Ethereum

Ethereum

Ethereum is a decentralized blockchain platform that enables the creation and execution of smart contracts and decentralized applications (DApps). Founded in 2015 by Vitalik Buterin and others, Ethereum is powered by its native cryptocurrency, Ether (ETH), which is used to pay for transaction fees and computational services on the network. The platform allows users to make transactions, earn interest through staking, store and trade non-fungible tokens (NFTs), and engage in various financial activities such as lending and borrowing without the need for intermediaries. Ethereum's network operates on a peer-to-peer basis, with thousands of nodes worldwide verifying and recording transactions on a public ledger called the blockchain. This decentralized system ensures the network's security and immutability. Smart contracts on Ethereum are self-executing agreements written in code, eliminating the need for central authorities or legal enforcement. Following "The Merge" in September 2022, Ethereum transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, enhancing scalability and environmental sustainability. Ethereum's ecosystem supports a wide range of functions, including decentralized finance (DeFi), gaming, and social media, making it a cornerstone of the emerging Web 3.0 landscape.