What Is Ethereum?
Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity.
As a blockchain network, Ethereum is a decentralized public ledger for verifying and recording transactions. The network’s users can create, publish, monetize, and use applications on the platform and use its Ether cryptocurrency as payment. Insiders call the decentralized applications on the network “dapps.”
As a cryptocurrency, Ether, the currency of Ethereum project, is second in market value only to Bitcoin as of May 2021.
- • Ethereum is an open-source blockchain-based platform used to create and share business, financial services, and entertainment applications.
• Ethereum users pay fees to use “dapp”. The fees are called “gas” because they vary depending on the amount of computational power required.
• Ethereum has its own associated cryptocurrency, ether, or ETH.
• Its cryptocurrency is now second only to Bitcoin in market value.
Ethereum was created to enable developers to build and publish smart contracts and distributed applications (dapps) that can be used without the risks of downtime, fraud, or interference from a third party.
Ethereum was created to enable developers to build and publish smart contracts and distributed applications (dapps). Ethereum can be used without the risks of downtime, fraud, or interference from a third party.
Ethereum describes itself as “the world’s programmable blockchain.” It distinguishes itself from Bitcoin as a programmable network that serves as a marketplace for financial services, games, and apps, all of which can be paid for in Ether cryptocurrency and are safe from fraud, theft, or censorship.
Ethereum was launched in July 2015 by a small group of blockchain enthusiasts. They included Joe Lubin, founder of ConsenSys, a blockchain application developer that uses the Ethereum network. Another co-founder, Vitalik Buterin, is credited with originating the Ethereum concept and now serves as the company’s CEO and its public face. Buterin, who was born in 1994, is given the title of the world’s youngest crypto billionaire.
The Ether cryptocurrency was designed to be used within the Ethereum network. However, like Bitcoin, Ether is now an accepted form of payment by some merchants and service vendors. Overstock, Shopify, and CheapAir are among the online sites that accept Ether as payment.