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Benefits of Ethereum

World's Largest Supercomputer

It is one of the most impressive aspects of Ethereum's technology that all of the individual computers connected together act as if they are part of a single massive worldwide supercomputer. Despite the fact that the Bitcoin network is connected in the same way that a worldwide supercomputer is, the computing power of the Bitcoin network is dedicated to the process of transaction processing. The Ethereum Virtual Machine can be powered by the computing power available on the Ethereum network, which can be directed towards it. This enables applications to run on one of the world's most powerful supercomputers, allowing them to take advantage of its processing power.



Ethereum Virtual Machine (EVM) is a type of virtual machine that runs on the Ethereum blockchain.

Despite the fact that blockchain technology is revolutionary, blockchains had limited capabilities prior to the introduction of Ethereum, and were primarily used for recording transactions. The Ethereum Virtual Machine (EVM) was one of the most significant advancements that Ethereum brought to the table in comparison to existing blockchain technology (EVM). In addition, the Ethereum Virtual Machine enabled developers to create applications in computer programming languages that were comparable to those that they were already familiar with. It is possible for these applications to be as sophisticated as any other applications that they could develop on other computer platforms. Powered by the Ethereum Virtual Machine, these decentralised applications can now take advantage of blockchain technology with greater ease and at lower costs than was previously possible.


Ease with which something can be developed

Due to the large number of people who must contribute computing power to a new blockchain network, the process of creating a blockchain network is expensive, time-consuming, and complicated. A new blockchain must be created, and a network of computers and users must be established in order for it to be supported. Ethereum enables developers to take advantage of the already-existing Ethereum blockchain and computer network. Aside from that, the Ethereum Virtual Machine enables developers to create applications that use blockchain technology without having to set up their own blockchain network. Building applications that run on the Ethereum blockchain and the Ethereum Virtual Machine (EVM) is relatively simple. The programming language is similar to other programming languages that are commonly used, such as JavaScript. Because the programming language is similar to existing programming languages, developers will have little difficulty creating programmes with little additional learning time.


Decentralization

We may believe that we have complete control over our Facebook photos, computer files stored in cloud storage, or messages sent through our chat application. But these are governed by centralised systems and corporations, not individuals. Every photo that is uploaded to Facebook is stored on a central server that is owned and operated by the social media giant, Facebook. The same is true for files that are uploaded to Google Drive or other cloud storage services. In the event that you send a message through a chat application, that message is forwarded to the company's central servers, which then forwards it on to the message recipient. The servers keep a record of every message that is sent and received. When you access your chat history, it is accessed from the servers that are listed above. Ethereum allows for the decentralisation of applications and data, which means that there is no single server or company that has complete control over all of your information. Applications that are distributed across a network of computers are known as decentralised applications; if one computer goes offline, the data can still be accessed from the other computers that are also running the application. Many of the applications and websites that we are familiar with today are being developed as decentralised versions on the Ethereum network, which is a distributed computing platform. This includes decentralised cloud storage, messaging applications, social networking sites, and other similar services and technologies.


There will be no censorship.

Governments and corporations cannot censor websites and applications because of the decentralised nature of the Ethereum network due to its decentralised structure. If a government wishes to censor a website, it can do so by blocking access to the website or by shutting down the server that hosts the website. A decentralised application would require them to shut down every computer or server that was running the application in order to censor it. Because the computers running decentralised applications (dApps) are dispersed throughout the world, it is impossible for a single government to shut them all down. Users who post images on Twitter, Facebook, or Instagram that the company does not approve of may have their images removed and the user may be barred from using those services. Most people aren't likely to see this as a problem because they aren't posting anything that is in violation of the policies of these companies. These businesses, on the other hand, must adhere to the laws of the countries in which they operate. The majority of social media platforms are prohibited in China because foreign companies do not adhere to the strict censorship imposed by the Chinese government. Users who post content that mentions Tibet, the Tiananmen Square massacre, or anything else that is critical of the Chinese government will have that content removed from their accounts in the country. After posting it, they may also be subjected to an investigation by the Chinese government. Companies operating in China are required to block content that the government does not approve of and to provide the government with user data. Companies and governments will be unable to censor content, ban applications, or obtain user data if they use a decentralised network and application framework. This allows for greater freedom of expression and returns control to the users of applications that run on the Ethereum blockchain.


Security

Many of the risks associated with current centralised systems are significantly reduced when using decentralised systems. Facebook, PayPal, banks, and the vast majority of other businesses use centralised servers. If those servers are compromised, hackers may gain access to all of your personal information that is stored on those servers. Whenever the central servers go down or are unavailable, all of the data becomes inaccessible. Hacking and server failure are less likely to occur on decentralised servers than on centralised servers. An attacker would need to have complete control over a large portion of the computing power on a decentralised system in order to successfully hack it. Because the Ethereum network consists of hundreds of thousands of computers located all over the world, it is nearly impossible for anyone to gain control of a majority of the network's resources.


Smart Contracts are a type of contract that can be programmed to perform specific tasks.

Smart contracts are contracts that are written in computer code and can be executed automatically if the terms of the contract are met. Smart contracts are becoming increasingly popular. In order to enforce the terms of a contract, no lawyers or courts are required to be involved. However, while Bitcoin enabled payments across a blockchain, these transactions were manual, such as selecting to send money to a specific individual or group of people. Ethereum has made it possible to set up automatic payments that are triggered when a specific event, milestone, or condition is met. When you take a taxi, you have the option of paying the driver in cash at the end of the trip. Bitcoin has the potential to displace cash as a payment method because it allows you to pay with Bitcoin rather than cash. Bitcoin can only be used for manual payments and transactions, such as those in this example. If we take Uber as an example, your credit card information is stored by Uber on their servers. When you begin a journey, you enter into a contract with the company to pay a fixed amount based on the distance travelled. When you reach the end of your trip, the contract is executed, and your credit card is automatically charged for the cost of your journey. Ethereum has developed a platform on which decentralised applications (dApps) can be run with smart contracts, thereby replacing this process completely. A decentralised application (dApp) that automatically executes smart contracts based on the distance travelled could be used instead of the Uber app. This would function in a similar way to the Uber example above, but it would be run on the Ethereum platform and accept payment in the form of Ether or an Ethereum token. This is an example of a potential application for decentralised applications and smart contracts. There are thousands of decentralised applications (dApps) in development that have the potential to disrupt a wide range of industries.


New approaches to funding businesses and projects are being developed.

For businesses and developers, Ethereum has opened up new avenues for raising capital to help them expand their operations. While Initial Coin Offerings (ICOs) were possible prior to Ethereum, their success was largely dependent on the popularity of the cryptocurrency in question. Blockchain technology enables businesses to create applications and to sell tokens or coins that can be used in those applications. Due to the fact that these applications are built on the Ethereum platform, if one becomes popular, the value of the tokens used in the application should theoretically rise in value as well. Companies can raise funds for their projects without having to rely on loans or venture capital funding for their success. If an application becomes popular, those who were early supporters of the app stand to gain as well.