The Ethereum price is $1,631.04, a change of -0.26% over the past 24 hours as of 8:47 a.m. The recent price action in Ethereum left the tokens market capitalization at $196,123,384,599.34. So far this year, Ethereum has a change of 35.76%. Ethereum is classified as a Smart Contract Platform under CoinDesks Digital Asset Classification Standard (DACS).

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Ethereum is a blockchain-based software platform that can be used for sending and receiving value globally with its native cryptocurrency, ether, without any third-party interference. But it can also do much more than that.#ETH

First proposed in 2013 by Russian-Canadian computer programmer Vitalik Buterin, Ethereum was designed to expand the utility of cryptocurrencies by allowing developers to create their own special applications. Unlike traditional apps, these Ethereum-based applications, called “decentralized applications,” or dapps, are self-executing thanks to the use of smart contracts.

Smart contracts are code-based programs that are stored on the Ethereum blockchain and automatically carry out certain functions when predetermined conditions are met. That can be anything from sending a transaction when a certain event takes place or loaning funds once collateral is deposited into a designated wallet. The smart contracts form the basis of all dapps built on Ethereum, as well as all other dapps created across other blockchain platforms.