What is Ethereum? Is Ethereum the same as Bitcoin? Okay without worries and for brevity, let us understand Ethereum in depth starting from here. It is important to study the core properties of Ethereum and its characteristics.

Ethereum is a decentralized system, which means it is not controlled by any single regulatory entity.

Ethereum, which is a decentralized system, is fully autonomous and is not controlled by anyone. Ethereum has no central point of failure, because it runs from thousands of computers voluntarily all over the world, which means it can't go offline or die. In addition, users' personal information will remain safe on their own computer, while content, such as applications, videos, etc., remain in full control of its creator without having to comply with regulations imposed by hosting services such as the App Store and YouTube.

It is important to understand that Ethereum and Bitcoin are different. Ethereum and Bitcoin are two different projects with different goals. Bitcoin is the first cryptocurrency aimed at money transfer systems, built and supported by a distributed public ledger technology called Blockchain .

Ethereum took the technology behind Bitcoin namely blockchain and substantially expanded its blockchain capabilities. Including expanding its network, with its own Internet browser, coding language, and payment system. Most importantly, it is able to facilitate users to create decentralized applications on the Ethereum Blockchain.

These applications can be entirely new ideas or decentralized reworking of existing concepts. Basically Ethereum is able to eliminate intermediaries and all costs associated with third party involvement.

"In short, Ethereum is a public platform based on Blockchain based distributed software that facilitates developers to develop and use decentralized applications."

As mentioned before, Ethereum is a decentralized system, which means using a peer-to-peer approach. Every single interaction that occurs does not involve the controlling authority and a third party, only the parties concerned.

The entire Ethereum system is supported by a global system called 'node'. Node is a volunteer who downloads the entire Ethereum Blockchain to their desktop and fully enforces all system consensus rules, keeping the network honest, fair and will receive prizes in return.

These consensus rules, as well as many other aspects of the network, are determined by the 'smart contract.' Smart Contract is designed to automatically carry out transactions and other specific actions in the network. Requirements that must be fulfilled by both parties are programmed in the smart contract. The complete requirements then trigger transactions or other specific actions. Many people believe that smart contracts are the future and will eventually replace all other types of contract agreements, because the application of smart contracts will provide security that is superior to existing traditional contract law, reducing transaction costs associated with contracts and building trust between two parties .

In addition, this system also provides users Ethereum Virtual Machine (EVM), which basically functions as a runtime environment for smart contracts based on Ethereum. This gives the user security to execute untrusted code while ensuring that programs do not interfere with each other. EVM is completely isolated from the main Ethereum network, which makes it a perfect sandbox-tool for testing and improving smart contracts.

The Ethereum platform also provides a cryptocurrency token called 'Ether.'