Frequently Asked Question

What is Ethereum?
Last Updated a year ago

Ethereum is the second largest cryptocurrency platform by market capitalization, behind Bitcoin.[1][2] It is a decentralized open source blockchain featuring smart contract functionality. Ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the network.[3] As of May 2020, Ethereum serves as the platform for over 260,000 different cryptocurrencies, including 4 of the top 10 cryptocurrencies by market capitalization: EOS, Tether, Binance Coin and Ethereum itself.[4]

Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.[5] The virtual machine's instruction set, in contrast to others like Bitcoin Script, is Turing-complete. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.[5]

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014.[5] The system then went live on 30 July 2015, with 72 million coins minted.[6][7] This accounts for about 65 percent of the total circulating supply in April 2020.

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