What is Ethereum?

Here we provide some additional information about what is Ethereum and how it was invented. Would you like to find out more, buy Ethereum or just see what its current price is? Please find that here.

What are the features of Ethereum?

Ethereum is an innovative technology that can systematically decentralize interactions between people and thus bring trust to the internet. The source code of Ethereum is accessible to everyone. This ensures that everyone can contribute to the project. Developers can thereby build decentralized applications. Ether (the currency on the Ethereum platform) differs from other digital currencies because of the possibility of drawing up smart contracts that record the interaction between coin holders. Ethereum is changing from ”proof of work” to ”proof of stake”. In other words: the required computing power and therefore the electricity consumption is to be much lower than before.

When and why was Ethereum developed?

Ethereum was released for the first time in 2013. Ethereum is the platform and the currency that you can own and trade is officially called ”Ether”. Ethereum offers the possibility to create so-called smart contracts between people. These are scheduled appointments where you do not need a third party to maintain them. Ethereum aims to give the internet world what it lacks: trust. A decentralized platform with smart contracts can ensure that parties can trust each other on the internet.

Originally published at bitvavo.com.