What is Ethereum?
Ethereum was conceived in 2013 by programmer Vitalik Buterin. The development started in 2014, and it went live on July 30, 2015. As a cryptocurrency, Ethereum is second in market value only to Bitcoin as of May 2021. Ethereum is open access to digital money and data-friendly services for everyone. It is a community-built technology based on cryptocurrency ether (ETH) and thousands of services you can use.
Banking for Everyone - Not everyone has access to financial services. Some countries don't have reliable banking services. By using Ethereum, you can benefit from services like lending, borrowing, and savings products; all you need is an internet connection.
A More Private Internet - Using Ethereum, you don't need to provide all your personal details. Ethereum is an economy built based on value, not surveillance.
A Peer-to-Peer Network - Ethereum allows you to move money and make agreements directly with someone else. You don't need to go through other apps and companies.
Censorship-Resistant - No government or company has control over Ethereum. The decentralized network makes it nearly impossible for anyone to stop you from receiving payments or using services on Ethereum.
Commerce Guarantees - Ethereum creates a more level playing field for everyone. Ethereum users have a secure, built-in guarantee that transactions will only happen if you provide what was agreed upon. You don't need a large company to do any business.
Compatibility - New products and experiences are being built because Ethereum products are compatible by default. Companies work together and build on each other's success.
What services/products do they provide?
Ethereum has many creations of new products and services that can improve different areas of our lives. They are still in early development, but there are so many things to look forward to.
Decentralized Finance (DEFI) - a more open financial system that gives you more control over your money and unlocks new possibilities.
Non-Fungible Tokens (NFTs) - a way to represent unique items as Ethereum assets that can be traded, used as proof of ownership, and create new opportunities for creators. An example of software where NFTs are being used is NBA Topshot.
Decentralized Autonomous Organisations (DAOs) - a way to collaborate and set up online communities with shared goals and pooled funds.