Ethereum is probably the most popular cryptocurrency after Bitcoin. It is a blockchain that transactions are conducted on, the name of the currency used on its platform is called Ether but is often referred to and known as ethereum. The question we are going to answer in this article is what Ethereum is.
Ethereum is a blockchain platform that is open source, users can do various things on the platform like agreements, transactions, sell goods, and trade services and there would be no middle man. You would not need a bank to transfer funds when using the Ethereum platform.
This platform is run on a global network of countless computers working together as one, the blockchain of this platform is designed to prevent tampering or hacking, therefore contracts that are handled on the Ethereum platform are executed exactly as they have been programmed. This extinguishes the possibility of fraud almost entirely, these contracts are digital and cannot be tampered with. The proof of execution of one party’s obligation stimulates an automatic fulfilling of the other party’s duties, this is why they are referred to as smart contracts.
Ethereum is somewhat like the internet but is different in the sense that data collected from transactions are kept on digital ledgers on the blockchain. You control your data that they have and it cannot be tampered with.
As explained already, Ethereum is a platform that enables its users to perform different transactions without a middleman, and the coin used on this platform is called Ether, although popularly the coin is called ethereum too and it is a cryptocurrency.