You all must have come across the concept of cryptocurrency. When we talk about cryptocurrency, first thing that comes to our mind is Bitcoin. Bitcoin is the world's number one cryptocurrency but it is finite in number, that is only 21 million bitcoins can exist. Moreover, it is more centralised than ethereum and is used only for trading. But on the contrary, ethereum is a platform that is more decentralised and can be used for other purposes more than just trading. What is ethereum?

Ethereum was a platform created by Vitalik Buterin in 2015. Ethererum is a blockchain network and the cryptocurrency associated with it called ether(ETH). It works just like Bitcoin. You can get ethers by mining. Ethereum can be used for making smart contracts or just for trade. Ethereum has even more potential than bitcoin as per experts because smart contracts have numerous uses.

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. It permits trusted transactions and agreements to be carried out among unknown parties without the need for a central authority, legal system, or external enforcement mechanism. For example, a bank is the trusted tie between the person who deposits money and a person who takes a loan. Similarly, In a blockchain, a smart contract is a trusted tie between two people.
Taking smart contracts is more economic and reduces the interference of others.
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Written by 
Nidhi Patel

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