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Ethereum is a blockchain platform that enables developers to create and deploy smart contracts and decentralized applications (dApps). It is widely regarded as the leading platform for smart contract development, offering a flexible environment for innovation in the blockchain space.
What is Ethereum?
Ethereum was proposed in late 2013 by Vitalik Buterin and launched in 2015. Unlike Bitcoin, which primarily functions as a digital currency, Ethereum provides a platform for building programmable contracts and applications that run exactly as programmed without downtime or third-party interference.
How Does Ethereum Work?
Ethereum operates on a blockchain that records all transactions and smart contract executions. Developers write smart contracts using a programming language called Solidity. These contracts are then deployed on the Ethereum network, where they can automatically execute actions based on predefined conditions.
Key Features of Ethereum
- Smart Contracts: Self-executing contracts with terms directly written into code.
- Decentralization: No central authority controls the network.
- Ethereum Virtual Machine (EVM): A runtime environment for executing smart contracts.
- Ether (ETH): The native cryptocurrency used to pay for transaction fees and computational services.