Ethereum Basic Info

Ethereum Basic Info

Ethereum is a withdrawn platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. In the Ethereum protocol and blockchain, there is a price for each operation. The general idea is, in order to have things transferred or executed by the network, you have to consume or burn Gas. The cryptocurrency is called Ether and is used to pay for computation time and for transaction fees.

Ethereum is how the Internet was supposed to work. As long as you have enough funds to pay for your code to be run by the network, your contacts will always be up and running. Ethereum is a technology that lets you send cryptocurrency to anyone for a small fee. It also powers applications that everyone can use and no one can takedown.

Did you know?

Ethereum was crowdfunded during August 2014 by fans all around the world. It is developed and maintained by ETHDEV with contributions from great minds across the globe. There is also an Ethereum foundation and there are multiple start-ups working with the Ethereum blockchain.

Ethereum builds on Bitcoin’s innovation, with some big differences. Both let you use digital money without payment providers or banks. But Ethereum is programmable, so you can also use it for lots of different digital assets even Bitcoin! This also means Ethereum is for more than payments. It’s a marketplace of financial services, games, and apps that can’t steal your data or censor you.

Ever since the launch of ethereum.org, we strive to be transparent about how we operate. This is one of our core values because we believe transparency is crucial to Ethereum’s success.