Ethereum is a decentralized blockchain platform that enables the creation and execution of smart contracts, as well as the development of decentralized applications (dApps). It was introduced in 2015 by Vitalik Buterin, and since then, it has become one of the most prominent and widely used blockchain platforms.
Ethereum is based on the Bitcoin blockchain, but it has a number of advantages, including:
- Scalability: Ethereum is designed to be scalable, which means that it can handle a large number of transactions. This makes it a good platform for dApps that require a high volume of transactions.
- Interoperability: Ethereum is designed to be interoperable with other blockchains, which means that dApps can be developed that interact with other blockchain-based applications.
History
The idea of Ethereum was first described in a whitepaper by Vitalik Buterin, published in late 2013. Buterin aimed to build upon the success of Bitcoin by creating a blockchain platform that could support more complex applications beyond digital currency. In 2014, Buterin and a team of developers conducted an initial crowdsale, raising funds to support the development of Ethereum.
The Ethereum network went live on July 30, 2015, with the release of the Frontier network. Since then, Ethereum has undergone several major upgrades, including the release of the Homestead, Metropolis, Constantinople, and Istanbul hard forks. These upgrades introduced various improvements to the Ethereum network, including enhanced security, scalability, and functionality.
Ether (ETH)
Ether is the native cryptocurrency of the Ethereum network. It serves as a means of value transfer within the platform and is used to incentivize miners to secure the network and validate transactions. Additionally, Ether is used to pay for transaction fees and computational services on the network.
