Ethereum is a decentralized, open-source blockchain platform. It's renowned for its ability to execute smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. This functionality enables the creation of decentralized applications (dApps) across various sectors.
Key to Ethereum's operation is its native cryptocurrency, Ether (ETH), used to pay for transaction fees and computational services on the network. A significant shift occurred with "The Merge," transitioning Ethereum from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism, enhancing its energy efficiency.
Ethereum's versatility has made it a cornerstone of decentralized finance (DeFi) and non-fungible tokens (NFTs), driving innovation in the digital world.
