What is Ethereum?
Ethereum is an open source, blockchain based, public platform featuring smart contracts. It provides a decentralized virtual machines or as it is technically called Ethereum Virtual Machine ( EVM) which is designed to execute those smart contract scripts by using an intnernational network of public nodes, similarly, like the mining public nodes in Bitcoin network. (click here to read about bitcoins)
Ethereum provies a token of value called “Ether” which is used by the participants in order to make/receive payments for the purpose of executing those contracts. In simple words, ether is a cryptocurrency in Ethereum network which is used to pay the network nodes for executing the transactions.
Ethereum was considered for building decentralized application for different purpose. The man behind this concept was Vitalik Buterin, a programmer involved with Bitcoin network. Ethereum was developed in 2014 and was made live 30th July 2015.
Like Bitcoins, Ethereum is also a crypto currency and traded on crypto currency exchanges. It is noted that after Bitcoin, Ethereum is the most valuable crypto currency and is second in terms of market capitalization of crypto currencies.
What are Smart Contract?
Smart Contracts are basically applications build on blockchain technology. These contracts are executed by public nodes in the particular blockchain network of the contract. Also, these contracts or applications can help ,verify, or negotiate with the execution of a contract.
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