Ethereum plays a huge part in the current and upcoming digital world.
The vision is that ethereum would enable this same functionality to people anywhere around the world, enabling them to compete to offer services on top of this infrastructure.
Scrolling through a typical app store, for example, you’ll see a variety of colorful squares representing everything from banking to fitness to messaging apps. These apps rely on the company (or another third-party service) to store your credit card information, purchasing history and other personal data – somewhere, generally in servers controlled by third-parties.
Your choice of apps is of course also governed by third parties, as Apple and Google maintain and curate (or in some cases, censor) the specific apps you’re able to download.
The idea is that one entity will no longer have control over your notes and that no one could suddenly ban the app itself, temporarily taking all of your notebooks offline. Only the user can make changes, not any other entity.
Ether can be used to underpin any sort of computer application you can imagine. The use cases for the ethereum network are only limited by the imaginations of application developers. For example, people are developing apps for energy distribution, digital advertising, and a digital marketplace for unused computing power.
The main selling point of decentralized applications, or dapps, on the ethereum network is that they can be run without a central authority facilitating the transactions.
Dapps, because they’re based on smart contracts, also allow for a relatively easy model of collective ownership and even governance using what are known as “tokens” or ICOs.
The key to the Ethereum blockchain is that communities can create ecosystems that support one another through collective ownership. Entrepreneurs can create tokens to exchange their goods and services with one another through these ecosystems. This is real self sovereignty.
With that being said, creating an ether wallet is your first step.
I recently uploaded my first video on YouTube that walks you through creating an ether wallet, check it out below.
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