What is Ethereum
Using the same block-chain based principle as Bitcoin, Ethereum has adapted and developed the idea to create an altogether new technology. It was created to be able to do a lot more than Bitcoin was, put simply, Ethereum is an open source platform based on blockchain technology. Ethereum differs from Bitcoin by allowing developers to create and deploy decentralized applications (DApps) using the Ethereum blockchain.
Ethereum does offer the same peer to peer method of exchange that Bitcoin offers, however you use the currency Ether. Ether is the store of value used within the Ethereum platfrom. Ether can be used as a currency and also to pay for transaction fees and services within the eco-system.
One of the major differences on the Ethereum network is the ability to use and create smart contracts.
What is a Smart Contract?
A smart contract is is an agreement between two or more parties in which the terms of the agreement are written into the lines of code which make up the contract. This information is then stored on the distributed ledger known as the blockchain. Smart contracts allow agreements to settled in a ‘trustless’ manner between parties who do not need to know each other and are able to remain anonymous.
Smart contract were first proposed by Nick Szabo in 1994. Nick Szabo was one of the original members of the cypherpunks who were the first users of Bitcoin, and potentially those who helped to create Bitcoin. Nixk Szabo is in fact rumoured to be Satoshi Nakamoto himself.
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