Ethereum Striking :)
Ethereum is a decentralized, open-source blockchain platform that allows developers to build and deploy smart contracts and decentralized applications (DApps). It was proposed by Vitalik Buterin in late 2013 and launched in July 2015.
At its core, Ethereum works on the principle of a distributed network of computers called nodes, each running a copy of the Ethereum blockchain. These nodes work together to validate and record transactions, ensuring consensus and security on the network.
One of the key features of Ethereum is its ability to execute smart contracts. Smart contracts are self-executing agreements with predefined rules and conditions written into the code. Once these conditions are met, the contract automatically executes without the need for intermediaries. This enables decentralized applications to run autonomously and securely, without censorship or downtime.
Ethereum also has its own cryptocurrency called Ether (ETH), which serves as both a digital currency and a utility token on the Ethereum network. Ether is used to pay for computational services, transaction fees, and as an incentive for miners to secure the network.
Ethereum operates on a consensus mechanism called Proof of Stake (PoS), although it is currently transitioning from Proof of Work (PoW) to PoS through an upgrade called Ethereum 2.0. In PoS, validators are selected to create new blocks and validate transactions based on the number of coins they hold and lock up as collateral, rather than relying on computational power alone.
The Ethereum network has gained popularity for its ability to enable decentralized finance (DeFi) applications, tokenization, decentralized exchanges, and non-fungible tokens (NFTs). It has become the foundation for many blockchain-based projects and has a vibrant developer community contributing to its growth and innovation.