What is Ethereum (ETH)?

As a smart contract platform, Ethereum offers developers the ability to develop decentralized applications (DApps) on its own blockchain. The Ethereum platform's own digital currency is called Ether (ETH). Ethereum is partially supported by the Ethereum Foundation, which is part of its larger ecosystem of institutional Ethereum consortia such as the Ethereum Enterprise Alliance.

How Does Ethereum Work?

Vitalik Buterin conceived the first concept for Ethereum in 2013 with the thought of developing an open source blockchain platform outside of Bitcoin (BTC), thus paving the way for smart contracts. Every smart contract on the Ethereum blockchain works like a computer program that processes itself, automatically transacting when certain conditions are met. Blockchain ensures that these smart contract codes work exactly as programmed, without any disruption, censorship, fraud or external interference.

The Ethereum network went live on July 30, 2015, with 73 million Ether already mined.

How to Buy Ethereum

If you are not mining on the Ethereum blockchain (which will be quite expensive if you are not a professional miner), you can buy Ethereum on any cryptocurrency exchange. Before choosing a cryptocurrency exchange, remember to do your own research meticulously. You can store your Ethereum in a cold or hot wallet.