Ethereum is a decentralized, open-source blockchain platform that is often referred to as the “world computer.” Unlike Bitcoin, which was primarily designed as a digital currency, Ethereum was built to be a programmable blockchain. Its main innovation is the use of smart contracts, which are self-executing pieces of code that automatically run when pre-set conditions are met. These contracts enable developers to build a wide range of decentralized applications, or dApps, from financial services (DeFi) to games and digital collectibles (NFTs).
The network’s native cryptocurrency, Ether (ETH), is used to pay for transactions and computational services on the blockchain, a cost known as “gas.” Since its launch in 2015, Ethereum has become the backbone of a vast ecosystem of applications and projects, paving the way for a more open, transparent, and decentralized internet, often called Web3. In 2022, it underwent a major upgrade known as “The Merge,” which transitioned the network to a more energy-efficient Proof-of-Stake (PoS) consensus mechanism.
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