$ETH

Ethereum allows users to build and deploy software, typically in the form of DApps, that are powered by a global distributed network of computers running Ethereum. The Ethereum network is decentralized, making it highly resistant to any form of censorship or downtime.

Furthermore, Ethereum is an open-source blockchain platform that operates using its native currency, called Ether or ETH. All transaction fees on the network or gas fees are paid in ETH.

Ether or ETH is a token specifically used on the Ethereum blockchain to pay for transactions. This token is responsible for powering almost everything that happens on the network.

Anyone can use the Ethereum network to create and run smart contracts, which are software programs that run autonomously and without user intervention. The growth of Ethereum can be attributed in part to its smart contract functionality, which enabled the growth of the DApp ecosystem, non-fungible tokens (NFTs), and more.

By default, Ethereum uses the Proof of Work (PoW) consensus mechanism, but the network is slowly migrating to Proof of Stake (PoS) as part of the Ethereum 2.0 upgrade. This upgrade began in December 2020 with the launch of Beacon Chain. The ETH community supported this upgrade with a stake of 1 million ETH in just the first week.