What is Ethereum?
Ethereum is a digital platform that operates on a blockchain network and has its own cryptocurrency, called Ether (ETH). It also has its own programming language, Solidity. As a decentralized public ledger, users can utilize the platform to create, publish, and use applications, as well as complete transactions using Ether as payment.
These decentralized applications are called “dApps.” In terms of market value, Ethereum is second only to Bitcoin. Ethereum was designed to allow developers to build and launch smart contracts and dApps without the risks of fraud, downtime, or third party interference.
It is known as “the world’s programmable blockchain” and is a marketplace for various financial services, games, and apps, all of which can be paid for using Ether and are secure from fraud and censorship.
Ethereum was launched in 2015 by a small group of blockchain enthusiasts, including Joe Lubin and Vitalik Buterin. Buterin, who is also the CEO, is often referred to as the world’s youngest crypto billionaire.
Ether was initially created as a currency for use on the Ethereum network, but it is now accepted as payment by some online merchants and service providers, such as Overstock and Shopify. In simplest terms, Ethereum is a database that cannot be hacked and uses a cryptocurrency called Ether for transactions.
The data is organized chronologically in blocks, similar to a ledger. Along with storing transaction records for Ether, the Ethereum blockchain also allows for the creation of dApps and provides a secure way for users to store sensitive information online.
