$ETH Ethereum (ETH) is a decentralized computing platform that uses blockchain technology. Unlike Bitcoin, which primarily focuses on monetary transactions, Ethereum allows for the creation and execution of smart contracts and decentralized applications (dApps). This makes it a much more versatile platform with a wide range of potential applications.
Key Features of Ethereum:
- Smart Contracts: These are self-executing programs that are stored on the blockchain and automatically run when certain conditions are met. They allow for the automation of transactions and processes, eliminating the need for intermediaries.
- dApps (Decentralized Applications): These are applications that run on the Ethereum network and are not controlled by a single entity. This makes them resistant to censorship and centralized control. Examples include decentralized finance (DeFi) applications, games, voting platforms, and digital marketplaces.
- Ether (ETH): This is the native cryptocurrency of the Ethereum network, used to pay transaction fees (gas) and as a medium of exchange within the ecosystem.
- Blockchain: Ethereum uses a public and transparent blockchain, allowing anyone to verify transactions and the state of the network.
History and Development:
Ethereum was conceived in 2013 by Vitalik Buterin and a team of developers. Its official launch was in 2015. Since then, it has experienced significant growth, becoming the second-largest cryptocurrency by market capitalization. There have been important updates throughout its history, including "The Merge" in 2022, which changed the consensus mechanism from Proof-of-Work to Proof-of-Stake, improving energy efficiency.
Applications and Uses:
Ethereum has a wide range of applications, including:
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