EthereumPrice

(ETH)

Ethereum is a global, decentralized computing platform that functions as a fundamental layer for the Web3 ecosystem. It was first proposed in a whitepaper by programmer Vitalik Buterin in late 2013 and officially launched in July 2015. Unlike earlier blockchains designed primarily for digital currency, Ethereum was built to be a programmable network that allows developers to create and deploy decentralized applications, often referred to as dApps. At the heart of Ethereum is the concept of smart contracts. These are self-executing programs with the terms of the agreement directly written into code. They allow for complex transactions and agreements to be carried out without the need for a central authority or intermediary. To run these contracts, the network uses the Ethereum Virtual Machine, which is a decentralized environment that executes code across thousands of individual computers known as nodes. The native token of the network is called Ether or ETH. Within the ecosystem, it serves as the fuel for operations. Every action on the network, such as sending a transaction or interacting with a smart contract, requires a small amount of ETH to cover gas fees. These fees compensate the network participants who provide the computing power necessary to process and validate transactions. Originally, Ethereum operated using a proof-of-work consensus mechanism. However, in September 2022, the network completed a major technical upgrade known as the Merge. This transition moved the platform to a proof-of-stake system. Under this new model, the network is secured by participants who stake their ETH rather than by miners using energy-intensive hardware. This shift significantly reduced the network's energy consumption and introduced a new way for users to help secure the blockchain. Ethereum has fostered a vast ecosystem of innovation. It is the primary foundation for decentralized finance, which offers services like lending and borrowing through transparent protocols. It also popularized non-fungible tokens, which allow for the digital ownership of unique assets such as art, collectibles, and virtual real estate. Furthermore, the network supports a variety of Layer 2 scaling solutions designed to improve transaction speed and efficiency while maintaining the security of the main chain. As a cornerstone of Web3, Ethereum aims to decentralize the internet by giving users control over their data and identity. Through its open-source nature and robust developer community, it continues to evolve with ongoing updates intended to increase its scalability and long-term sustainability. Learn more

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