Getting to know the cryptos!!!
Ethereum ETH: Beyond a Cryptocurrency, it is a decentralized Platform that has redefined the landscape of blockchain technology. Launched in 2015 by Vitalik Buterin, Ethereum introduced the concept of "smart contracts", self-executing programs with the terms of an agreement directly written in code. This fundamental innovation is what truly distinguishes Ethereum and has enabled the flourishing of countless decentralized applications (dApps). It expands the functionality of the blockchain, allowing developers to build and deploy virtually any type of decentralized application. From decentralized finance (DeFi), non-fungible tokens (NFTs), blockchain games to decentralized autonomous organizations (DAOs), the Ethereum ecosystem has been the engine of much of the innovation in Web3.
ETH, the native cryptocurrency of the Ethereum network, serves several essential functions. It is used to pay "gas fees" (transaction fees) that compensate miners (now validators with the transition to Proof of Stake) for processing and validating transactions. It can also be used as collateral in DeFi protocols, as a medium of exchange, and as an investment asset.
The transition of Ethereum from a Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS), known as "The Merge", was a groundbreaking milestone. This change not only drastically reduced the energy consumption of the network but also laid the groundwork for future improvements in scalability and security through the "sharding" roadmap and other updates.
