What is Ethereum?

Building on our previous discussion on Bitcoin, ‘Ether’ (the cryptocurrency of Ethereum) functions as any other cryptocurrency. It can be used as an anonymous method of making purchases, being spent directly at any online store that accepts it, or it can be sold on an exchange and redeemed in another currency.

Cryptocurrencies remain secure by utilising blockchain technology, through which an entire network of members validate each transaction. If any member tries to make a change to a block, everyone else can see where the change happened and decide whether to authorise it.

However, Ethereum is also a network of computers that can transmit data and support the execution of apps or programs. It is built on the same blockchain technology, but instead of just keeping track of payments, you can track computer programs. This is where Ethereum differs from current technology.

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