$ETH
Ethereum is a decentralized, open-source blockchain platform that allows developers to build and deploy smart contracts and decentralized applications (dApps). Unlike Bitcoin, which primarily serves as a digital currency, Ethereum enables a wider range of applications through its ability to run code in a decentralized manner.
Key features of Ethereum include:
1. Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code. They automatically execute actions when predefined conditions are met, without the need for intermediaries.
2. Ether (ETH): The native cryptocurrency of the Ethereum network, used to pay for transaction fees, computational services, and to incentivize miners (or validators in Ethereum 2.0).
3. Decentralized Applications (dApps): Applications that run on the Ethereum blockchain, often used in fields like finance (DeFi), gaming, supply chain, and more.
4. Ethereum 2.0 (Eth2): Ethereum is undergoing an upgrade to improve scalability, security, and energy efficiency. This includes transitioning from a Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS).
5. Gas Fees: Ethereum transactions require "gas," a unit of measurement for the computational work required to process a transaction or smart contract. Gas fees can vary depending on network congestion.
Ethereum is considered one of the most prominent platforms in the blockchain and cryptocurrency space, enabling a wide range of innovations beyond simple financial transactions.
