Enzymes are biomolecules that catalyze chemical reactions and increase their rates. They have high catalytic power, increasing reaction rates by factors of 108 to 1020. Enzymes also exhibit specificity, only catalyzing certain reactions and binding specific substrates. Regulation of enzyme activity ensures metabolic reactions proceed at appropriate rates. Enzymes were first observed to catalyze reactions in the 1800s and were formally discovered in the late 1800s. They are now classified based on the type of reaction catalyzed and identified by systematic naming conventions.