, but there are tutorials out there on getting started with dapps development for ethereum, e.g.,
https://www.ethereum.org/
https://dappsforbeginners.wordpress.com/

So have a look at them, and you can decide how difficult they are for your skill set.

[fedmahnkassad]

Oke I want to know a lot about Ethereum because it really is still a little vague to me.

I only heard/saw it about 2 weeks ago and I immediately researched it on Youtube/Internet.

What I have come to understand about it is this: (Correct me if i'm wrong.)

Ethereum is revolutionary compared to Bitcoin's Sourcecode.
Ethereum can take over all kind of existing businesses and even Fiat money and implement it in the blockchain?  
Ethereum itself is the coin but there is also a fuel that runs it?
You can create a coin inside Ethereum and use it for your own purposes?

This coin just raises a lot of questions for me i'm sure I have some more soon

My understanding is following (not sure if correct):

Ethereum is like giant, decentralized computer, for which you can write dapps (decentralized applications). dapps can be anything, decentralized facebook, marketplace, new decentralized currency, decentralized exanged, and many many more. For example, one of the more interesting dapps are http://www.augur.net/ or https://etherex.org/ at the moment.

Eth (Ether) is a coin/token used to "fuel" the network. Ppl provide resources (cpu, disk space, ram) for the dapps and enforcing dapps rules on their nodes and get rewarded by Eth (mining basically). Off course they can also pay for dapps services with eth, if they want to. If you run your own dapp on Ethereum network, need to pay for it with Eth.

So in short, bitcoin is decentralized currency, Ethereum is decentralized applications.

This is why I don't see BTC and ETH as competing but rather coexisting. That said, I do not believe that the current market cap of ETH is justified.

[hv_]

The problem is rather to distinguish what Ether wants to be from what it is right now.
Right now bitcoin is considered to be an experiment, Ether is one in beta phase.

So maybe nobody can give any final answer here....

[nickenburg]

My understanding is following (not sure if correct):

Ethereum is like giant, decentralized computer, for which you can write dapps (decentralized applications). dapps can be anything, decentralized facebook, marketplace, new decentralized currency, decentralized exanged, and many many more. For example, one of the more interesting dapps are http://www.augur.net/ or https://etherex.org/ at the moment.

Eth (Ether) is a coin/token used to "fuel" the network. Ppl provide resources (cpu, disk space, ram) for the dapps and enforcing dapps rules on their nodes and get rewarded by Eth (mining basically). Off course they can also pay for dapps services with eth, if they want to. If you run your own dapp on Ethereum network, need to pay for it with Eth.

So in short, bitcoin is decentralized currency, Ethereum is decentralized applications.


[/quote]

Ok that make's it somewhat clearer, especially that augur app looks really cool.
But the smart contracts give me some examples we could use them for.
Also I have read that Microsoft is interested in this coin and helping companies to develop apps for ethereum?

[hv_]

My understanding is following (not sure if correct):


So in short, bitcoin is decentralized currency, Ethereum is decentralized applications.

Hm, As decentralized as we have just seen in the Bitcoin world (consensus table) and that combined with the planned  PoS in Ether....

[Piston Honda]

overpriced lulz

[The Sceptical Chymist]

Oke I want to know a lot about Ethereum because it really is still a little vague to me.

I only heard/saw it about 2 weeks ago and I immediately researched it on Youtube/Internet.

What I have come to understand about it is this: (Correct me if i'm wrong.)

Ethereum is revolutionary compared to Bitcoin's Sourcecode.
Ethereum can take over all kind of existing businesses and even Fiat money and implement it in the blockchain?  
Ethereum itself is the coin but there is also a fuel that runs it?
You can create a coin inside Ethereum and use it for your own purposes?

This coin just raises a lot of questions for me i'm sure I have some more soon

My understanding is following (not sure if correct):

Ethereum is like giant, decentralized computer, for which you can write dapps (decentralized applications). dapps can be anything, decentralized facebook, marketplace, new decentralized currency, decentralized exanged, and many many more. For example, one of the more interesting dapps are http://www.augur.net/ or https://etherex.org/ at the moment.

Eth (Ether) is a coin/token used to "fuel" the network. Ppl provide resources (cpu, disk space, ram) for the dapps and enforcing dapps rules on their nodes and get rewarded by Eth (mining basically). Off course they can also pay for dapps services with eth, if they want to. If you run your own dapp on Ethereum network, need to pay for it with Eth.

So in short, bitcoin is decentralized currency, Ethereum is decentralized applications.

OK that sort of makes sense to me, thank you for that explanation.  I can't say I'm now familiar with it but I get the concept of the P2P decentralized thingees.  Interesting, and now it looks as if ETH is having a little spike again on Yobit.  I was not ballsy enough to actually buy any, so I'm just going to stay on the sidelines watching. 

[owm123]

Oke I want to know a lot about Ethereum because it really is still a little vague to me.

I only heard/saw it about 2 weeks ago and I immediately researched it on Youtube/Internet.

What I have come to understand about it is this: (Correct me if i'm wrong.)

Ethereum is revolutionary compared to Bitcoin's Sourcecode.
Ethereum can take over all kind of existing businesses and even Fiat money and implement it in the blockchain?  
Ethereum itself is the coin but there is also a fuel that runs it?
You can create a coin inside Ethereum and use it for your own purposes?

This coin just raises a lot of questions for me i'm sure I have some more soon

My understanding is following (not sure if correct):

Ethereum is like giant, decentralized computer, for which you can write dapps (decentralized applications). dapps can be anything, decentralized facebook, marketplace, new decentralized currency, decentralized exanged, and many many more. For example, one of the more interesting dapps are http://www.augur.net/ or https://etherex.org/ at the moment.

Eth (Ether) is a coin/token used to "fuel" the network. Ppl provide resources (cpu, disk space, ram) for the dapps and enforcing dapps rules on their nodes and get rewarded by Eth (mining basically). Off course they can also pay for dapps services with eth, if they want to. If you run your own dapp on Ethereum network, need to pay for it with Eth.

So in short, bitcoin is decentralized currency, Ethereum is decentralized applications.

OK that sort of makes sense to me, thank you for that explanation.  I can't say I'm now familiar with it but I get the concept of the P2P decentralized thingees.  Interesting, and now it looks as if ETH is having a little spike again on Yobit.  I was not ballsy enough to actually buy any, so I'm just going to stay on the sidelines watching.  

The spike could be because of regular pump and dump thing, but its been for a while now. Many companies seem to be interested in ethereum. Most recent ones are canonical (makers of Ubuntu) and Samsung, who jointly work on https://slock.it/ running on etherum computer. Interest from major companies, could full the spike as well.

[Zitdadast]

It is a "trading" platform. You can create smart contract there.

[cryptohunter2]

what i want to know is this

if its entirely open source why will huge corps with their own top coders just not clone a version for themselves?

[Unikol]

what i want to know is this

if its entirely open source why will huge corps with their own top coders just not clone a version for themselves?

It is completely open source. It already has several clones. Shift, Expanse and Soil are all clones.

[cryptohunter2]

what i want to know is this

if its entirely open source why will huge corps with their own top coders just not clone a version for themselves?

It is completely open source. It already has several clones. Shift, Expanse and Soil are all clones.

Yeah i see this.

However ...when eth fans say MS is supporting - banks supporting...why are these not just cloning their own?

[cryptohunter2]

They are cloning it which may seem bad for us and good for them until you consider that we can clone their work and put it out on our version of ethereum

Sounds good but you know what these guys are like.... their extra work will be protected by law suits and if they can close source their add ons they will  try.

[hv_]

what i want to know is this

if its entirely open source why will huge corps with their own top coders just not clone a version for themselves?

It is completely open source. It already has several clones. Shift, Expanse and Soil are all clones.

Yes, and so if R3 decides to use it than will fork it for their own, private use....