what is ethereum?

Updated: Mar 31

Ethereum is the second-largest cryptocurrency platform by market capitalization, behind Bitcoin.

Launched in 2015, Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether. It enables smart contracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control, or interference from a third party.

Ethereum builds on Bitcoin’s innovation, with some big differences. Both let you use digital money without payment providers or banks. But Ethereum is programmable, so you can also use it for lots of different digital assets – even Bitcoin!

While all blockchains have the ability to process code, most are severely limited. ethereum is different. Rather than giving a set of limited operations, ethereum allows developers to create whatever operations they want. This means developers can build thousands of different applications that go way beyond anything we have seen before.

What can Ethereum be used for?

ethereum enables developers to build and deploy decentralized applications. A decentralized application or Dapp serve some particular purpose to its users. Any services that are centralized can be decentralized using ethereum.

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