Most people first heard of Ethereum because it can 'issue tokens', 'create NFTs', and 'support smart contracts'.
But I want to talk about it from another perspective —
Ethereum is a programmable trust platform, but you may not really trust it.
What exactly is it?
Ethereum is not a coin; it is more like a combination of a world-class database + settlement platform + application system.
It can be seen as an apple store without a boss, where anyone can develop and deploy smart contracts (like apps), allow users to use them, and settle through ETH.
It is not a replacement for Bitcoin, but a whole new model: letting code replace institutions and allowing collaboration without trust.
What is POS? Why is it important?
Ethereum initially used POW (Proof of Work), which is a mining mechanism: competing based on computing power and consuming energy to secure the network.
In September 2022, it completed the 'Merge' and switched to POS (Proof of Stake).
The core logic of POS is: if you want to validate others, you must first stake your money.
In simple terms, whoever stakes more ETH and behaves more stably can become a validator and gain the power to produce blocks and earn rewards.
This is the transition from the 'Electricity Era' to the 'Staking Era'.
It is more environmentally friendly, faster, and more resource-efficient. But it also brings a thought-provoking question:
Are those who own more ETH becoming the new center?
POS does not eliminate trust; it simply replaces 'trusting machines' with 'trusting that those with chips won't sabotage themselves'.
Why is it still here, how many people use it?
The reason Ethereum is still holding up is that it has built a complete ecosystem:
DeFi projects (Uniswap, Aave) almost all originated from it.
The NFT standard (ERC-721) also comes from it.
Many L2 (Layer 2) scaling solutions, and even other chains (such as BNB, Polygon), are essentially standing on its shoulders.
It is like a 'consensus matrix':
It's not that it does everything perfectly, but that other places have not yet found a more stable neutral ground.
🤔 What exactly are we believing in when we use it?
Ethereum has many problems, high fees, slow speeds, centralized governance... these are all common complaints.
Yet it is still used, because — it is at least still striving to maintain open, transparent, and reproducible rules.
In a chain circle where algorithms can be modified at will and projects frequently run away, 'stability and predictability' itself is a rare value.
Written at the end
I am a dog trainer and have recently started studying trading and blockchain.
I don't understand code, but I believe in behavioral logic.
Ethereum may not be the endpoint, but it is a starting point — an attempt to write 'trust' into contracts, a system that can operate without relying on large institutions.
If you are also wondering: should we trust these on-chain systems?
It is better to first understand how it operates and what problems it is trying to solve.
Many answers are not in the price fluctuations, but in the rules it has set down.