Ethereum is a decentralized, open-source blockchain platform that allows developers to create and deploy decentralized applications (dApps) and smart contracts. It was founded in 2015 by Vitalik Buterin and has since grown to turn into one of the world’s most popular blockchain systems.
At its core, Ethereum is a distributed computing platform that uses blockchain technology to maintain a decentralized database of transactions. In contrast to Bitcoin that is mainly used as a digital currency Ethereum is intended to be a platform for developing decentralized applications.
One of Ethereum’s primary characteristics is its capacity to perform smart agreements. Smart contracts are self-executing agreements in which the contents of the buyer-seller agreement are directly put into lines of code. This allows for automatic execution of the contract without the need for intermediaries, making transactions faster and more efficient.
Ethereum additionally has its own money, Ether (ETH) that is used as cash for network transactions. Ether can also be traded on cryptocurrency exchanges, just like other cryptocurrencies such as Bitcoin.
The Ethereum network is maintained by a global network of nodes, which work together to validate transactions and keep the blockchain secure. Anyone can become a node on the Ethereum network by downloading the software and running it on their computer.
Overall, Ethereum is a powerful platform that has the potential to revolutionize many industries by enabling the creation of decentralized applications and smart contracts. As the platform continues to evolve and new use cases are discovered, it will be interesting to see how Ethereum impacts the future of technology and finance.