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What is Ethereum

One answer to this question would be - "The second most expensive cryptocurrency after Bitcoin". However, for the purpose of this discussion we'll go with the following definitions:

"Ethereum is a decentralized platfrom for applications that run exactly as programmed without any chance of fraud, censorship or third-party interference" - ethereum.org

"Ethereum is an open source software platform based on blockchain technology that enables developers to build and deploy decentralised applications or dApps" - blockgeeks.com

Much has been said about blockchain technology in my other post so I will not belabour to go into it here. What we need to keep in mind is that Ethereum project is built on a different blockchain from the Bitcoin blockchain. The Ethereum blockchain allows other applications to be built on it without having to build an entirely new blockchain. Ethereum works by way of executing smart contracts. Smart contracts allow programmers to create code that binds two parties to an agreement.

What is Ether?

Ether (ETH) is the fuel that propels the Ethereum platform. It is a digital currency used for operating smart contracts on theEthereum network. Ether can be traded on cryptocurrency exchanges for other cryptocurrencies or for FIAT money.

References: blockgeeks.com, ethereum.org, coinbase
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