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Ethereum is a platform created using an open source software in the year 2015. The cryptocurrency was created by Vitalik Buterin, Jefferey Wilcke and Gavin Wood. Ethereum uses a blockchain which enables software developers to create and provide several applications of the decentralized currency. Ethereum can also be used to make purchases and other transactions at a reduced fee. Anyone is allowed to create and use the decentralized applications provided by ethereum blockchain. Ethereum is not owned or controlled by any financial institution.

The current market cap of ethereum is approximately $28.4 billion. This cryptocurrency is considered to be the second largest in the digital currency network. The current price of Ethereum is $283. The Ethereum blockchain uses a public distribution platform to carry out different online transactions. Ethereum miners are given challenging tasks to facilitate the complete mining of an ethereum block. Miners are usually compensated with ether, an ethereum token. This token is transferrable electronically between accounts. Ether is considered to be a vital element required to facilitate the various operations conducted on the ethereum platform. Ether is valued at more than $100 for each token.

In the year 2016, the cryptocurrency was forked into two blockchains; the new blockchain was named ethereum classic while the old blockchain maintained the name ethereum. The chart showing the trends in the market price of Ethereum confirms that the digital currency has experienced an increase in trading volume and gains since it was released in the year 2015.

Ethereum uses a blockchain that can be programmed by users to carry out different transactions. The applications of this blockchain is not restricted to cryptocurrencies. The two types of account that can be operated on the ethereum network include externally owned accounts and contract accounts. The cryptocurrency network has attracted large corporations from different parts of the world.