It's a marketplace of financial services, games and apps that can't steal your data or censor you.” How does Ethereum work?Įthereum-based apps are built using its key innovation: “ smart contracts.” Smart contracts, like regular paper contracts, establish the terms of an arrangement between parties. As the nonprofit Ethereum Foundation puts it: “Ethereum is for more than payments. And its future potential is only limited by developers’ imaginations. It is also a decentralized computing platform that can run a wide variety of applications - including a universe of decentralized finance (or DeFi) apps and services.Įverything from financial tools and games to complex databases are already running on the Ethereum blockchain. Ethereum is the second-biggest cryptocurrency by market cap after Bitcoin.
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