Ethereum is a blockchain stage with its own digital money, called Ether (ETH) or Ethereum, and its own programming language, called Solidity. It is a digitalized and decentralized blockchain platform that establishes a network that safely executes smart contracts. . A Smart Contract is a self-executing and self-enforcing contract used mostly in the blockchain sector. The records of the transactions taking place on this network are irreversible, traceable, and securely distributed across the network. This again provides transparency as well as the complete authority of transaction data. For transactions to take place, the sender must sign the transactions digitally and spend Ether, the native cryptocurrency, as a cost of processing such transactions. It is the second-largest cryptocurrency platform, ranking second only to the famous Bitcoin.
This was launched in 2015 by a group of blockchain enthusiasts. Currently, Vitalik Buterin is the CEO of the platform. He is also credited with coming up with the original idea of the whole concept of Ethereum and its related things.
All blockchain transactions make use of cryptography to secure their transactions and their respective networks while also verifying the nature of such transactions. People use computers to solve complex mathematical equations to confirm rach transactions (also known as mining) on the network which adds blocks to the blockchain. The participants who engage in mining are rewarded with cryptocurrency tokens which are called Ether in the case of the Ethereum network. These Ether tokens can be used to buy and sell goods and services similar to other cryptocurrencies such as Bitcoin.
Ethereum enables users to build applications that operate on the blockchain just like any software that runs on a normal computer system. This is a unique feature of the Ethereum platform.