Ethereum is the second biggest cryptocurrency, following Bitcoin. Yet it is very different from Bitcoin.
What is Ethereum?
Ethereum is a blockchain protocol created by Russian-Canadian developer Vitalik Buterin. The blockchain is a technology that enables information to be stored and exchanged in a transparent and protected manner, without any central control entity. Launched in 2015, Ethereum, the second-largest cryptocurrency after Bitcoin, allows for the creation of decentralized applications, or Dapps.
Tens of thousands of developers create applications for the financial, entertainment, cloud, and real estate sectors on Ethereum. The Ethereum blockchain developer group is among the largest and most successful in the world. Another feature of Ethereum is the possibility of developing smart contracts, contracts which are executed automatically on the network according to a predefined contract.
What is ether?
Ether is a unit on the ethereum chain that acts as a bargaining chip. The ethereum blockchain does not only allow for a transaction between two users, as is the case with the bitcoin blockchain. Its originality lies in the fact that "smart contracts" can be embedded and attached to transactions performed which can be activated automatically as soon as those requirements are fulfilled.
What is the difference between Ethereum and ether?
Ethereum and ether are two very frequently confused terms. When we talk about Ethereum, we mean the network as a whole. So to pass value and pay each other on the network, a network token needs to be present that represents a certain value. Furthermore, the miners must be paid for the work they do in some way. The tokens used are called ethers on the Ethereum network.
The ether is the Ethereum blockchain’s currency, and hence is an integral component of the network as a whole. Therefore, when users discuss purchasing Ethereum they refer to the ether.
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