Next, I will give you a definition of what Ethereum is:
ššš What is Ethereum?: It is an open-source platform that executes smart contracts. Additionally, being programmable, it allows developers to create dApps (Decentralized Applications). dApps leverage the ability to transact cryptocurrencies, the programmability of smart contracts, and blockchain technology. These applications are reliable and predictable, meaning that once they are loaded (mined), they will always execute as programmed.
Main objective of Ethereum: Initially, the Ethereum project aimed to revolutionize the web by seeking its 'decentralization'. To achieve this, its roadmap towards Web 3.0 contemplated four pillars: the publication of static information, the exchange of dynamic messages, the execution of reliable transactions, and the creation of a complete and operational user interface. The idea was to replace certain conventional features of the online experience, but under a completely decentralized and anonymous scheme.
What is the main cryptocurrency of Ethereum?: Ether ($ETH ) is the main cryptocurrency of Ethereum, created as a reward for miners who validate blocks on the blockchain through proof of work. It is the only currency used to pay transaction fees, which also go to the miners. This reward and the fees incentivize the expansion of the blockchain. ETH is essential for the functioning of Ethereum; each account has an ETH balance that can be transferred. The smallest unit is the wei, thus, 1 ETH is equivalent to 10Ā¹āø wei. Ether is often confused with Ethereum.
What system does Ethereum use to perform transactions?: The system that Ethereum uses is a virtual machine (EVM 'Ethereum Virtual Machine') that executes transactions on the Ethereum network. It functions as a 256-bit register stack, isolated from the rest of the node to ensure that, given an initial situation and a transaction, all participants in the network reach the same final result. This allows for agreement (consensus) on the network. The detailed specifications of the EVM can be found in the Ethereum Yellow Paper.
Brief history of Ethereum: The Ethereum project originated in December 2013, led by Vitalik Buterin, who presented the first proof of concept in early 2014. Through successive proofs of concept, more accessible programming languages were incorporated for creating smart contracts. A crucial moment was the public auction of ether in July 2014, which boosted project funding and coincided with PoC5, highlighting the interoperability of different implementations of the network. Development continued with the addition of new languages and the introduction of Solidity, in addition to significant improvements in the network's processing speed. Ethereum was conceived as an innovative platform within the cryptocurrency space.
In summary, Ethereum is a decentralized open-source platform that drives the creation of decentralized applications (dApps) and smart contracts, using its native cryptocurrency, ether (ETH), for fees and rewards within its transaction execution environment, the Ethereum Virtual Machine (EVM), which ensures consistency and consensus in the network; its main benefits lie in the decentralization that offers resistance to censorship, the functionality of smart contracts that automate agreements, the diversity of decentralized applications that enable new models, the transparency of its blockchain, the inherent security of its distributed network, its constant innovation driven by a large community, and its extensive ecosystem of tools and services, thus seeking to transform digital interaction towards a more open and trustworthy model.
