Ethereum is a distributed computing platform based on a blockchain, featuring smart contract functionality.
What is a Smart Contract?
A smart contract is a program stored on a blockchain. It is intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties and these transactions are trackable and irreversible.
What is Ether?
Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed.
What are tokens?
Tokens in Ethereum are created by smart contracts for the use of various applications.
What is ERC-20?
ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens. ERC stands for Ethereum Request for Comment, and 20 is the number that was assigned to this request.