If you are looking to find out what is Ethereum (ETH), we have got you covered. Ethereum (ETH) is a decentralized platform used to trade, store, and manage its very own currency, Ether. If you are already familiar with the difference between ‘Bitcoin’ and ‘bitcoin’, understanding the new terms ‘Ethereum’ and ‘ether’ may not be difficult. While we have established that the currency traded by Ethereum is ether, we need to develop familiarity with the software a little more clearly. Let’s get started.
What Is Ethereum (ETH)
Ethereum is an open-source decentralized block-chain based software platform launched in 2015. This software is designed and programmed to manage its dedicated currency known as ether. What makes Ethereum unique is that it enables Smart Contracts and Distributed Applications (DApps) to run without any kind of fraud, downtime, or third-party interference.
How Does It Work?
According to the creators, Ethereum can be used to codify, decentralize, secure, and trade almost anything. Here, it is important to know that this open-source software platform only runs on ether. Ether is not only used for currency exchanges but also for running distributed apps in Ethereum.
If we go back to 2016, the platform was broken into two separate blockchains, Ethereum and Ethereum Classic due to malicious activity. While this may be true, the value of Etheruem observed a rise over the years making it the second-largest virtual currency on the market as of May 2021 after Bitcoin.
How Fast Is Ethereum?
Ethereum is much faster to acquire as compared to Bitcoin. On average, it takes about 14 – 15 seconds to acquire it. On the other hand, in the case of Bitcoin, it takes about 10 minutes. Moreover, the platform is free of fraud, downtime, and external control making it one of the safest cryptocurrencies as of yet.