Ethereum is an open-source, blockchain-based, decentralized platform that allows for the creation of smart contracts and decentralized applications (dApps). It was first proposed in 2013 by Vitalik Buterin, a cryptocurrency researcher and developer. Ethereum went live on July 30th, 2015, with 11.9 million coins pre-mined for the crowdsale.
The Ethereum blockchain is powered by Ether (ETH), which is the cryptocurrency used to pay for transactions and computational services on the network. Ether is also used as a form of currency, and can be bought, sold, and traded on cryptocurrency exchanges like other digital assets.
One of the main features of Ethereum is the ability to execute smart contracts, which are self-executing contracts with the terms of the agreement written into code. This enables the creation of decentralized applications (dApps) that run on the Ethereum blockchain, opening up a wide range of possibilities beyond simple digital currency transactions. Smart contracts allow for the creation of decentralized autonomous organizations (DAOs) and Decentralized Finance (DeFi) platforms.
Ethereum has taken what was a four-function calculator of a programming language in Bitcoin and turned it into a full-fledged computer
– Fred Ehrsam, Founder, Coinbase
Ethereum also offers the benefit of decentralization, which means that it is maintained by a network of nodes rather than a central authority, making it more secure and transparent. This allows for increased security, transparency, and censorship resistance.
In summary, Ethereum is an open-source blockchain platform that allows for the creation of smart contracts and decentralized applications. It is powered by Ether, a cryptocurrency that can be bought, sold, and traded like other digital assets. Ethereum’s decentralized nature, its support for smart contracts, and its large community of developers make it a versatile platform with a wide range of use cases.
