Ethereum, which many confuse as a cryptocurrency is actually the name of a distributed public blockchain network. It runs unerringly as programmed, sidestepping every chance of Internet fraud, censorship, or third-party interference. This open-source decentralized program is fueled by the crypto-fuel called ‘Ether’.
Precisely, Ether is a form of payment made by Ethereum’s clients for developers who intend to build apps that will use the Ethereum blockchain. Often abbreviated ETH, Ether can be understood as a means of buying services within the Ethereum world. It can be transferred as well as used to compensate participant mining nodes for computations performed.
Initially, Ethereum was proposed by Vitalik Buterin, a 19-year-old programmer from Toronto in 2013 and the public network went live in July 2015. The platform allows users to build blockchain applications that find their serviceability in Healthcare industry, banking, privacy and more.
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