Ethereum (ETH) is most commonly known as a popular cryptocurrency like Bitcoin. Though, it is far more than just that. It is an entire network which is fuelled by a cryptocurrency called Ether.
This may be confusing as many individuals believe the Network’s nativite cryptocurrency to be called Ethereum, though, it is actually called Ether. The two terms are simply used synonymously. More often than not, you will see the crypto written as the network’s name on various price trackers and exchange platforms. The network is a decentralized system which took the technology behind Bitcoin and expanded upon it to create its own unique version. Ethereum has its own coding language, internet browser, payment system, and blockchain. Additionally, users have the ability to create decentralized applications (dApps) directly on the blockchain. The ETH blockchain has a block time of 14 to 15 seconds which is incredibly high compared to the 10 minute block time of Bitcoin. The initial idea was outlined in a white paper by Vitlik Buterin in 2013. Buterin only released this white paper to his friends and family. Next, the project was announced publicly in January 2014. The founding team included Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, Charles Hoskinson, Joe Lubin, and Gavin Wood. Ether was then put up for crowdsale in order to fund the creation of the network. Ethereum is entirely decentralized, governed by a network of peer-to-peer operations rather than by one central force. As such, there is no single opinion making decisions and no single potential fault point. Ether transactions are validated by nodes which are computers around the world working to solve equations in exchange for crypto. This process is called mining. Ethereum is a popular network and digital currency that is widely used and traded around the world.