Ethereum is an open-source platform that provides infrastructure for decentralized applications. Ethereum was created by Vitalik Buterin, a Canadian programmer, in 2013. The platform was first launched in 2015 and is currently one of the largest decentralized platforms in the world.
Ethereum is not just a platform for running digital currency, it is also a platform that enables the development of decentralized applications (dApps) that are not bound by a central authority or any particular company. These decentralized applications can be in the form of financial applications, games, market places, and so on.
Ethereum uses the same blockchain technology as Bitcoin, which is a distributed database that records every transaction that occurs on the Ethereum network. However, Ethereum has more advanced features compared to Bitcoin, namely smart contracts. Smart contracts are digital contracts that can fulfill terms and conditions automatically. These smart contracts can be used to automate business processes that usually require human intermediation, such as paying royalties, purchasing insurance, and so on.
Ethereum uses a digital currency called Ether (ETH) as a means of payment in its network. This ether can be obtained by mining or buying it on the digital currency exchange. Ether can also be used to pay transaction fees on the Ethereum network, which are called gas fees.
Ethereum has many advantages compared to other platforms. First, Ethereum has a large and widespread community around the world. Second, Ethereum has many applications that can run on it, so it has many active users. Third, Ethereum has smart contracts technology that facilitates business processes that usually require human intermediation. Fourth, Ethereum has a high security system because it uses blockchain technology which cannot be changed or deleted.
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