Ethereum is more than just a cryptocurrency. Launched in 2015 by Vitalik Buterin, Ethereum introduced the revolutionary $concept of smart contracts—self-executing contracts with the terms directly written into code. Unlike Bitcoin, which primarily serves as digital money, Ethereum is a decentralized platform that allows developers to build decentralized applications (dApps) on its blockchain.
The Ethereum blockchain operates on decentralized nodes, ensuring no single entity controls the network. This decentralization is crucial for trustless operations, meaning users can transact without relying on a central authority. Ethereum’s native currency, Ether (ETH), powers the network and is used to pay for transaction fees, known as gas fees.