Ethereum Explained

What Is Ethereum?

Ethereum is a decentralized, open-source blockchain featuring smart contract functionality.

Ether (ETH) is the native cryptocurrency of the platform. It is the second-largest cryptocurrency after Bitcoin. Ethereum is the most actively used blockchain in the world. This is in part due to its smart contract language which allows companies and individuals to build financial products on top of the Ethereum blockchain. 

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Ethereum was proposed in 2013 by programmer Vitalik Buterin. Development was crowdfunded in 2014, and the network went live on 30 July 2015, with 72 million coins pre-mined. The Ethereum Virtual Machine (EVM) can execute Turing-complete scripts and run decentralized applications. Ether is used for decentralized finance and has been utilized for many initial coin offerings.

Ethereum is currently planning to implement a series of upgrades called Ethereum 2.0, which includes a transition to proof of stake and an increase in transaction throughput using sharding.

In order to understand the value of ETH, it is essential first to know why the Ethereum platform is so important.

So, what exactly is the purpose of ETH? Ether is essentially the currency used to pay Ethereum platform fees. So, the more investors buy ETH, and the more developers use the Ethereum platform, the higher the value of Ether.

The Ethereum platform is also known as the Ethereum blockchain. Developers can also create new applications on the Ethereum platform, which require ETH.

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