Understanding Ethereum

Ethereum is one of literally thousands of cryptocurrencies that have sprung up over the last few years. As the brainchild of 8 co-founders, Ethereum made its debut in 2015. The cryptocurrency or platform is called Ethereum, while the individual unit is called an ether (2 ether, 17 ether, etc.)

Ethereum operates on a decentralized computer network, or distributed ledger called a blockchain, which manages and tracks the currency. It can be useful to think of a blockchain like a running receipt of every transaction that’s ever-taken place in the cryptocurrency. Computers in the network verify the transactions and ensure the integrity of the data.

This decentralized network is part of the appeal of Ethereum and other cryptocurrencies. Users can exchange money without the need for a central intermediary such as a bank, and the lack of a central bank means the currency is nearly autonomous. Ethereum also allows users to make transactions nearly anonymously, even if the transaction is publicly available on the blockchain.

While the whole field is referred to in terms of currency, it may be more useful to think of crypto as a token that can be spent for a specific purpose enabled by the Ethereum platform. For example, sending money or buying and selling goods are functions enabled by the coin. But Ethereum can do a lot more, and it can also form the basis for smart contracts and other apps.

Ethereum can power several applications offering a wide range of functions like:

• Currency: With a cryptocurrency wallet, you can send and receive ether or pay for goods and services, if the digital currency is accepted as payment. Some platforms, such as Coinbase, even allow you to take custody of your coins in a digital wallet, so you can make them less exposed to hackers, in theory.

• Smart contracts: Smart contracts are a kind of permission-less app that automatically executes when the contract’s conditions have been met.

• Digital apps, or dapps: Ethereum powers digital apps that allow users to play games, invest, send money, track an investment portfolio, follow social media and more.

• Non-fungible tokens: These tokens can be powered by Ethereum and can allow artists or others to sell art or other items directly to buyers using smart contracts.

• Decentralized finance: By using Ethereum, some people may be able to avoid centralized (government) control over the movement of money or other assets.

Again, it might be more accurate to think of Ethereum as a token that powers various apps rather than as merely a cryptocurrency that allows users to send money to each other.

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