iEthereum Price

What is Ethereum?

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. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014. The system went live on 30 July 2015, with 11.9 million coins “premined” for the crowdsale. This accounts for about 13 percent of the total circulating supply.

The Ethereum network has since become one of the largest blockchain networks in production today with over 100 million unique users and more than 50 billion dollars worth of Ether (ETH) traded daily.

Ethereum is used to build decentralized applications (dapps) through its native programming language Solidity. Developers use Solidity to write smart contracts – programs which execute automatically when certain conditions are met.

The Ethereum Virtual Machine (EVM) is responsible for executing these smart contracts securely across the entire Ethereum network. It also provides developers with access to secure storage and communication channels between nodes on the network.

In addition to being used as a platform for dapps, Ethereum can also be used as a medium of exchange like other cryptocurrencies such as Bitcoin or Litecoin. Transactions on the Ethereum network are secured using cryptography and each transaction must be signed off by the sender's private key before it can be broadcasted onto the network.

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