#CZ'sTokenModelIdea
Ethereum (ETH) is a decentralized, open-source blockchain platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). It was proposed by Vitalik Buterin in 2013 and launched in 2015. Ethereum is one of the most well-known and widely used blockchains in the cryptocurrency space. Key features of Ethereum include:
1. Smart Contracts: Ethereum introduced the concept of smart contracts—self-executing contracts with predefined rules coded into the blockchain. These contracts automatically execute when conditions are met, without the need for intermediaries.
2. Decentralized Applications (dApps): Ethereum allows developers to create decentralized applications that run on its blockchain. These apps don’t rely on centralized servers, making them more resistant to censorship and control.
3. Ether (ETH): Ether is the native cryptocurrency of the Ethereum network. It’s used to pay for transaction fees (gas fees) and as an asset for staking in various decentralized finance (DeFi) protocols.
4. Proof of Stake (PoS): Ethereum initially used a Proof of Work (PoW) consensus mechanism, but as of 2022, Ethereum transitioned to Proof of Stake with the Ethereum 2.0 upgrade. PoS is more energy-efficient and allows users to stake their ETH to participate in securing the network.
5. Ethereum Virtual Machine (EVM): The EVM is a decentralized computer that executes smart contracts. It ensures that Ethereum’s blockchain is Turing-complete, meaning it can run any algorithm.
6. DeFi Ecosystem: Ethereum is the backbone of the DeFi (decentralized finance) movement, enabling the creation of decentralized exchanges (DEXs), lending protocols, yield farming, and more.
7. NFTs: Ethereum is the primary platform for Non-Fungible Tokens (NFTs), digital assets representing ownership or proof of authenticity, often associated with art, collectibles, and gaming.