Ethereum (from English Ether [iːθə] — "ether", code ETH), Ethereum, (often simply "ether") — a cryptocurrency and platform for creating decentralized online services (DApps) based on blockchain that operate on the basis of smart contracts. Implemented as a single decentralized virtual machine. The idea was formulated by Vitalik Buterin in 2013. ETH serves as a transaction fee for miners in the network.
Ethereum is a pioneer in the use of smart or intelligent contracts based on blockchains. When a smart contract is deployed on the blockchain, it becomes similar to a self-executing computer program that automatically runs when certain conditions are met. On the blockchain, smart contracts allow code to run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. It can facilitate the exchange of money, content, property, shares, or any other values.
The Ethereum network launched on July 30, 2015, with the release of the first 72 million Ethereum. As Ethereum greatly simplifies and reduces the costs of blockchain implementation, it is being adopted by both major players such as Microsoft, IBM, Acronis, the banking consortium R3, and new startups.