19. March 2023

Ethereum (ETH)

ismynt.is

Ethereum is a decentralized blockchain-based platform that enables developers to build decentralized applications (DApps) and deploy smart contracts. It was proposed in late 2013 by the young Vitalik Buterin, and the platform went live in July 2015. The development and implementation was performed by a wide range of people, and worth mentioning is Gavin Wood who later went on to create the Polkadot blockchain. He has the honor of designing an implementing the EVM, Ethereum Virtual Machine, the execution system that make it possible for the ethereum network to execute smart contracts and dApps. Wood later used his experience on the Ethereum devlopment to create Polkadot with upgrades that were too difficult to add to the Ethereum codebase.

Like Bitcoin, Ethereum has its own native cryptocurrency called Ether (ETH), which is used to pay for transaction fees and computational services on the network. However, Ethereum's primary focus is on providing a platform for developers to build decentralized applications and execute smart contracts.

Smart contracts are self-executing computer programs that can be coded to automatically execute certain functions when certain conditions are met. These contracts run on the Ethereum network and can be used to create a wide range of applications, including decentralized finance (DeFi) platforms, prediction markets, and social networks.

One of the unique features of Ethereum is its ability to create and deploy new cryptocurrencies, known as tokens, on its platform. These tokens can be used for a wide range of purposes, including voting rights, access to certain features or services, and even as a form of digital currency.

Overall, Ethereum is a powerful platform that is driving innovation in the blockchain and cryptocurrency space, and it has attracted a growing number of developers and businesses to its ecosystem.