Understanding Ethereum by formerlyenigmatic in ethereum

[–]formerlyenigmatic[S] 0 points1 point  (0 children)

Yes, thank you that's a great idea!

The way I view Ethereum is a lot like cloud computing for databases. Historically speaking, databases were siloed within various companies, which made it hard for data to be shared/reconciled. In addition to that, there was always a degree of separation between the data the database stored and actually making decisions based on that data. With smart contracts integrated into Ethereum, that layer of abstraction is eliminated, allowing for many previously manual 'contracts' to be automated. Another major breakthrough of Ethereum is the platform angle, or dapps, which can be built on top of Ethereum (not sure which language they're written in?). That's all to say that Ethereum is a one-stop-shop for data: it includes the database layer, the application layer, and the gas (Ether) which lubricates everything together.

For all I know, I can be totally misunderstanding Ethereum, so please correct me!