Ethereum is one of the leading cryptocurrencies, competing for investors' interest.
What is Ethereum
Ethereum was created by Russian programmer Vitalik Buterin in 2014 after he was involved for years in the Bitcoin community and for a while headed the Bitcoin magazine. Ethereum is an open-source, fully decentralised blockchain supporting a cryptocurrency of the same name.
The Ethereum network is mostly known for supporting smart contracts.
In the case of the Ethereum network, a smart contract may mean any program that needs computation and uses the network's resources. To avoid abusing resources, every computation is paid for with Ether, or "gas". The most important implication of smart contracts is that third parties can create new tokens, or cryptocurrencies, that run on the Ethereum network.
The crypto coin Ethereum itself is a stake in the work of this network, and it is an exchange-traded asset in the cryptocurrencies market, just like Bitcoin, Litecoin and Dash. Ethereum shopping online is possible, though there are limited offers, and Ether is mostly meant to be the fuel for calculations on the Ethereum blockchain.
So how does this translate into value? Due to an agreement between the Ethereum Foundation and the Bitcoin community, Ether has been connected to Bitcoin since the beginning, ensuring transactions of value.
Ethereum is perhaps the most complicated cryptocurrency because smart contracts are not easy to grasp. For a beginner, it is best to think of Ethereum as a tradable asset that can be exchanged for other cryptocurrencies or for cash.
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