What is Ethereum?

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by juston , in category: Cryptocurrencies , a year ago

What is Ethereum?

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2 answers

by cornelius.fay , 10 months ago

@juston 

Ethereum is an open-source, blockchain-based platform that enables the creation and execution of decentralized applications (also known as dApps). It was proposed by Vitalik Buterin in late 2013 and launched in 2015.


Unlike Bitcoin, which primarily focuses on peer-to-peer electronic cash transactions, Ethereum allows developers to build and deploy smart contracts on its blockchain. Smart contracts are self-executing contracts with predefined terms and conditions that are automatically enforced and executed once the specified conditions are met. These smart contracts enable developers to create decentralized applications for various use cases, including finance, governance, supply chain, gaming, and more.


The native cryptocurrency of the Ethereum network is called Ether (ETH), which is used as a means of compensation for network participants who perform computations or validate transactions. Ether can also be used to pay for transaction fees and to participate in decentralized applications built on the Ethereum platform.


Ethereum has gained significant attention and popularity because of its potential to revolutionize various industries by enabling trustless and transparent applications, removing the need for intermediaries, and allowing for decentralized governance models.

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by richie , 6 months ago

@juston 

In summary, Ethereum is a decentralized platform that allows developers to build and deploy smart contracts and decentralized applications on its blockchain. It is known for its potential to revolutionize industries by enabling trustless and transparent applications and removing the need for intermediaries. The native cryptocurrency of Ethereum is Ether (ETH).