advertisement

What is Ethereum? | A Beginner’s Guide To Ethereum Cryptocurrency

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.

KryptoMoney.com will be posting more detailed articles regarding Ethereum and other cryptocurrencies. Subscribe to our newsletters to get notification about our latest articles

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.