What is ETH

1. What Is Ethereum?

Ethereum is a next-generation cryptographic ledger that intends to support numerous advanced features, including user-issued currencies, smart contracts, decentralized exchange, and the implementation of decentralized autonomous organizations (DAOs) or companies (DACs). Instead of attempting to specifically support each individual type of functionality as a feature, Ethereum includes a built-in Turing-complete scripting language, which allows you to code the features yourself through a mechanism known as “contracts”. A contract is like an autonomous agent that runs a certain piece of code every time a transaction is sent to it, and this code can modify the contract's internal data storage or send transactions. Advanced contracts can even modify their own code.

In simpler terms, Ethereum is an open-source platform for digital currency and blockchain that provides developers with a platform to build and deploy applications on the blockchain. Ethereum can be used to codify, decentralize, secure and trade just about anything: Voting, domain names, financial exchanges, crowdfunding, company governance, contracts and agreements of most kind, intellectual property, and even smart property thanks to hardware integration.

On February 28, 2017, a group of global companies representing the oil, gas, financial, and software development industries officially launched the Enterprise Ethereum Alliance (EEA), dedicated to developing Ethereum into an enterprise-grade blockchain. These companies include British oil giant BP, J.P. Morgan, software developer Microsoft, Accenture, Santander Bank, BlockApps, BNY Mellon, CME Group, ConsenSys, Intel, and Nuco. Many companies or organizations are developing projects based on the Ethereum blockchain and issuing tokens. The United Nations World Food Programme successfully used the Ethereum blockchain to aid 10,000 refugees.

2. Other Basics

English Name: Ethereum

Abbreviation: ETH

Developer: Vitalik Buterin

Core Algorithm: Ethash

Release Date: March 20, 2015

Total Supply: 72 million + 18.72 million/year

Main Features: Distinct features including digital currency and smart contracts

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. HTX does not take responsibility for any resulting direct or indirect losses.