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Ethereum is the second-largest cryptocurrency and the biggest altcoin (alternative to the Bitcoin). Ethereum is a decentralized open-source blockchain system that features its own virtual currency. ETH works as a platform for numerous other cryptocurrencies, in addition the implementation of decentralized smart contracts. Ethereum was first described in a 2013 whitepaper by Vitalik Buterin and other co-founders, while it officially launched its blockchain on July 30, 2015. The ultimate goal of Ethereum is to develop a global platform for decentralized applications, enabling users from all over the world to write and run software that is resistant to censorship, downtime and fraud.