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Ethereum is an open-source and public platform for creating decentralised online services that work on the basis of smart contracts. The platform is decentralised, based on the blockchain and runs as a virtual machine.
Ethereum can be seen as the universal platform with the advantage of verification on the blockchain. This is because, when compared to Bitcoin, every transaction on Ethereum not only stores the movement of value but also has the code that sets certain logic or conditions for executing the transaction. This also makes the system very flexible.
“Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference”.