What Is Ethereum (ETH)?

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8 Feb 2024
21

Ethereum was proposed by Vitalik Buterin in late 2013 and went live on July 30, 2015. It has since become one of the most widely used blockchain platforms in the world.
Key features of Ethereum include:

  1. Smart Contracts: Ethereum allows developers to create and deploy smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Smart contracts enable trustless and automated execution of predefined actions when certain conditions are met.
  2. Ether (ETH): Ether is the native cryptocurrency of the Ethereum platform. It is used as both a means of value transfer within the network and a unit of computation (gas) to facilitate the execution of smart contracts and transactions.
  3. Decentralized Applications (DApps): Ethereum supports the development of decentralized applications that run on its blockchain. These DApps can have various use cases, including finance, gaming, supply chain management, and more.
  4. Ethereum Virtual Machine (EVM): The EVM is a runtime environment that executes smart contracts on the Ethereum network. It ensures compatibility and consistency across different nodes in the Ethereum network.
  5. Constant Development: Ethereum has undergone several upgrades to improve scalability, security, and functionality. The transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism is part of Ethereum's ongoing efforts to address scalability and energy consumption concerns.


Ethereum has played a crucial role in the growth of the decentralized finance (DeFi) ecosystem, non-fungible tokens (NFTs), and other blockchain-based innovations. It has a vibrant developer community, and many projects and tokens are built on the Ethereum blockchain.
Keep in mind that developments in the blockchain and cryptocurrency space can occur rapidly, so it's advisable to check the latest sources for any updates or changes to the Ethereum network.

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