Ethereum (ETH) is a cryptocurrency based on a platform that runs the smart contract technology. Basically, this technology focuses on applications that run exactly as programmed and ones that lack the possibility of any downtime, censorship, fraud or any third party interference.
The platform was proposed in late 2013 by a guy named Vitalik Buterin who was a cryptocurrency researcher and programmer. The funding, on the other hand, was made by an online crowdsale that took place between July and August 2014.
In order to have the features transferred and executed throughout the network, you need something that the computer will consume. In this case, that is the cryptocurrency which is called Ether and is used to pay for the time spent on the computer and the transaction fees. So, mining Ether lets you earn block rewards from the network.
Essentially, the idea behind the project is a concept of how the Internet was supposed to work – paying with digital funds for a code that lets you run the network and have contacts that are up and running. So, the entire platform is programmed without any chance of fraud, censorship or third-party interference which is by many the greatest benefit of all.
Ethereum (ETH), also known as ‘Ether’ is a digital currency that is very similar to most cryptocurrencies. It is completely decentralized and open, which means that it is managed by its users. The main use of Ethereum is to operate smart contracts within the network.
The digital currency made the complicated and time-consuming processes easier and developed an entirely new platform for that.
This is how the core innovation of Ethereum came to light – the Ethereum Virtual Machine (EVM) as a Turing complete software that runs on the Ethereum network. Basically, this machine enables anyone to run software programs and create blockchain applications much easier and efficient than ever before. Since Ethereum enables developers to build and deploy decentralized applications, it can be used on any blockchain network without being controlled by any individual or central entity. Simply put, the Ethereum (ETH) makes the process of creating blockchain applications much easier and time-efficient than ever before.
