Ethereum was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer. The platform is based on the principle of decentralization, which means it is not controlled by any entity.
Ethereum allows users to create and deploy software, usually in the form of Dapps, which are powered by a global distributed network of computers running Ethereum. The network is decentralized, making it highly resistant to any form of censorship or downtime.
Additionally, Ethereum is an open-source blockchain platform that operates using its native currency, called Ether or ETH. All network transaction fees, or gas fees, are paid in ETH. ETH is specifically used by the Ethereum blockchain to pay for transactions and is responsible for powering nearly everything that occurs on the network.
The Ethereum network can be used by anyone to create and execute smart contracts, which are software programs that run autonomously, without user intervention. The growth of Ethereum can be attributed in part to its ability to support smart contracts, which has enabled a growing ecosystem of Dapps, non-fungible tokens (NFTs), among others.
Ethereum completed its transition from a PoW consensus mechanism to PoS in September 2022. In a PoS consensus mechanism, users can stake 32 ETH to validate transactions instead of solving computational puzzles using mining equipment, making the process more energy-efficient.
The Shanghai upgrade brought a number of technical enhancements to the Ethereum platform. One of the key features introduced is the ability for users to access and withdraw the stake of their Ethereum tokens that were previously locked in a smart contract as validators on the Beacon Chain.
