Blockchain technology gained public notice with the advent of bitcoin in 2009. Bitcoin is a cryptocurrency which runs on the blockchain technology and is by far, the most popular and most ranked cryptocurrency. Ethereum was initially released in 2015. Within two years of its release, it was ranked the second best blockchain network, Bitcoin being the first. The Ethereum network acquired more global interest when china stated that it is the best blockchain network ever created.

Created in 2015, Ether is known as the fuel for operating the Ethereum platform. Ether, like other digital currencies, can be used to pay for goods and services. But it is also used to support the development of applications on the Ethereum network.

What is Ethereum?

Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity.

Ethereum is an open blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum – it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible. It is easy to create new applications on the Ethereum platform.

What is Ethereum decentralization?

One of the core concepts of the Ethereum network is decentralization, which refers to the fact that no single entity owns the system. In order to get started buying and selling ETH, you need only an internet connection. You never need to enter any personal details about yourself, and all transactions are based on your wallet’s address (a random string generated when you created your wallet). This makes it impossible for the system to ever discriminate or choose who can open an account or send transactions. Also, Ethereum itself and its apps are open source, meaning the code running the system is visible for anyone to see.

Ethereum has an inbuilt cryptocurrency

Ethereum’s token is called Ether, shortened to ETH. This is a cryptocurrency that can be traded for other cryptocurrencies or other sovereign currencies, just like BTC. Token ownership is tracked on the Ethereum blockchain, just like BTC ownership is tracked on Bitcoin’s blockchain, though at a technical level they track them in slightly different ways.

How do you obtain Ether?

There are multiple ways for an individual to obtain Ether.

• It can be purchased on an exchange using a fiat currency under the symbol ETH.
• It can be exchanged for Bitcoin on exchanges that offer a BTC-ETH pair.
• It can be transferred to you from another person or entity.
• It can be earned as a miner, through joining a mining pool or by purchasing a cloud mining contract

Ethereum initiated the second wave of innovation in blockchain technology, expanding upon the use cases afforded by Bitcoin and solidifying its own unique role in the digital currency ecosystem. In its final form, Ethereum seeks to be the leading smart contract-compatible digital currency platform.