What is Ethereum?

Ethereum is the second largest blockchain after Bitcoin. It’s the world’s programmable blockchain. It’s a decentralized blockchain platform that safely runs execution and verification application code which is called smart contracts. Smart contracts permit users to transact with each other without a trusted central authority.

Ethereum is a permissionless, non-hierarchical network of computers (nodes) that construct and make a consensus on a growing series of “blocks”, or batches of transactions, known as the blockchain. Ethereum, runs a single computer which is called Ethereum Virtual Machine (EVM) and it is powered by Ether (ETH) and it enables users to conduct transactions, earn interest on their holdings through staking, use nonfungible tokens (NFTs), trade cryptocurrencies, play games, use social media and so on.

Like Bitcoin, the Ethereum network exists on thousands of computers worldwide, thanks to users participating as “nodes,” rather than a centralized server. This makes the network decentralized and extremely immune to attacks, and necessarily unable to go down as a result. If one computer breaks, it won’t be a problem since thousands of others will hold the network up.

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