Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is a public blockchain-based platform that allows developers to build and deploy decentralized applications. It offers a Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.
Ethereum also provides a cryptocurrency token called “ether”, which can be transferred between accounts and used to compensate participant nodes for computations performed. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
Ethereum was initially described in a white paper by Vitalik Buterin in late 2013 as a result of his work on Bitcoin Magazine. He proposed that a single blockchain with the capability to be reprogrammed to perform any arbitrarily complex computation could serve as a “world computer”.
Following an successful crowdfunding campaign in 2014, the project was launched in 2015 with 72 million pre-mined coins. As of October 2019, there were over 100 million ETH coins in circulation, with a total market capitalization of over US$17 billion.
Ethereum has been used in various pilot projects and proof-of-concepts (PoCs), particularly for the digital identity, supply chain traceability, and cross-border payments sectors. Notable projects include ERC725/735 for digital identity standards, Uport for self-sovereign identity, Monax for supply chain traceability, and Pjoect Ubin and Corda for cross-border payments.
The Enterprise Ethereum Alliance (EEA) is a consortium of companies working to develop enterprise-grade applications on Ethereum. .
There are three ways to get ether: buy it on an exchange, accept it as payment for goods or services, or earn it through mining. You can also receive ether from another person who already has ether by sending them your wallet address.
The simplest way to get ether is to buy it on an exchange like Coinbase or Gemini. You can also accept ether as payment for goods or services you provide.
Finally, you can earn ether through mining—although this process requires significant computational power and can be quite costly.