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What Is Ethereum_

Ether (ETH): The platform's native cryptocurrency.<br>

Eddie14
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What Is Ethereum_

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  1. What is Ethereum? Ethereum is a global software platform that runs on blockchain technology. It's famous for two main reasons: Ether (ETH): The platform's native cryptocurrency. Development Platform: Used by developers to create blockchain and decentralized finance (DeFi) applications. Ethereum is:Decentralized: No central authority controls it. Scalable: Can grow to handle more transactions. Programmable: Developers can create various applications. Secure: Protects against unauthorized changes. Ether (ETH) is used to pay for transactions and services on the Ethereum network, and it can also be used for buying goods and services. Key Points: Ethereum is known for its cryptocurrency, ether (ETH). It uses blockchain technology to create secure digital ledgers. Ethereum and Bitcoin are similar but have different goals and limitations.

  2. Ethereum now uses a proof-of-stake system for transaction validation. It's the base for many new technologies using blockchain. History of Ethereum: Vitalik Buterin is credited with creating Ethereum and published a white paper about it in 2014. The platform officially launched in 2015, developed by Buterin and Joe Lubin, who founded the blockchain company ConsenSys. The founders saw blockchain's potential beyond just digital payments. Since its launch, ether (ETH) has become the second-largest cryptocurrency by market value, just behind Bitcoin. A Historic Split: In 2016, a group exploited a project called The DAO and stole over $50 million worth of ether. This led to a major event known as a hard fork: The majority of the Ethereum community chose to reverse the theft, creating a new blockchain. A smaller group kept the original blockchain, which became known as Ethereum Classic (ETC). Proof-of-Stake Transition: Ethereum originally used proof-of-work (like Bitcoin) for transaction validation, which required significant processing power. In 2022, Ethereum switched to proof-of-stake, a method that uses much less energy and processing power.

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