itBit Support Center

What is Ethereum?

Last Updated: Jun 14, 2018 09:07AM EST

The Ethereum blockchain was launched in 2014 following an initial offering of around 60 million ether (ETH).  Additional Ether are released through a mining process, similar to Bitcoin. The Ethereum system went live in July 2015.

Ethereum is a decentralized platform for building applications that run smart contracts. Smart contracts are executable functions that run exactly as programmed, without any possibility of downtime, censorship, fraud, or third party interference. Often, these smart contracts look to external conditions to determine whether to take an action on an asset, and once these conditions are met, the contract will automatically execute. These smart contracts are incorporated into decentralized applications, which are then in turn built on and hosted by the Ethereum platform. ETH is used as an internal currency within the Ethereum ecosystem as a form of payment for transaction fees and to perform actions, such as creating smart contracts and building decentralized applications.


Contact Us

  • Email Us
  • Questions? Please contact us at

Back to itBit Trading Services
seconds ago
a minute ago
minutes ago
an hour ago
hours ago
a day ago
days ago
Invalid characters found