When people talk about Ethereum, they are usually referring to the Ethereum blockchain and the associated cryptocurrency, ether. However, Ethereum is much more than just a digital currency.
It is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum was first proposed in 2013 by Vitalik Buterin, a then 19-year-old Bitcoin programmer. He was inspired by Bitcoin’s success, but believed that it was limited in its ability to do more than just act as a digital currency.
He proposed Ethereum as a way to use blockchain technology to create a decentralized platform that would go beyond simple financial transactions.
The Ethereum blockchain is similar to the Bitcoin blockchain in that it is a public, distributed ledger of all transactions that have taken place on the network. However, unlike Bitcoin, Ethereum can be used to build decentralized applications (dapps).
NOTE: WARNING: Ethereum is a sophisticated form of cryptocurrency and should be treated with caution. It is important to understand the risks associated with investing in, using, and trading Ethereum. Cryptocurrency can be a volatile market and is not regulated by any government or financial institution. Therefore, it is necessary to thoroughly research Ethereum before making any type of investment or trading decision.
These dapps can be used for anything from creating a decentralized social network to tracking the provenance of diamonds.
The cryptocurrency associated with Ethereum is ether. Ether is used to pay for transaction fees and gas, which is a unit of computation used to power transactions on the network.
Ether can also be sent from one user to another as a form of payment.
Ethereum has often been referred to as “the world computer” because it allows anyone to create and run decentralized applications. This makes it an incredibly powerful tool with endless potential applications.
With Ethereum, we are only just beginning to scratch the surface of what is possible.
7 Related Question Answers Found
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.
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 2014, a group of developers wanting to create a more decentralized internet came together and proposed Ethereum as a solution. They were inspired by Bitcoin, but they wanted to do more than just create a digital currency.
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 unit of account on the Ethereum blockchain. It is also used to pay for transaction fees and computational services on the network.
The purpose of Ethereum is to create 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 distributed public blockchain network. Ether, the platform’s native cryptocurrency, is mined and used to pay for transaction fees and services on the Ethereum network.
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 used as a platform to launch other cryptocurrencies. In this way, it acts as a launchpad for innovative new ideas and projects.
In 2014, Ethereum launched a pre-sale for ether which received an overwhelming response; ETH sold out in a matter of hours with investors buying up ETH at a rate of 1000 to 1. This represented a record for the highest ratio of ether to bitcoin. Ethereum has been described as a digital currency, a distributed computing platform, and a decentralized applications platform.
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 used to build decentralized applications (dapps) on its platform. The most popular dapp built on Ethereum is CryptoKitties, a game that allows players to purchase, breed, and trade digital cats.
