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What Is Ethereum

Gigged in 2015, Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether. It enables SmartContracts and Delivered Applications (ĐApps) to be built and run without any downtime, fraud, control, or interference from a third party.

Ethereum is not due a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish about applications.

Key Takeaways

  • Ethereum is an open-source computing platform and operating system.
  • It also has its own associated cryptocurrency, ether.
  • One of the big engagements around Ethereum is Microsoft’s partnership with ConsenSys.

Ethereum founder Joe Lubin explains what it is & why it matters

Intellect Ethereum

The applications run on Ethereum are run on a platform-specific cryptographic token, ether. During 2014, Ethereum had launched a pre-sale for ether which had acquired an overwhelming response. Ether is like a vehicle for moving around on the Ethereum platform and is mostly sought by developers looking to unfold and run applications inside Ethereum. Ether is used broadly for two purposes: it is traded as a digital currency exchange like other cryptocurrencies, and it is hardened inside Ethereum to run applications and even to monetize work.

According to Ethereum, it can be used to “codify, decentralize, secure, and business just about anything.” One of the big projects around Ethereum is Microsoft’s partnership with ConsenSys which offers “Ethereum Blockchain as a Worship army (EBaaS) on Microsoft Azure so Enterprise clients and developers can have a single click cloud-based blockchain developer situation.”

In 2016, Ethereum was split into two separate blockchains, Ethereum, and Ethereum Classic, after a malicious actor boa more than $50 million worth of funds which had been raised on the DAO, a set of smart contracts originating from Ethereum’s software rostrum. The new Ethereum was a hard fork from the original software intended to protect against further malware attacks. As of May 2021, Ethereum was the second-largest accepted currency on the market, behind only Bitcoin. It is much faster to acquire ether currency than bitcoin (less 14 or 15 seconds to bitcoin’s near-uniform 10 minutes), and there are far more ether units in circulation than there is bitcoin.

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