Ethereum
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Ethereum

ETH
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Ethereum

 

The Origins of Ethereum
Ethereum is a decentralized, open-source platform for building and running applications on blockchain technology. Inspired by Bitcoin,
Vitalik Buterin created the Ethereum platform in July 2015 with the goal of revolutionizing how the internet works.

Ethereum vs Bitcoin: Big Blockchains, Different Uses

Second only in scale to Bitcoin, Ethereum has been described as the world's most popular programmable blockchain platform. While both the Bitcoin and Ethereum platforms allow users to send and receive digital currency through a decentralized network, Ethereum goes one step further.

Using the Ethereum blockchain, anybody can design and run decentralized applications (dApps) on the network. The Ethereum blockchain allows a significant level of functionality for developers who want to build solutions on the platform.

This wide range of dApps enable users to engage in transactions directly without relying on a central authority. While Bitcoin is only a payment network, Ethereum is more like a marketplace of financial services, games, social networks and various apps.

Smart Contracts

As a programmable blockchain, Ethereum allows developers to create and deploy smart contracts. These are self-executing agreements with the terms of the agreement between buyer and seller being directly written into lines of code.

Smart contracts work hand-in-hand with dApps to automate processes, store data, and facilitate transactions – all without the need for a central authority.

Thanks to the transparency and security of smart contracts, the Ethereum network has emerged as the best choice to run a collective of financial products — alternatives to existing traditional finance offerings — known as decentralized finance (DeFi). It has also emerged as a popular blockchain for hosting non-fungible token (NFT) projects.

ETH: The Token Powering the Ethereum Network

The native token of the Ethereum network is Ether (ETH).

Like Bitcoin, Ether (or ETH) is a peer-to-peer currency that is used to pay for the computing resources and fees associated with each transaction on the Ethereum network. This transaction fee is a small fraction of ETH and is commonly called gwei or nanoether. It is generally referred to as a gas fee, suggesting it provides the “gas” which runs the network.

Being the fuel behind one of the most actively used blockchain platforms makes ETH the second-largest cryptocurrency — both by market capitalization and trading volume — after Bitcoin.

The Future of Ethereum

The Ethereum roadmap includes a series of interrelated protocol changes that aim to improve the network's scalability, security, and long-term viability. In its shift to Ethereum 2.0, the network upgraded its original proof-of-work (PoW) mechanism to a proof-of-stake (PoS) blockchain called the Beacon Chain. The Merge aims to remove Ethereum’s energy-intensive mining while the network is secured by staked ETH. It is a major step in the network’s journey to realize more scalability, security, and sustainability.

Ethereum’s functionality as a programmable blockchain will continue to make it a major player in the cryptosphere, especially with the rise of Web3, dApps and the push into fields like DeFi. This groundbreaking network is poised to play a huge role in revolutionizing the internet, which is exactly what its creator set out to achieve.