Ethereum (ETH): A Quick Overview
Ethereum is a decentralized, open-source blockchain system that features smart contract functionality. Launched in 2015 by a group of developers including Vitalik Buterin, Ethereum is more than just a digital currencyโitโs a platform for building decentralized applications (dApps).
๐ Key Features:
Smart Contracts: Self-executing contracts with the terms directly written into code.
Decentralized Applications (dApps): Developers use Ethereum to create games, financial tools, social networks, and more, without relying on centralized servers.
Ether (ETH): The native cryptocurrency of Ethereum, used to pay for transaction fees and computational services on the network.
๐ Transition to Proof of Stake:
In 2022, Ethereum underwent a major upgrade known as The Merge, transitioning from Proof of Work (PoW) to Proof of Stake (PoS). This significantly reduced its energy consumption by over 99%, making it more environmentally friendly.
