What is Ethereum ❓
Ethereum is a decentralized, open-source blockchain platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). It was proposed by Vitalik Buterin in late 2013 and went live in July 2015. Key features of Ethereum include🔹
1. Smart Contracts 💠
These are self-executing contracts with the terms of the agreement directly written into code. They automatically execute actions when predefined conditions are met, allowing for trustless transactions.
2. Decentralized Applications (dApps) 💠
Developers can create applications that run on the Ethereum blockchain, which are not controlled by any single entity. This promotes transparency and reduces the risk of censorship.
3.
Ether (ETH) 🔹
This is the native cryptocurrency of the Ethereum network, used to pay for transaction fees and computational services on the platform.
4.
Ethereum Virtual Machine (EVM)🔹
This is the runtime environment for executing smart contracts on the Ethereum network. It allows developers to write code in various programming languages, which is then compiled into bytecode that the EVM can execute.
5. Consensus Mechanism 📄
Ethereum initially used a proof-of-work (PoW) consensus mechanism, but it has transitioned to a proof-of-stake (PoS) model with the Ethereum 2.0 upgrade, which aims to improve scalability, security, and energy efficiency.
Ethereum has become a foundational platform for various projects in the decentralized finance (DeFi) space, non-fungible tokens (NFTs), and more, making it one of the most significant blockchain networks in the world.
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@Officially_Youtuber
