Ethereum (from English Ether [iːθə] - "ether", code ETH), Ethereum, (often simply "ether" or "ether") - a cryptocurrency and a platform for creating decentralized online services (DApps) on the blockchain, operating on the basis of smart contracts. Implemented as a single decentralized virtual machine. The idea was formed by Vitalik Buterin in 2013. ETH works as a transaction fee for miners on the network.
Ethereum is a pioneer in the use of smart or intelligent contracts based on blockchains. When running on a blockchain, a smart contract becomes similar to a self-contained computer program that automatically executes when certain conditions are met. On a blockchain, smart contracts allow code to work 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 value.
The Ethereum network went live on July 30, 2015, with the issuance of the first 72 million Ethereum. Because Ethereum greatly simplifies and reduces the cost of blockchain implementation, it is being implemented by both large players such as Microsoft, IBM, Acronis, the banking consortium R3, and new startups.
