What is Ethereum?

After Bitcoin, Ethereum comes second in terms of popularity. Similar to Bitcoin’s blockchain, Ethereum is also a blockchain platform. The only difference lies in the fact that Ethereum offers a chance for developers to build a new application called DApps or decentralized apps using it.

Ethereum was described in a white paper in the year 2013 by Vitalik Buterin. His goal was to build decentralized applications. Buterin proposed the idea for a scripting language for application development of Bitcoin. But he didn’t gain approval, so he recommended the development of a new platform with a more general scripting language.

Buterin chose the name Ethereum because he liked the word ‘ether’ in it. Ether refers to the theoretical invisible medium that spreads throughout the universe and allows light to travel.

Ether Cryptocurrency

The native cryptocurrency named Ether is introduced by the Ethereum platform. There is an Ether balance in each Ethereum account which can be transferred from one account to another.

Benefits of Decentralized Ethereum Platform

Because decentralized applications run on the blockchain, they benefit from all of its properties like:

• Immutability — Third party cannot do any changes to data.
• Corruption — Apps are based on a network formed around the principle of consensus, making censorship impossible.
• Secure — With no central point of failure and security using cryptography; applications are well protected against hacking attacks and fraudulent activities.
• Zero downtime — Apps can never go down and never be switched off.

Ethereum as a platform has much more to offer. Continue here to read more