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Ethereum is a decentralized platform that runs smart contracts, which are actually apps that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.

Ethereum apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other interesting things that have not been invented yet, all without a middleman or counterparty risk.

Ethereum project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit organization, with contributions from great minds across the globe.