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What Is Ethereum?

Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity. As a blockchain network, Ethereum is a decentralized public ledger for verifying and recording transactions. The network's users can create, publish, monetize, and use applications on the platform, and use its Ether cryptocurrency as payment. Insiders call the decentralized applications on the network "dApps." As a cryptocurrency, Ethereum is second in market value only to Bitcoin, as of May 2021. Ethereum is an open-source blockchain-based platform that creates and shares business, financial services, and entertainment applications. Ethereum users pay fees to use dApps. The fees are called "gas" because they vary depending on the amount of computational power required. Ethereum has its own associated cryptocurrency, Ether or ETH. Its cryptocurrency is now second only to Bitcoin in market value.

Understanding Ethereum

Ethereum was created to enable developers to build and publish smart contracts and distributed applications (dApps) that can be used without the risks of downtime, fraud, or interference from a third party. Ethereum describes itself as "the world's programmable blockchain." It distinguishes itself from Bitcoin as a programmable network that serves as a marketplace for financial services, games, and apps, all of which can be paid for in Ether cryptocurrency and are safe from fraud, theft, or censorship.Ethereum's Founders Ethereum was launched in July 2015 by a small group of blockchain enthusiasts. They included Joe Lubin, founder of ConsenSys, a blockchain applications developer that uses the Ethereum network. Another co-founder, Vitalik Buterin, is credited with originating the Ethereum concept and now serves as its CEO and public face. Buterin is sometimes described as the world's youngest crypto billionaire. (He was born in 1994.) The Ether cryptocurrency was designed to be used within the Ethereum network. However, like Bitcoin, Ether is now an accepted form of payment by some merchants and service vendors. Overstock, Shopify, and CheapAir are among the online sites that accept Ether as payment.

Ethereum 2.0

As of May 2021, Ethereum was the second-largest virtual currency on the market, behind only Bitcoin. The number of ETHs in circulation crossed the 100 million mark back in 2018. Unlike Bitcoin, there is no limit to the number of ETHs that can be created. Ethereum is currently undergoing a long-awaited upgrade known as Ethereum 2.0, which is intended to allow the network to scale up while addressing congestion problems that have slowed it down in the past.10 (In 2017, a game called CryptoKitties single-handedly slowed down transactions on the platform.)