Ethereum is a decentralized, open-source blockchain system that features smart contract functionality. Launched in 2015, Ethereum has become one of the most well-known and widely used cryptocurrencies, second only to Bitcoin in terms of market capitalization.
The Ethereum platform allows developers to build and deploy decentralized applications (dApps) using smart contracts. These smart contracts are self-executing agreements with the terms of the contract directly written into code. This allows for the creation of a wide range of decentralized applications, including financial services, games, and decentralized autonomous organizations (DAOs).
Ethereum's native cryptocurrency is called Ether (ETH), which is used to compensate participants who perform computations and validate transactions on the network. Apart from its use as a digital currency, Ether also serves as a means for operating smart contracts within the Ethereum network.
In addition to its technical functionality, Ethereum has a strong community of developers and contributors who continue to work on improving the platform and expanding its use cases. The Ethereum project has also been at the forefront of developments in blockchain technology, including the transition from proof of work to proof of stake consensus mechanisms.
Overall, Ethereum has played a significant role in advancing the capabilities of blockchain technology and has become a key player in the cryptocurrency and decentralized application space.
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