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Vitalik: Ethereum, Part 1
Naval
The Concept of a Smart Contract Blockchain: Decentralization and Shared Ownership
A smart contract blockchain is essentially a trusted computer in the cloud that can run any application./nThe security of a smart contract blockchain is measured through decentralization, where no single entity controls the computer./nThe code and data in a smart contract blockchain are open, but some data is encrypted and requires a description key for access./nIn a smart contract blockchain, anyone with proper permissions can read or write from the shared database./nUsers in a smart contract blockchain actually own the data at a very granular level.
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