$ 171.02 right now
Trade name: ETH
Year of Foundation: 2015
What is Ethereum?
Ethereum is a cryptocurrency that s different on its own level. To put it in simple terms, it is an open software platform. The platform allows a developer to create and deploy a decentralized application based on blockchain technology. Just like bitcoin, Ethereum is also a decentralized public ledger network. However, there are differences between the two.
While the bitcoin blockchain tracks the ownership of the digital currency, Ethereum, on the other hand, is focused on running the program code of any decentralized application. While in bitcoin, users mine bitcoin, in Ethereum, a focus is placed on miners working to earn ether.
How does Ethereum work?
Ethereum gives developers an opportunity to build and deploy decentralized applications. This means you can actually create your own application and use it on the Ethereum platform. The app serves a more particular purpose to its users.
Decentralized applications consist of codes that run more independently on blockchain technology. Any individual or central entity do not control them. Using the Ethereum platform and centralized service can be decentralized. It can also be used to come up with Decentralized Autonomous Organizations (DAO). This is a fully autonomous, decentralized organization, completely without a leader.
On the white paper, it was described initially by a white paper by Vitalik Buterin, a programmer that worked with the bitcoin magazine towards the end of 2013. He aimed to build decentralized applications. He argued that bitcoin needed a scripting language.
When Ethereum was publicly announced in Jan 2014 the team comprised of Vitalik and three other individuals. The development of the platform formally started in 2014 through a Swiss company. At the same time, the Ethereum foundation was created.
How to use Ethereum
To use Ethereum, first, you will need a wallet. There are many Ethereum wallets on the market today designed for the different operating system. Then you can but Ether easily depending on the country you are operating from. You can buy using bitcoin or fiat currency. You can even meet in person to buy Ethereum if you don’t want to use the online medium.
Ethereum is selling at 589.56USD at the moment and a market capitalization of $58,886,687,256.