what is Ethereum?

What is Ethereum (ETH)?

Ethereum is a type of blockchain system that is open to everyone and has its own digital money called Ether (ETH). It serves as a foundation for many other digital currencies and for running smart contracts that are decentralized.

Ethereum was first introduced in a paper written by Vitalik Buterin in 2013. He and some partners raised money for it through an online sale in 2014, collecting $18.3 million in Bitcoin. At that time, Ether was priced at $0.311, and they sold over 60 million Ether. If you look at the current price of Ether, it shows a huge growth, almost quadrupling your money every year since 2014.

The Ethereum Foundation officially started the blockchain on July 30, 2015, with a version called “Frontier.” Since then, there have been several updates, such as “Constantinople” in February 2019 and “London” in August 2021. Ethereum aims to be a global platform where anyone can create and run software that is safe from censorship, downtime, and fraud.