Bitcoin hasn’t quite taken off the way many had hoped it would. Perhaps Ethereum will. The digital currency has gained interest from IBM, JPMorgan Chase, and Microsoft “as a sort of Bitcoin 2.0,” reports the New York Times. Created around 2014 by a 21-year-old college dropout, Russian-Canadian Vitalik Buterin, Ethereum is much like its rival. Transactions are recorded publicly on a blockchain, which stores data without the need for a central repository. But Ethereum also supports decentralized applications and “smart contracts” that don’t charge fees, Buterin tells CoinDesk. Essentially, two people betting on a sports game could program their bet into the blockchain so that the money—or Ether units—would be automatically sent to the winner when the game is over.

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