Ethereum - Page 12

Ethereum is an open-source, blockchain-based platform that enables developers to build and deploy decentralized applications (dApps) and smart contracts. Launched in 2015 by Vitalik Buterin and a team of co-founders, Ethereum introduced the concept of a programmable blockchain, allowing users to execute code directly on the blockchain in a secure and transparent manner.Ethereum uses its native cryptocurrency, Ether (ETH), to facilitate transactions on the network, which can include anything from simple transfers of digital currency to complex interactive applications. The platform operates on a decentralized network of nodes that validate and record transactions on the Ethereum blockchain, promoting transparency and security without the need for a central authority.In addition to smart contracts and dApps, Ethereum has played a significant role in the development of decentralized finance (DeFi) and non-fungible tokens (NFTs), contributing to its prominence in the blockchain ecosystem. Ethereum has undergone major upgrades to improve scalability and efficiency, including the transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model with Ethereum 2.0, aimed at reducing energy consumption and enhancing transaction throughput. Overall, Ethereum represents a foundational element of the broader cryptocurrency and blockchain landscape.