Ethereum is an open-source, blockchain-based, decentralized software platform that uses its own cryptocurrency, Ether (ETH). Smart contracts and Distributed Applications (dApps) can be run on the Ethereum blockchain without any downtime, fraud, or control or interference from a third party.

Ether is the second-largest virtual currency on the market after Bitcoin. It is a digital asset, and it doesn’t require third parties in order to execute transactions and payments. It also acts as fuel for decentralized apps within the Ethereum network. If users want to make changes to Ethereum apps, they need to pay a transaction fee in Ether so the network can process the change.