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Ethereum is a decentralized blockchain platform that's known for its smart contract functionality. Here's a more detailed explanation:
Ethereum:
Blockchain Platform: Ethereum is a decentralized blockchain platform that allows developers to build and deploy decentralized applications (DApps) using smart contracts. It was proposed in late 2013 and development began in early 2014, with the network going live on July 30, 2015.
Smart Contracts: One of Ethereum's most significant innovations is its ability to execute smart contracts. Smart contracts are self-executing agreements with the terms of the contract written into code. These contracts automatically execute when predefined conditions are met, without the need for intermediaries.
Ether (ETH): The native cryptocurrency of the Ethereum platform is called "Ether" (ETH). Ether is used to pay for transaction fees and computational services on the network, making it an essential element for running DApps and executing smart contracts.
Decentralized Applications (DApps): Ethereum's primary purpose is to provide a platform for the development of decentralized applications. DApps can be used for a wide range of purposes, including finance, gaming, supply chain management, and more.
Ethereum 2.0: Ethereum has been undergoing a significant upgrade called Ethereum 2.0 (or ETH 2.0). This upgrade involves transitioning from a Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) to improve scalability, security, and energy efficiency.
Decentralized Finance (DeFi): Ethereum has played a central role in the development of the decentralized finance (DeFi) ecosystem. DeFi applications are built on Ethereum and provide financial services like lending, borrowing, and trading without traditional intermediaries.