$ETH ETH refers to Ether, the native cryptocurrency of the Ethereum blockchain. Here's what you need to know:
*Key Features:*
- *Decentralized*: Ethereum is a decentralized blockchain with smart contract functionality.
- *Smart Contracts*: Ethereum allows developers to deploy decentralized applications (dApps) using smart contracts written in high-level programming languages.
- *Non-Fungible Tokens (NFTs)*: Ethereum is central to a multi-billion dollar digital collectibles market, with standards like ERC-721 and ERC-1155.
- *Decentralized Finance (DeFi)*: Ethereum-based DeFi applications provide financial instruments that don't rely on traditional financial institutions.
*Ethereum's Evolution:*
- *Proof-of-Stake (PoS)*: Ethereum transitioned from Proof-of-Work (PoW) to PoS in September 2022, reducing energy usage by over 99%.
- *Network Upgrades*: Ethereum has undergone planned protocol upgrades, including "Dencun" and "Pectra," to improve scalability and functionality.
*Regulation and Legal Status:*
- *Commodity Classification*: In the United States, the Commodity Futures Trading Commission (CFTC) has signaled that Ether should be treated as a commodity.
- *Uniform Commercial Code (UCC)*: The 2022 Amendments to the UCC introduced "controllable electronic records" (CERs) as a new category of personal property that includes digital assets like Ether ¹.