![]() As mentioned previously, one of the main selling points of the Ethereum platform is that it provides a medium to create and launch ‘smart contracts’. Thanks to this decentralisation, transactions are verified by Ethereum users rather than one single entity, which ensures transactions are valid and prevents fraud.ĭue to this high level of security provided by Ethereum’s blockchain, people can use Ethereum for many applications. As this ledger is decentralised, it allows all users to see the transactions that have been completed – nothing is hidden. ![]() Blockchain technology is essentially a decentralised ‘ledger’, which can be considered a copy of all transactions on the Ethereum network. Understanding blockchain technology is crucial to understanding what Ethereum is. These applications function using Ethereum’s blockchain network. Ether is mainly used by developers to create and launch applications on the Ethereum platform. The digital currency that underpins this platform is called Ether (ETH). It’s important to note that Ethereum is the platform that enables smart contracts and other practical applications. The development of Ethereum was crowdfunded, with an initial supply of 72 million coins being available on the network. The platform was devised in 2013 by Vitalik Buterin, a Russian-Canadian programmer who has been involved in the cryptocurrency space since 2011. Launched back in July 2015, Ethereum is a decentralised, open-source blockchain platform that allows smart contracts to be developed and initiated.
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