What is Ethereum?
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It was created in 2015 by Vitalik Buterin, a Russian-Canadian programmer and co-founder of Bitcoin Magazine.
Ethereum operates using a virtual machine called the Ethereum Virtual Machine (EVM), which executes smart contracts written in the programming language Solidity. The EVM is powered by Ether (ETH), the native cryptocurrency of the Ethereum network. Ether is used to pay for the computational power required to run dApps and smart contracts on the network.
Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. They are stored and replicated on the Ethereum blockchain, and can be used for a variety of purposes such as financial transactions, supply chain management, and voting systems.
dApps are applications that run on a decentralized network, such as the Ethereum blockchain. They have no central point of control and are open-source, allowing for transparency and security. dApps can be used for a wide range of purposes such as gaming, social media, and prediction markets.
Ethereum is a powerful platform for creating decentralized and transparent applications and smart contracts. Its use of smart contracts and dApps has the potential to disrupt a wide range of industries and bring new levels of efficiency and security to online transactions.