Ethereum

Ethereum is a smart contract platform that enables developers to create tokens and launch decentralized applications (dApps). ETH is the native currency for the Ethereum network and is used to pay transaction fees.

Ethereum is a pioneer for blockchain-based smart contracts. A smart contract is essentially a computer code that runs exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. It can facilitate the exchange of money, content, property, shares, or anything of value.

When running on the blockchain, a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met. Ethereum allows programmers to run complete-turing smart contracts that is capable of any customizations.

Rather than giving a set of limited operations, Ethereum allows developers to have complete control over customization of their smart contract, giving developers the power to build unique and innovative applications.

Being the first project to offer a blockchain-based smart contract platform, Ethereum gained much popularity, resulting in new competitors fighting for market share.

The competitors include: Ethereum Classic, which is the old-chain of Ethereum, Solana, Cardano, Qtum, EOS, Neo, Tezos and Tron. Ethereum wallets are fairly simple to set up with multiple popular choices such as Myetherwallet, Metamask, and Trezor.