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 means that developers can build applications on Ethereum. These decentralized applications or Dapps can have certain rules and conditions, like traditional computer programs. The big difference is that these apps run on a decentralized network, which means there is no central point of control.
Ethereum is often described as a decentralized world computer because it allows anyone to run an application and have it work exactly as intended. No one can stop an application from running, and no one can change the code once it’s been deployed.
The Ethereum network itself is fueled by ether, which is a cryptocurrency like Bitcoin. Ether is used to pay for transaction fees and computational services on the network.
Developers who want to build on Ethereum need to use ether to pay for gas. Gas is the name for the computational power needed to run an operation or contract on the Ethereum network.
The more complex the operation, the more gas it will require.
Ethereum was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer. He was inspired by Bitcoin, but he thought it had limitations because it could only be used as a digital currency.
Buterin believed that blockchain technology could be used for much more than financial transactions.
Ethereum has become one of the most popular cryptocurrencies in the world and its popularity is only increasing. Many people believe that Ethereum has the potential to revolutionize the way we interact with the internet and even our own government.