$ETH $ETH #Ethereum (ETH)
Here's a detailed overview of Ethereum (ETH):
Basic Information
Name: Ethereum
Symbol: ETH
Launch Date: July 30, 2015
Founder: Vitalik Buterin (with co-founders: Gavin Wood, Charles Hoskinson, Anthony Di Iorio, Joseph Lubin, etc.)
Consensus Mechanism: Proof of Stake (PoS) – after "The Merge" in September 2022
Key Features
Smart Contracts: Self-executing contracts with code that runs on the Ethereum blockchain.
dApps (Decentralized Applications): Ethereum is the most popular platform for building dApps.
DeFi (Decentralized Finance): Most DeFi protocols are built on Ethereum.
NFTs (Non-Fungible Tokens): Ethereum powers many NFT platforms using ERC-721 or ERC-1155 standards.
DAOs (Decentralized Autonomous Organizations): Ethereum supports organizations run by code and community governance.
Ethereum Network Components
Ethereum Virtual Machine (EVM): The decentralized computer that runs Ethereum’s smart contracts.
Gas Fees: Payments made in ETH to compensate for computing energy used.
Wallets: MetaMask, Trust Wallet, MyEtherWallet, Ledger, etc.
Token Standards:
ERC-20 – for fungible tokens
ERC-721 – for NFTs
ERC-1155 – for multi-token standard (fungible + NFTs)
Major Upgrades
Ethereum 1.0: Initial Proof of Work system
Ethereum 2.0 (a.k.a. The Merge): Transitioned to Proof of Stake in 2022
Shanghai Upgrade (2023): Enabled staking withdrawals
Future Upgrade (Dencun, Proto-Danksharding): Aimed to improve scalability and reduce fees (rollup-centric)
Supply & Market Info
Current Supply: Over 120 million ETH
Supply Cap: No fixed maximum supply
Burn Mechanism: EIP-1559 (introduced in 2021) burns part of the transaction fee, making ETH deflationary under certain conditions.
Use Cases
Sending and receiving ETH
Running smart contracts
Creating and trading tokens
Launching ICOs and fundraising
DeFi platforms (lending, borrowing, staking)
Buying/selling NFTs
Governance and voting in DAOs
Risks & Challenges
High Gas Fees: Can be expensive during network congestion
