Ethereum is a decentralized blockchain platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). It was proposed in late 2013 by programmer Vitalik Buterin and development was crowdfunded in 2014. Ethereum’s blockchain features its own cryptocurrency, called Ether (ETH), which is used primarily as digital currency but also serves as a means to execute smart contracts and pay for transaction fees on the network.
One of Ethereum’s key innovations is the introduction of a Turing-complete programming language, allowing developers to create complex applications that can operate without intermediaries. This capability has led to a wide range of projects, including decentralized finance (DeFi), non-fungible tokens (NFTs), and various other blockchain-based solutions.
Ethereum has undergone several updates, including the transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model with the Ethereum 2.0 upgrade, aimed at improving scalability, security, and energy efficiency. Ethereum’s open-source nature encourages collaboration and innovation, making it one of the leading platforms in the blockchain ecosystem.
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