Ethereum is an open-source, global decentralized platform of applications. On this platform, you can write an algorithm that runs as programmed, controls digital values, and is accessible from any part of the globe. No single entity or person controls this software system, which differs from bitcoin in that it expands on its technology to form a new network, which includes a payment system, programming language, and internet browser.
Essentially, it is a blockchain-based platform that enables developers to create and launch distributed applications. Ethereum’s currency is known as Ether, and it is just one component or aspect of the platform. However, you can mine it more easily than bitcoin. It runs smart contracts, which means that applications run as programmed without any third-party interference, downtime, fraud, or censorship. In its blockchain and protocol, each operation has a price.
To execute or transfer things in the network, you need to burn or consume gas. The cryptocurrency pays for transaction fees and computation time. To earn some block rewards, you simply need to join the platform as a miner or purchase an Ethereum mining contract. This is how the internet was meant to work. Your contract will always be running as long as you have enough money to pay for the network to run your code.
Fans from across the globe crowdfunded Ethereum in August 2014. Many start-ups are working with this blockchain, including an Ethereum foundation. Currently, the platform is in the Homestead stage. Until the release of Metropolis, which is the nest stage, its related software will continue to be Beta. This includes the Ethereum Wallet DApp.
