Ethereum greatly expands the application area of the blockchain technology. Being a crowdfunded project, the Ethereum network was launched in 2015. Ether (ETH) is a cryptocurrency of the next generation built on the platform, which, like any other digital currency, ensures the security and anonymity of funds transfers. It is also a form of payment required for operation of the platform.
Ethereum’s considerable value proposition includes a cutting edge technology of a distributed computer platform and the Ethereum Virtual Machine (EVM), which allow to create decentralized applications and use smart contracts. A unique benefit of this feature is that applications run without downtime and censorship. Anyone can develop an application or even their own cryptocurrency.
After the implementation of the blockchain hard fork in July 2016, there are 2 active blockchains: Ethereum and Ethereum Classic, both used for transacting the currency.
Ethereum is poised to take the blockchain technology to the next level. Its proactive developer community is committed to help Ethereum have a profound impact on the industry.
The advantages of using Ethereum:
- Ethereum utilizes the best achievements of the block chain technology and incorporates many features that are not limited to cryptocurrency.
- It offers a decentralized virtual machine where custom decentralized applications can be built.
- The technology allows to reduce the fees for application hosting services.
- It is supplied with a much wider range of flexible developer tools than Bitcoin.
- User authentication and secure payments are provided.
Learn more about Ethereum.