Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. Founded in 2013 by Vitalik Buterin and a team of co-founders, Ethereum raised over $18 million in a crowd sale. Since its launch in 2015, Ethereum has gone through several network updates and hard forks, including the recent “London” upgrade.
One of Ethereum’s key innovations is its smart contract platform, allowing for the execution of decentralized applications and contracts without the need for intermediaries. The platform’s native currency, Ether, is used for various transactions on the network.
Over the years, Ethereum has faced scalability and high gas fee issues, leading to the emergence of alternative blockchains claiming to be “Ethereum killers.” However, Ethereum has maintained its position as the second-largest cryptocurrency by market capitalization and is a leading platform for NFT trading activities.
With the transition to proof-of-stake through Ethereum 2.0 and recent upgrades like EIP-1559, Ethereum aims to address scalability, gas fee reduction, and energy consumption concerns. The upcoming Shanghai Upgrade will enable ETH stakers to withdraw their rewards, further enhancing the platform’s functionality.
Follow the latest developments in the world of Ethereum and blockchain technology for insights into the future of decentralized finance and applications.
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