What is Ethereum?

Ethereum is the technology that powers the cryptocurrency Ether (Eth) and is built using blockchain technology. Currently, Ether is second in market value behind Bitcoin.

Ethereum was introduced back in 2013 when the founder Vitalik Buterin published a whitepaper, and two years later in 2015 Ethereum was launched.

What makes Ethereum different than Bitcoin?

Where Bitcoin primarily is a currency and store of value, Ethereum offers something else with its smart contracts. The definition of what a smart contract is:

Smart contracts are a type of Ethereum account. This means they have a balance and they can send transactions over the network. However they’re not controlled by a user, instead they are deployed to the network and run as programmed. User accounts can then interact with a smart contract by submitting transactions that execute a function defined on the smart contract. Smart contracts can define rules, like a regular contract, and automatically enforce them via the code. Smart contracts cannot be deleted by default, and interactions with them are irreversible.

https://ethereum.org/en/developers/docs/smart-contracts/

The smart contract has been the reason why people have selected to build their NFT (Non-fungible token) projects on Ethereum.

What is Ether?

Ether is the native cryptocurrency of Ethereum and is used as a means for purchasing things and also to pay the transaction fee (known as gas) that occurs every time a transaction is completed on the blockchain.

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