Sani Mehar Ihsan

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Introduction of ETH!

Ethereum is a decentralized, open-source blockchain platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). Launched in July 2015 by Vitalik Buterin and a group of co-founders, Ethereum introduced the concept of programmable blockchain, which significantly expanded the use cases of blockchain technology beyond simple peer-to-peer cryptocurrency transactions.

Key Features:

1. Smart Contracts:
- Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They automatically execute and enforce themselves upon meeting predetermined conditions, reducing the need for intermediaries.

2. Decentralized Applications (dApps):
- Developers can create dApps that operate on the Ethereum blockchain. These applications function without central authority, ensuring transparency, security, and resistance to censorship.

3. Ethereum Virtual Machine (EVM):
- The EVM is the runtime environment for executing smart contracts on the Ethereum blockchain. It allows for the creation of complex computed applications by providing a global state machine.

4. Ether (ETH):
- Ether is the native cryptocurrency of the Ethereum platform, used to pay for transaction fees and computational services. It serves as both a digital currency and a means to incentivize network participants.

5. Transition to Proof of Stake (PoS):
- Ethereum is currently in the process of transitioning from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) model, known as Ethereum 2.0 or Eth2. This transition aims to improve network scalability, security, and energy efficiency.

Use Cases:

1. DeFi (Decentralized Finance):
- Ethereum is the backbone of the DeFi movement, allowing for the creation of financial applications that operate without traditional banks, including lending platforms, decentralized exchanges (DEXs), and yield farming protocols.

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