Ethereum is currently the blockchain that hosts the second biggest cryptocurrency Ether—also referred to as Ethereum itself— (ETH). Ethereum was first proposed in the later parts of 2013 by present co-founder Vitalik Buterin who was 19 and was then the founder of Bitcoin Magazine. Buterin had since suggested a scripting language for Bitcoin to diversify Bitcoin purpose which was strictly limited to the transaction of money/ currency only. But After being turned down, Buterin decided to create a more robust platform itself that could support more use cases than just monetary transactions. 

Why Ethereum is called the Digital Oil

Bitcoin, the first and the current biggest digital currency is often referred to as a digital gold, while Ethereum has been touted as the Digital Oil in many circles. This is basically because of Ethereum’s flexibility and diversity: a consequence of its exceptional smart contracts. While blockchain is limited in the extent to which it can process codes, Ethereum is different, given developers to set terms and use cases completely different from electronic payments. Smart contracts become terms and set clauses that automatically execute on a blockchain without being reversible.