Introduction
Ethereum is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (DApps). It is powered by its native cryptocurrency called Ether (ETH), which is used for transactions and computational services on the Ethereum network.
What is Ethereum?
Ethereum was proposed by programmer Vitalik Buterin in late 2013 and development began in early 2014. The Ethereum platform went live on July 30, 2015, with 72 million coins pre-mined. Ethereum allows developers to create smart contracts, which are self-executing contracts with the terms of the agreement directly written into code.
How Does Ethereum Work?
Ethereum operates on a blockchain, similar to Bitcoin, but with a focus on running the programming code of any decentralized application. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract), and many other things that have not been invented yet, all without a middleman or counterparty risk.
Conclusion
Ethereum has revolutionized the world of blockchain technology and opened up endless possibilities for developers to create decentralized applications. With its innovative approach to smart contracts and DApps, Ethereum continues to be a driving force in the cryptocurrency space.