Ethereum (ETH)
Ethereum (ETH) is a decentralized, open-source Blockchain platform that enables developers to build and deploy Smart Contracts and decentralized applications (dApps). Launched in 2015 by Vitalik Buterin and others, Ethereum features its own Cryptocurrency, Ether (ETH), which is used primarily as a Digital Currency and for transaction fees on the network.
Ethereum’s unique capability allows for programmable transactions, enabling developers to create a wide range of applications that can operate without the need for intermediaries. This functionality has led to the rise of Decentralized Finance (DeFi) platforms, non-fungible tokens (NFTs), and various other innovations.
Examples:
- Decentralized Finance (DeFi): Platforms like Uniswap and Aave allow users to trade cryptocurrencies or lend and borrow Assets without traditional banks.
- Non-Fungible Tokens (NFTs): Projects like CryptoPunks and Bored Ape Yacht Club have popularized unique Asset/">Digital Assets that represent ownership of art and collectibles.
- Initial Coin Offerings (ICOs): Many startups use Ethereum to raise funds by issuing tokens in exchange for ETH during their ICOs.
Overall, Ethereum has become a foundational layer for many Blockchain projects, fostering innovation in various sectors.