In the course of a year, ethereum has risen in value by more than 5,000 per cent and is currently valued at just over $450 (£335) – although this still leaves the currency some way behind bitcoin, currently valued at more than $15,000.

Ethereum makes use of a blockchain – a database maintained by several thousand individuals – rather than by one central administrator.

The website Coindesk.com explained: “In short, ethereum wants to be a 'World Computer' that would decentralise – and some would argue, democratise – the existing client-server model.

“With ethereum, servers and clouds are replaced by thousands of so-called ‘nodes’ run by volunteers from across the globe (thus forming a ‘world computer’).