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Bitcoin Rival Ethereum Gains Traction

Ether’s value has rocketed this year, but a hack shows the digital currency faces familiar pitfalls

With a rising market value and a roster of high-profile patrons, Ethereum in recent months has become the next hot thing in cryptocurrencies.

Ethereum is an open software platform, comprising a currency called ether, a public “blockchain” ledger for keeping track of transactions and tools for building so-called smart contracts that automatically make payments when their terms are fulfilled. Anyone can develop new applications that...

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