What is Ethereum? | Simply Explained

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

Ethereum was created in 2015 by Vitalik Buterin, a young programmer who was interested in building decentralized applications. He realized that the blockchain technology that underlies bitcoin could be used for much more than just a digital currency.

Unlike bitcoin, which is primarily used as a form of digital currency, Ethereum is a platform that allows developers to build and deploy decentralized applications, or "dApps." These dApps can be used for a wide range of purposes, such as creating a decentralized social network or prediction market.

One of the key features of Ethereum is that it uses a programming language called Solidity, which allows developers to write smart contracts. These smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein are transparent and cannot be altered.

Ethereum also has its own digital currency, called ether. Ether is used to pay for the computational resources needed to run dApps and smart contracts on the Ethereum network. It can also be bought and sold on exchanges and used as a form of payment.

In summary, Ethereum is a decentralized platform that allows developers to build and deploy dApps and smart contracts using Solidity and ether. Its potential applications are wide-ranging and have the potential to disrupt many industries. It will be interesting to see how it continues to evolve and be adopted in the future.


For more content like this, please check out our youtube channels down below:



Also check out our FREE basic course!


Back to blog

Leave a comment