What is Ethereum? Ethereum is an open-source, blockchain-based platform which aims to support the development and execution of smart contracts and DApps. Its founder was Vitalik Buterin, who started it in 2015. Though Bitcoin is a digital currency, the main aim of Ethereum is to be a decentralized platform that enables developers to create various applications without a central authority or any intermediary.

It has, at its core, a decentralized blockchain similar to Bitcoin but carries instead of holding mere transactions and data on its distributed ledger much more complex computations far beyond simple financial transactions.

Key Features of Ethereum

1. Smart Contracts: The most revolutionary characteristic of Ethereum is that it can perform smart contracts. Self-executing contracts, meaning the terms of the agreement are directly written into codes, are smart contracts. These contracts automatically enforce and verify the terms of an agreement without using intermediaries to reduce fraud and increase efficiency. This feature is the very backbone of Ethereum's appeal among businesses and developers alike.