Ethereum has created a Bitcoin-like cryptocurrency called Ether, the value of which is based on computing power, and could eventually power smart devices.
Ether, like Bitcoin, runs on its own software platform and the currency can be traded. Each trade is recorded and verified onto a blockchain, powered by so-called miners. The cryptocurrency is currently being developed through a partnership between IBM, Samsung and Ethereum and was recently crowdfunded, with some of the ‘fuel’ pre-sold to supporters. Eventually the smart home devices could exchange the cryptocurrency with one another, powering the Internet of things, while reducing computing costs and guaranteeing consumer privacy. For now, Ethereum has launched the initial platform — called Ethereum Frontier — an open-source software platform, which enables any coder to write blockchain-based applications and encourages people to join Ethereum’s network by adding their computer’s computing power.Ethereum’s network will be perfect for running constantly connected, low power devices.
In simple sense people can lend their computer’s computing power for some decent cash.