What is Ethereum?

Ethereum is the world’s second largest cryptocurrency by market capitalization. Its market cap reached $163.40 billion, at the time of writing. Ethereum was created in 2014 by Vitalik Butterin, a Canadian-Russian programmer and writer. It is an open source, blockchain-based computing platform that allows developers to build and use decentralized applications. It is decentralized, meaning it is not run by a centralized authority. According to CoinDesk, Ethereum aims to change how apps on the internet work today, awarding users more control by replacing intermediaries with smart contracts that implement rules automatically. Ethereum enthusiasts intend to hand control back to users with the help of a blockchain, a technology that decentralizes data so that thousands of people around the world are handed a copy. Any centralized services can be decentralized utilizing the Ethereum platform.

Ethereum Features

• Ether: This is the digital token of the Ethereum blockchain.
• Smart contracts: Ethereum allows the development and deployment of smart contracts. A smart contract is a simple computer program that facilitates the exchange of any valuable asset between two parties. It could be money, shares, property, or any other digital asset that people want to exchange.
• Ethereum Virtual Machine: Ethereum provides the underlying technology, the architecture, and the software that understands smart contracts and enables people to interact with it.
• Decentralized applications (Dapps): Ethereum allows people to create consolidated applications, called decentralized applications. A decentralized application is called a Dapp (also spelled DAPP, App, or DApp) for short.
• Decentralized autonomous organizations (DAOs): Ethereum enable users to create these for democratic decision-making. DAOs operate entirely transparently and independently of any intervention, with no single leader.

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