Ethereum is a blockchain-based platform for creating decentralized online services using smart contacts. It is implemented as a single decentralized virtual machine. Developed by 19-year-old Vitalik Buterin, also this cryptocurrency collected 18 million dollars in its ICO (initial coin offering) in August 2013 and was launched in July of 2015.
Also unlike other cryptocurrency, its creators do not limit the role of the Ether to payments, but offer it, for example, as a means for exchanging resources or registering transactions of assets using smart contracts. In particular, its developers have called the Ether a “crypto fuel” for smart contracts.
The Ethereum technology makes it possible to register any transactions with any assets. Using a blockchain-type distributed database of contracts, without resorting to traditional legal procedures. This possibility provides competition for the existing transaction registration system. According to The Economist magazine, the technology of smart contracts marks a new era in financial technologies.
So in 2017, with an increase of 4000%, Etherium became the second largest cryptocurrency after Bitcoin.