What is Ethereum?
$ETH is a decentralized, open-source blockchain platform that enables developers to build and deploy smart contracts and decentralized applications. It was proposed in late 2013 by Vitalik Buterin and development began in early 2014, with the network going live on July 30, 2015.
Key Features of Ethereum
1. Smart Contracts:
Smart contracts are self-executing programs that run when certain conditions are met. They allow for trustless transactions and automation without the need for intermediaries.
2. Decentralized Applications (dApps):
Ethereum provides a platform for developers to create decentralized applications that run on the blockchain, making them more secure and resistant to censorship.
3. Ether (ETH):
Ether is the native cryptocurrency of the Ethereum platform. It is used to pay for transactions, computational services, and as a store of value or investment.
4. Ethereum Virtual Machine (EVM):
The EVM is a powerful, Turing-complete virtual machine that enables the execution of smart contracts on the Ethereum network.
5. Proof of Stake (PoS):
Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS) in an event known as "The Merge" in September 2022. This upgrade significantly reduced Ethereum’s energy consumption and allowed ETH holders to participate in network security through staking.
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