We’ve all heard of Bitcoin, but what’s this Ether that’s giving it a run for its money? Ether is a relatively new cryptocurrency that emerged three years ago and appears to be hot right now, growing in value 4,000% year-to-date. The jump goes beyond just speculators looking to cash in on the hot new Bitcoin 2.0: Its value is predicated on the growing believe that Ether’s blockchain technology (which underpins cryptocurrency) “Ethereum” is superior to that of Bitcoin in that it allows for a much more diverse range of applications. It goes beyond a mere payment platform to allow for everything from banking to contracts.

This expanded functionality has made it attractive to big corporates, including Barclays, which is reportedly using Ethereum smart contracts to trade derivatives. And that’s not all: The US Securities and Exchange Commission handed down a landmark ruling on Tuesday which said that Ethereum-based tokens sold off in mass auctions can be considered securities, VICE Motherboard reports.

Want to know what goes on under the hood of this? Don’t ask us — some of us had lives in high school. Instead, we will leave you with this easy to digest clip from CNBC (runtime: 2:33)