Ethereum

Ethereum is a decentralized blockchain platform launched in 2015 by Vitalik Buterin and other co-founders that enables the creation and execution of smart contracts and decentralized applications (dApps). Unlike Bitcoin which primarily functions as a digital currency, Ethereum was designed as a programmable blockchain that can be used to build and deploy decentralized software applications, creating what some call a "world computer."

The platform runs on its native cryptocurrency called Ether (ETH), which is used to pay for transaction fees and computational services on the network. Ethereum introduced several revolutionary concepts to the blockchain space, including smart contracts - self-executing contracts with the terms directly written into code - and the ability to create other digital tokens using its ERC-20 standard. This functionality has enabled the development of numerous applications including DeFi (decentralized finance) protocols, NFTs (non-fungible tokens), and DAOs (decentralized autonomous organizations).

Ethereum has undergone several major upgrades since its inception, most notably the transition from a Proof of Work to a Proof of Stake consensus mechanism in 2022 (known as "The Merge"), significantly reducing its energy consumption. The platform has become the foundation for much of the Web3 ecosystem, hosting thousands of decentralized applications and serving as the primary infrastructure for digital innovation in the blockchain space. Its large developer community and extensive tooling have made it the most widely used smart contract platform in the cryptocurrency ecosystem.