$ETH Ethereum often called ETH is a decentralized blockchain platform that enables developers to build and deploy smart contracts and decentralized applications without the need for a central authority it was proposed by Vitalik Buterin in late 2013 and development began through a crowdfunding campaign in 2014 eventually launching in July 2015 unlike Bitcoin which is primarily a digital currency Ethereum was created to be a platform for decentralized software ETH the native cryptocurrency of Ethereum is used to pay for transaction fees and computational services on the network Ethereum introduced the concept of gas which is a unit that measures the computational effort required to perform operations such as executing smart contracts or transferring tokens the platform has undergone significant upgrades over time including the transition from a proof of work consensus mechanism to proof of stake through the Ethereum Merge this change aimed to reduce energy consumption and improve scalability Ethereum supports a wide range of applications including DeFi nonfungible tokens and DAOs creating a vibrant ecosystem that continues to grow as developers and enterprises explore its possibilities as the foundation of Web3 Ethereum plays a critical role in shaping the future of the internet offering an open permissionless platform for innovation and financial inclusion on a global scale
