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Research / Amber Academy / 

What is Ethereum?

What is Ethereum?

Medium | 2020/11/13

Ethereum is a global, open-source platform for decentralized programs, also known as dApps (Decentralized applications). The Ethereum network is fully decentralized with thousands of independent computers (also known as nodes) running it. Once a program (smart contract) is employed to the Ethereum, these nodes will make sure it will execute exactly as written without any downtime, fraud and third-party interference.

Ethereum has attracted a lot of attention from people all over the world. It is secure for transactions to happen as it is almost impossible to tamper with the transactions in the block. Ethereum is uncensored. It allows people to connect directly with each other without the central authority taking care of things.

Ethereum has a native token called Ether (also called Ethereum in many cases). Ether is commonly denoted as ETH. ETH is created to facilitate smart contract deployments and operations. ETH is the crypto-fuels for the Ethereum network. The tranaction speed of BTC is much slower than that of ETH. While BTC's transaction speed is measured in minutes, ETH is in just a few seconds. Like Bitcoins, Ethers are also stored in cryptocurrency wallets.

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