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 programmable blockchain. It allows users to create their own decentralized applications (dapps) and run them on the Ethereum network.
Ethereum is often described as a digital currency, but it is much more than that.
The Ethereum network is fueled by Ether, which is like a digital fuel or “gas” that powers the dapps on the network. When someone uses a dapp on the Ethereum network, they need to pay a small amount of Ether to the network in order to have their transaction processed.
All of the transactions on the Ethereum network are stored publicly on a blockchain, which is a shared ledger of all transactions that have ever been processed on the network. This makes it very difficult for anyone to tamper with the data stored on the blockchain, as they would need to change the data stored in every single block in the chain, which would be practically impossible.
The Ethereum blockchain is different from Bitcoin’s in that it can be used to store and run decentralized applications (dapps). Bitcoin’s blockchain can only be used to store and track bitcoin transactions.
The main difference between Ethereum and Bitcoin is that Bitcoin is intended to be a digital currency, while Ethereum is intended to be a platform for running decentralized applications (dapps). However, both Bitcoin and Ethereum are powered by blockchain technology.
While there are many similarities between Bitcoin and Ethereum, there are also some key differences. One of the most important differences is that while Bitcoin has a limited number of coins that can ever be created (21 million), there is no limit to the number of Ether that can be created.
This could potentially lead to inflation if too many Ether are created in a short period of time.
Another key difference is that while Bitcoin transactions are recorded on a public ledger (the blockchain), Ethereum transactions are recorded on a shared ledger called the “world computer”. This world computer stores all the data from all the decentralized apps running on the Ethereum network.
So, what exactly is Ethereum? In short, it is a decentralized platform that runs smart contracts and allows users to create their own decentralized applications (dapps). These dapps can be used for anything from tracking ownership of assets to creating new financial instruments or even just for simple games or social networks. The possibilities are endless!.