Mominur Islam Morsalin
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$ETH Ethereum is a decentralized blockchain with smart contract functionality. Ether (abbreviation: ETH[a]) is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization.[2][3] It is open-source software.
Ethereum was conceived in 2013 by programmer Vitalik Buterin.[4] Other founders include Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin.[5] In 2014, development work began and was crowdfunded, and the network went live on 30 July 2015.[6] Ethereum allows anyone to deploy decentralized applications onto it, with which users can interact.[7] Decentralized finance (DeFi) applications provide financial instruments that do not directly rely on financial intermediaries like brokerages, exchanges, or banks. This facilitates borrowing against cryptocurrency holdings or lending them out for interest.[8][9] Ethereum also allows users to create and exchange non-fungible tokens (NFTs), which are tokens that can be tied to unique digital assets, such as images. Additionally, many other cryptocurrencies utilize the ERC-20 token standard on top of the Ethereum blockchain and have utilized the platform for initial coin offerings.
On 15 September 2022, Ethereum transitioned its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) in an update known as "The Merge", which cut the blockchain's energy usage by 99%.[10]
History
Founding (2013â2014)
ïżŒEthereum co-founder Vitalik Buterin in 2015
Ethereum was initially described in late 2013 in a white paper by Vitalik Buterin,[4][11] a programmer and co-founder of Bitcoin Magazine, that described a way to build decentralized applications.[12][13] Buterin argued to the Bitcoin Core developers that blockchain technology could benefit from other applications besides money and that it needed a more robust language for application development[14]:â88â that could lead to attaching[clarification needed] real-world assets, such as stocks and property, to the blockchain
Ethereum was conceived in 2013 by programmer Vitalik Buterin.[4] Other founders include Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin.[5] In 2014, development work began and was crowdfunded, and the network went live on 30 July 2015.[6] Ethereum allows anyone to deploy decentralized applications onto it, with which users can interact.[7] Decentralized finance (DeFi) applications provide financial instruments that do not directly rely on financial intermediaries like brokerages, exchanges, or banks. This facilitates borrowing against cryptocurrency holdings or lending them out for interest.[8][9] Ethereum also allows users to create and exchange non-fungible tokens (NFTs), which are tokens that can be tied to unique digital assets, such as images. Additionally, many other cryptocurrencies utilize the ERC-20 token standard on top of the Ethereum blockchain and have utilized the platform for initial coin offerings.
On 15 September 2022, Ethereum transitioned its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS) in an update known as "The Merge", which cut the blockchain's energy usage by 99%.[10]
History
Founding (2013â2014)
ïżŒEthereum co-founder Vitalik Buterin in 2015
Ethereum was initially described in late 2013 in a white paper by Vitalik Buterin,[4][11] a programmer and co-founder of Bitcoin Magazine, that described a way to build decentralized applications.[12][13] Buterin argued to the Bitcoin Core developers that blockchain technology could benefit from other applications besides money and that it needed a more robust language for application development[14]:â88â that could lead to attaching[clarification needed] real-world assets, such as stocks and property, to the blockchain
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