Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
In the Ethereum protocol and blockchain there is a price for each operation. The general ledger records these prices in ETH (Ether), the internal currency of Ethereum.
The current price for running a smart contract on the Ethereum blockchain is about $0.40 per thousand operations.
The unit of account in the Ethereum protocol is also called Ether. Ether is used to pay for transaction fees and computational services on the Ethereum network.
Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. The virtual machine makes the process of creating blockchain applications much easier and more efficient than ever before.
And because it runs on the blockchain, applications can interact with each other seamlessly and securely, with no need for a centralized point of control.
The vision for Ethereum is to build a decentralized world computer that anyone can access and use to run their own applications, rather than being forced to use applications created by central authorities. This would allow users to retain complete control over their data and applications, without having to rely on third parties for security or trust.
The potential implications of this are huge. For example, imagine being able to buy insurance directly from an insurance company, without having to go through a broker.
Or imagine being able to vote directly on proposals, without having to go through a central government body. Or imagine being able to create a will that automatically distributes your assets according to your wishes, without having to go through a lawyer or executor.
The possibilities are endless, and Ethereum is already being used to create all sorts of innovative applications that are changing the way we interact with the world around us. With its powerful technology and passionate community, Ethereum is well on its way to becoming the world’s first truly decentralized world computer.