Ethereum

As bitcoin became more and more popular, people began to think of more applications for blockchain technology beyond cryptocurrency. In 2013, Vitalik Buterin published a whitepaper that proposed a new, more functional blockchain implementation; he called it Ethereum. One of the major new functionalities that Ethereum allowed for was something called smart contracts.

Smart contracts, like any kind of contract, establishes the terms of an arrangement between parties. They allow for the automatic execution of the contract when all terms are met and without the need for any kind of intermediary.

Smart contracts allow developers to build apps that take advantage of blockchain security, reliability, and accessibility while offering sophisticated peer-to-peer functionality, perfect for a wide range of applications such as loans and insurance. There is already a plethora of apps built and running on Ethereum ranging from financial tools to games.