Definition:
Ethereum is a public, open-source distributed software platform that operates using blockchain technology. It allows developers to build and deploy cryptocurrency and decentralized applications/software (DApps) and without having to go through the development process from scratch. Cryptocurrencies built using the Ethereum platform include OMG, Qtum, and EOS among many others.
Explanation:
Before Ethereum was released in July 2015, building blockchain applications required extensive knowledge of coding, cryptography, mathematics, and other significant resources. Ethereum allows various blockchain-based and decentralized applications such as games, social networks, and marketplaces, as well as cryptocurrencies to be built with greater ease.
By providing developers with the necessary tools, previously unimagined applications for performing functions such as electronic voting, recording property assets, and regulatory compliance can be created and deployed with relatively quick turnaround times.
In summary, Ethereum focuses on using the blockchain to run programmable coding for decentralized apps, while the Bitcoin blockchain is mainly used to track ownership of digital currencies.
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