#Ethereum What is ETHEREUM? In its simplest essence, Ethereum is a decentralized platform based on blockchain technology that allows users to create and execute smart contracts and decentralized applications (dApps) without the need for intermediaries.
To understand it better:
* It is a blockchain network: Similar to Bitcoin, but with much broader functionality. It is not just a system for money transactions.
* It has its own cryptocurrency, Ether (ETH): $ETH
This is the "fuel" of the network. It is used to pay transaction fees (known as "gas") and to incentivize miners who secure the network.
* Its great innovation is Smart Contracts: Imagine agreements or programs that execute automatically when certain predefined conditions are met, without the need for lawyers, banks, or any third party. Once programmed on the blockchain, they are immutable and transparent.
* It allows the creation of Decentralized Applications (dApps): Thanks to smart contracts, all kinds of applications can be built that are not controlled by a single entity but by the programmed code and the network of users. This has given rise to:
* Decentralized Finance (DeFi): Lending platforms, exchanges, and other financial services without traditional banks.
* Non-Fungible Tokens (NFTs): Unique digital assets for art, collectibles, music, etc., where ownership is recorded on the Ethereum blockchain.
* Blockchain games: Games where players actually own the assets and the economy is on the blockchain.
In summary, Ethereum is a decentralized "world computer" and an infrastructure for building a new generation of a more open, transparent, and censorship-resistant internet.
