DeFi 10106 September 2021

What is Ethereum?

Ethereum

Summary

· Ethereum is a decentralized, open-source blockchain

· Ethereum creates and shares financial services and applications

· Ethereum users pay a fee to use the dApps

· Ethereum’s associated currency is ETH or Ether

Ethereum is a decentralized, open-source, public ledger that verifies and records transactions. The platform’s users can create, publish, use and monetize applications on the forum, using Ether (Ethereum’s associated currency) as payment.

The creators of Ethereum intended it to enable the developers to build and publish smart contracts and dApps (distributed applications). The dApps could be used with no risks of fraud, downtime, or third-party interference.

Ethereum’s difference with Bitcoin is that it’s a programmable network that acts as a marketplace for financial services, apps, and games. Users can pay for these in Ether and are secure from theft, censorship, and fraud.

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