Ethereum is one of the most well-known and widely used blockchain platforms in the world, second only to Bitcoin. While both Ethereum and Bitcoin are blockchain-based cryptocurrencies, Ethereum was designed with a broader purpose in mind.
What is Ethereum?
At its core, Ethereum is a decentralized platform that allows developers to build and deploy smart contracts and decentralized applications (dApps).
It was launched in 2015 by a group of developers led by Vitalik Buterin, with the goal of creating a more versatile blockchain network that could support a wide range of applications beyond just digital currency.
Expand the Use of Blockchain Technology
The creators of Ethereum saw the potential for blockchain technology to be used for more than just financial transactions. They envisioned a platform where developers could build applications that operate in a decentralized, trustless environment, free from the control of any single entity.
A decentralized social media platform built on Ethereum would allow users to control their data, without relying on a centralized company like Facebook or Twitter. This could prevent issues like censorship or data breaches.
Enable Smart Contracts
Ethereum was specifically designed to support smart contracts—self-executing agreements that run exactly as programmed. This allows for the automation of complex processes, reducing the need for intermediaries and increasing efficiency across various industries.