What does Ethereum do?
Ethereum is an open source blockchain platform that provides a platform for developing and executing decentralized applications. It provides the following main features: Smart contracts: self-executing code that performs actions when specific conditions are met. Decentralized Applications (DApps): Not controlled by a central entity and can be accessed and used by anyone with an internet connection. Cryptocurrency Ethereum (ETH): Pays transaction fees and incentivizes nodes in the network. Blockchain technology: a distributed ledger that provides decentralized, transparent and secure record and data storage.
#What does Ethereum do?
Ethereum is an open source blockchain platform that provides a platform for the development and execution of decentralized applications (DApps). Founded in 2015 by Vitalik Buterin, it aims to expand the possibilities of Bitcoin to create not only digital currencies but also smart contracts and other blockchain-based applications.
The main features of Ethereum include:
- Smart contracts: Ethereum allows developers to create and deploy smart contracts, which are stored on the blockchain Automatically executed code. These contracts can define rules and conditions to automatically perform actions when certain conditions are met. For example, smart contracts can be used to create automated payments, voting systems, or supply chain management tools.
- Decentralized Applications (DApps): Using smart contracts, developers can build and deploy decentralized applications on the Ethereum network. These applications are not controlled by a central entity and can be accessed and used by anyone with an internet connection.
- Cryptocurrency Ethereum (ETH): The Ethereum network uses a native cryptocurrency called Ethereum (ETH). ETH is used to pay transaction fees and incentivize nodes in the network.
- Blockchain Technology: Ethereum is built on blockchain technology to provide decentralized, transparent and secure recording and data storage solutions. Blockchain is a distributed ledger that stores transactions and data in a shared, immutable network.
Overall, Ethereum is a blockchain platform designed to provide infrastructure for decentralized application development. It opens up possibilities for a new generation of innovative and disruptive applications through the combination of smart contracts, DApps, cryptocurrencies and blockchain technology.
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