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08/08 13:18

What is Ethereum? Ethereum enables secure, progra

What is Ethereum?

Ethereum enables secure, programmable blockchain-based digital solutions

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Ethereum is a decentralized blockchain platform that helps in creating smart contracts and decentralized applications (DApps) using a built-in Turing-complete programming language. Powered by its native cryptocurrency, Ether, Ethereum supports a wide range of use cases beyond finance. It uses Proof of Stake (PoS) for consensus, making it more energy-efficient than Bitcoin’s Proof of Work (PoW) system.

History of Ethereum

Ethereum's journey began in 2013 when Vitalik Buterin proposed the idea of a decentralized platform for applications in his white paper. In 2014, Gavin Wood detailed the Ethereum Virtual Machine (EVM), and the development of Ethereum officially started. The network launched in 2015 with its genesis block, marking the birth of a new era in blockchain technology.

By 2018, Ethereum had become the second-largest cryptocurrency by market capitalization. In 2021, the London upgrade introduced EIP-1559 to improve transaction fee management. In 2022, Ethereum transitioned from Proof-of-Work to Proof-of-Stake through the Merge, drastically cutting its energy consumption by approximately 99.95%.

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