DEFINITION of Ethereum

Proposed in late 2013 by Canada-based cryptocurrency researcher and programmer Vitalik Buterin, Ethereum is an open blockchain platform that enables Smart Contracts and lets anyone build and use decentralized applications running on blockchain technology. Like in case of Bitcoin, no one controls or owns Ethereum – it is an open-source project built by many people globally. But in contrast to Bitcoin protocol, Ethereum was designed to be adaptable and flexible. Moreover, it is an all-purpose programming language with its own blockchain that makes it is easy to create and publish new distributed applications on its specific platform.


The applications on Ethereum are run in an absolutely transparent manner, without any input from central authorities, achieved with the help of Smart Contracts. The cryptocurrency that fuels Ethereum ecosystem is called Ether. It is used as a token for Ethereum-platform-based utilities, as a currency to pay for goods and services, and also as an investment. Since its launch on June 30, 2015, it has been steadily gaining popularity. Ether is more than a currency as it is also used inside Ethereum to run applications and even to monetize work. As Ethereum approaches mass adoption, many believe that the value of Ether will increase dramatically. While there are no shareholder’s rights or dividends through ownership of Ether and it is not a security, taking part in Ethereum project is a good investment of funds. Within less then tree years of its existence, Ether (ETH) is now second only to Bitcoin on the cryptocurrency market capitalization list. Some Altcoins have managed to reach a certain degree of success, but none of them have achieved the heights of Ethereum.

Ethereum platform has been so popular, that even enjoyed Microsoft’s attention, when it announced the launch of Ethereum Blockchain as a Service (EBaaS) based on the Microsoft Azure platform back in November 2015.


2022-04-05 • Updated

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