Ethereum is an open-source blockchain platform that can be used to build and run decentralized applications (DApps). The Ethereum blockchain has its own native token called Ether, which is currently the second-largest cryptocurrency by market cap.
Unlike other applications, DApps are “hosted” on a blockchain which makes them decentralized. This allows them to run exactly as programmed without the interference or control of a single entity.
Initially conceived by Vitalik Buterin, the Ethereum project was intended to be a lot more than just another cryptocurrency. His idea was to create the first ‘programmable’ blockchain that developers could use to create a wide range of applications.
Ethereum went public in 2013 with a whitepaper outlining its ambitious plans. This led to several key developers coming on board. In 2014, Ethereum completed its ICO, raising $18 million in 42 days through the sale of Ether.
Essentially, Ether is a cryptocurrency like Bitcoin and is traded as such. Ether uses the ticker ‘ETH,’ and it trades on almost all major cryptocurrency exchanges. This includes prominent exchanges like Binance, Coinbase, and BitMEX.
Ethereum can process transactions much faster than Bitcoin, although it has had some difficulties operating at scale. Some believe that Ethereum will become the ‘Microsoft Windows’ of the blockchain world, with Ether becoming the leading cryptocurrency. But as of now, this remains uncertain as Ethereum has stiff competition coming from other smart contract platforms such as EOS and TRON.
Ethereum is often criticized for its over-complexity, but it’s the freedom it provides developers on the platform which has led to its growth. The Ethereum ecosystem is continuously growing and evolving, and it pays to stay up to date with the latest Ethereum News.
If you are looking to learn more about Ethereum and how it works, you should read our Ethereum guide. Developments occurring in the ETH space relating to DApps, smart contracts, ERC20 tokens, and more are covered in detail by [blokt] journalists in this news section.