$ETH #ETH4500Next? Ethereum was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer. The platform operates based on the principle of decentralization, meaning it is not under the control of a single entity.
Ethereum allows users to create and launch software, generally in the form of DApps, which are then powered by a global distributed computer network that runs Ethereum. Due to its decentralized nature, this network becomes highly resistant to any form of censorship or downtime.
Additionally, Ethereum is an open-source blockchain platform that operates using its native currency, called Ether or ETH. All network transaction fees, or gas fees, are paid in ETH. ETH is specifically used by the Ethereum blockchain to pay for transactions and is responsible for carrying out nearly all activities on the network.
The Ethereum network can be used by anyone to create and run smart contracts, which are self-executing software programs that operate independently without user intervention. The growth of Ethereum can be partly attributed to its smart contract capabilities, which have enabled the growth of the DApp ecosystem, non-fungible tokens (NFTs), and more.
Ethereum completed its transition from the PoW consensus mechanism to PoS in September 2022. In the PoS consensus mechanism, users can stake 32 ETH to validate transactions instead of solving computational puzzles using mining equipment. As a result, the process becomes more energy-efficient.
The Shanghai upgrade introduces a series of technical improvements to the Ethereum platform. One of the main features introduced is that users can now access and cancel their staked Ethereum tokens that were previously locked in a smart contract as validators on the Beacon Chain.
