Ethereum (ETH) is a decentralized blockchain platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). Created by Vitalik Buterin in 2015, Ethereum goes beyond Bitcoin's simple payment functionality by providing a programmable blockchain.

Ethereum's native cryptocurrency, Ether (ETH), is used to pay for transaction fees and computational services on the network. It's the second-largest cryptocurrency by market cap and powers much of the DeFi (Decentralized Finance) and NFT ecosystems.

Key Characteristics of Ethereum

  • Smart Contracts: Self-executing contracts with terms written directly into code
  • dApp Platform: Thousands of decentralized applications built on Ethereum
  • Proof of Stake: Transitioned from energy-intensive mining to staking in 2022 (The Merge)
  • ERC-20 Tokens: Standard for creating fungible tokens on Ethereum
  • NFT Infrastructure: Most NFTs are built on Ethereum's ERC-721 standard

Real-World Example

When you use a decentralized exchange like Uniswap to swap tokens, you're using a smart contract on Ethereum. No centralized company controls the exchange—it's all automated code running on the Ethereum blockchain.

Understanding Ethereum is easier when you're familiar with these related concepts:

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