#eet $ETH $Ethereum (ETH) is a decentralized, open-source blockchain platform that allows developers to build and deploy smart contracts and decentralized applications (dApps). It was created by Vitalik Buterin in 2015 as an improvement to Bitcoin's limitations, offering more flexibility for developers.
Here are some key features of Ethereum:
Smart Contracts: These are self-executing contracts where the terms of the agreement are written into code. They automatically enforce the contract's terms when certain conditions are met.
Ethereum Virtual Machine (EVM): The EVM is the runtime environment that processes smart contracts and dApps on the Ethereum network. It ensures that code runs the same way across all Ethereum nodes.
Ether (ETH): The native cryptocurrency of Ethereum is called Ether. It is used to pay for transaction fees (gas fees) and as a store of value or medium of exchange within the Ethereum network.
Proof of Stake (PoS): Ethereum transitioned from Proof of Work (PoW) to Proof of Stake in 2022 through the upgrade known as "The Merge." This shift made Ethereum more energy-efficient by allowing validators to secure the network by staking ETH instead of using energy-intensive mining.
Decentralized Finance (DeFi): Ethereum is the backbone of the DeFi ecosystem, which includes financial applications like lending, borrowing, trading, and stablecoins that run on the blockchain without relying on centralized institutions.
Non-Fungible Tokens (NFTs): Ethereum also hosts the majority of NFTs, which are unique digital assets representing ownership of art, music, videos, and other collectibles.
Ethereum continues to evolve, with ongoing upgrades aimed at improving scalability, security, and usability.
