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ETH is the three-letter code for ether, the cryptocurrency of the Ethereum blockchain. Ethereum was launched in 2015 with a vision to becoming a ‘world computer’, a blockchain that would be a base layer for a host of decentralized internet services. If bitcoin is blockchain’s first killer app, a decentralized, permission-less type of money, then Ethereum is attempting to be a platform that will allow anyone to build decentralized apps for all sorts of use cases, such as decentralized finance, cloud storage, social media and more. Ethereum is currently the second largest public blockchain project by market cap (second to bitcoin). It is also the first of a second generation of ‘smart contract’ platforms, having inspired an entire ecosystem of competitors. Unlike bitcoin, ether does not have a fixed supply, there are currently over 107 million ether tokens in circulation. Ether is viewed more as a type of digital commodity rather than a currency as it is used to pay for processing power on the Ethereum world computer.
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