Ethereum is a decentralized platform that runs smart contracts. It provides developers with a blockchain-based, decentralized application (DApp) development framework. Ethereum allows for the creation of DApps and DAOs without any downtime, censorship, fraud or third party interference.
Let's explore how different Ethereum is from other projects in the space:
1. Data Security: Information on an Ethereum blockchain is stored in 'blocks'. These blocks are stored on millions of computers simultaneously. There is no single point of failure and they provide more secure data storage than what you can find elsewhere in the world today which can be easily hacked.
2. No Censorship: Without a central authority to censor content, there is no way to silence Ethereum users or developers because there are no intermediaries like ISPs
Ethereum has been called the most transformative technology that has come since Bitcoin. Its platform is designed to, as mentioned, resist centralization and censorship, but while still allowing for regulation. Ethereum (the blockchain and its native coin, Ether), today, is used for many different applications, such as finance, web browsing, gaming, gambling, advertising, identity management, and supply chain management.
The bottom line is that Ethereum is more scalable than any other blockchain protocol out there. Ethereum can currently only handle about 15 transactions per second, but its hard-forking protocol upgrades have made it much more scalable. After Ethereum switches from the Proof-of-Work protocol to the Proof-of-Stake protocol, we will see its speed increase from ~15 transactions per second to tens of thousands transactions per second.
In the future, we believe there's a very good chance that Ethereum will dethrone Bitcoin and will become the most commonly-used cryptocurrency, as they will likely integrate privacy and many other features, but that won't happen for a while.