Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
The project was bootstrapped via an ether pre-sale during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe.
Just In! Ethereum prices surged on Monday to record levels, after bitcoin also hit all-time highs, as appetite for digital assets continues to grow.
The cryptocurrency was trading at around $407.10 in early Monday morning trading, according to data from industry website Coinmarketcap. This is a record level which marks a more than 5,001 percent rise in price since Jan. 1, when ethereum was trading at $7.98.
It comes after bitcoin traded above $3,000 for the first time on Sunday, continuing its huge rally for the year. Read more of the news at CNBC.