What Is Ethereum?
#Ethereum is a blockchain-based network that allows developers to build and deploy dApps and smart contracts without third-party interference. It extends the blockchain's capabilities beyond digital currency, enabling programmable agreements and applications across various industries.
How Does #Ethereum Work?
Ethereum is as a decentralized blockchain network which enables its smart contracts and dApps to run without downtime or censorship at the protocol level. It utilizes a distributed ledger to record transactions and state changes in smart contracts.
Developers write smart contracts using languages like Solidity, which are compiled to run on the EVM. Transactions and computations are validated by network participants (nodes) and secured through consensus mechanisms. Ether serves as the medium for compensating validators and facilitating network operations.
$ETH Founders and History
Ethereum was first proposed in 2013 by Vitalik Buterin, aiming to expand blockchain's potential beyond financial transactions. Alongside co-founders Gavin Wood, Charles Hoskinson, Anthony Di Iorio and Joseph Lubin, Ethereum launched in 2015 after a successful crowdfunding ICO campaign. An ICO is an initial coin offering, something that is rarely seen today due to regulatory concerns. However, Ethereum pioneered the methodology leading to a spree of ICOs throughout the 2016-2017 bull run. The platform also introduced the Ethereum Virtual Machine and a programming language for smart contracts, marking a significant advancement in blockchain technology.