Ethereum (ETH)
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About ETH
Ethereum (ETH) is an open-source, decentralized blockchain platform that enables developers to build and deploy decentralized applications (dApps) and smart contracts. Created by Vitalik Buterin and launched in 2015, Ethereum introduced the concept of 'programmable money' by allowing developers to write code that runs on the blockchain, unlocking countless possibilities beyond simple transactions. Ethereum's native cryptocurrency, Ether (ETH), is used to pay for transaction fees and computational services on the network. As the foundation for much of the decentralized finance (DeFi) and NFT ecosystems, Ethereum continues to be a leader in blockchain technology, undergoing major upgrades like the shift to Proof of Stake (PoS) to improve scalability, security, and sustainability. With a thriving developer community and extensive infrastructure, Ethereum remains one of the most influential and widely adopted blockchains.
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Frequently Asked Questions about Ethereum
What is Ethereum (ETH)?
Ethereum (ETH) is a decentralized platform that enables developers to build and deploy decentralized applications and smart contracts. Known as the second-largest blockchain after Bitcoin, Ethereum supports programmable transactions and is widely used in DeFi and NFTs.
How does Ethereum work?
Ethereum operates on a blockchain that uses smart contracts—self-executing programs that run on the network. These contracts enable decentralized applications (dApps) and support a variety of use cases, from finance to gaming.
What is Ether (ETH) used for?
Ether (ETH) is the native cryptocurrency of Ethereum, used primarily to pay transaction fees and computational costs for running dApps and smart contracts on the network. It also serves as an asset in DeFi protocols.
How is Ethereum different from Bitcoin?
While Bitcoin is focused on being a digital currency, Ethereum is a programmable blockchain that allows for decentralized applications and smart contracts, which enable more complex functionality and use cases beyond payments.
What is Ethereum's Proof of Stake (PoS) consensus?
Ethereum recently transitioned from Proof of Work (PoW) to Proof of Stake (PoS), an upgrade designed to improve scalability, security, and environmental sustainability by reducing the energy-intensive mining process.
What are smart contracts?
Smart contracts are self-executing programs that run on Ethereum's blockchain. They enable secure, transparent, and automated agreements without intermediaries, which has led to the growth of decentralized finance and other innovative applications.
Where can I buy and store Ethereum?
You can buy ETH on most cryptocurrency exchanges and store it in various wallets, including MetaMask, MyEtherWallet, and Trust Wallet, which provide secure storage and easy access to Ethereum-based assets.
What are some popular applications on Ethereum?
Ethereum hosts a wide range of applications, including decentralized exchanges, DeFi protocols like Uniswap and Aave, and NFT marketplaces like OpenSea. It supports a thriving ecosystem of dApps and services.