Overview

Ethereum is like a giant global computer that anyone can use to create and run applications that work without any central authority controlling them.

Think of it as a platform where you can build digital services that run exactly as programmed, without any possibility of downtime, censorship, or outside interference.

The system uses its own currency called Ether to pay for using the network.

Since its inception, Ethereum has grown to become the leading platform for decentralized applications (dApps) and decentralized finance (DeFi).

This revolutionary technology has transformed how we think about digital ownership and online transactions.

Technology

At its heart, Ethereum works like a really smart record-keeping system that everyone can trust.

Instead of having one company's computers running everything, thousands of computers around the world work together to keep the system running.

The special thing about Ethereum is that it lets people write 'smart contracts' - these are like digital agreements that automatically do what they're supposed to do without needing anyone to manage them.

Imagine if your bank account could automatically pay your rent every month without any bank being involved - that's the kind of thing Ethereum makes possible.

These smart contracts can be used for everything from simple payments to complex financial services.

The system uses something called the Ethereum Virtual Machine (EVM), which is like a giant shared computer that runs these smart contracts.

Every time someone wants to do something on Ethereum, they have to pay a small fee called 'gas' to use this virtual computer.

This helps prevent spam and makes sure the network runs smoothly.

With the transition to Proof of Stake, the network now processes transactions through validators instead of miners, making it more energy-efficient and accessible.

This change has made Ethereum much more environmentally friendly while maintaining its security and reliability.

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