Virtual Digital Assests

What Is Ethereum?

Share
Share

Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts.

Vitalik Buterin, credited with conceiving Ethereum, published a white paper to introduce it in 2014.

The Ethereum platform was launched in 2015 by Buterin and Joe Lubin, founder of the blockchain software company Consensus.

Since the launch of Ethereum, ether as a cryptocurrency has risen to become the second-largest cryptocurrency by market value. It is outranked only by Bitcoin.

Despite the growth of alternative blockchain networks, decentralized applications (dApps) exist almost exclusively on the Ethereum blockchain. 

dApps are smart contracts programmed for a specific and recurring use.

There are over 3,600 dApps deployed on Ethereum as of December 2022. This is more than the total numbers of dApps deployed on any other general purpose blockchain platform in the world combined. 

Ethereum hosts more than 200,000 ERC tokens, some of which are part of the top 100 largest cryptocurrencies.

Decentalized Finance (DeFi) allows users to trade assets and borrow and lend directly to one another without involving banks, and acts as a means to creatively unlock value – for payments, loans, insurance and more.

Both bitcoin and Ethereum used to operate using the proof-of-work consensus.

However, on September 2022, Ethereum switched from using energy-intensive technology to a more sustainable system in a major update called “the merge.”

The merge is Ethereum’s transition from proof of work consensus to energy efficient proof of work consensus, also tagged as Ethereum 2.0. 

Share

Latest News

Crypto.com Launches Tokenized Stocks With 24/7 Access To NVDA, TSLA & AAPL
News

Crypto.com Launches Tokenized Stocks With 24/7 Access To NVDA, TSLA & AAPL

With access starting at only $1, Crypto.com’s tokenized stocks provide qualified customers 24/7 price exposure to key US equities and exchange-traded funds,...

Standard Chartered-led Anchorpoint Launches Hong Kong Dollar Stablecoin
News

Standard Chartered-led Anchorpoint Launches Hong Kong Dollar Stablecoin

Four months after obtaining one of the city’s first two issuer licenses, Standard Chartered-led Anchorpoint Financial has begun a limited rollout of...

Goldman Sachs Expands ETF Business With $2.3B NEOS Acquisition
News

Goldman Sachs Expands ETF Business With $2.3B NEOS Acquisition

In order to extend its operations in actively managed exchange-traded funds and add around $30 billion in assets, Goldman Sachs has agreed...

Strategy CEO Says Company Will Resume Bitcoin Accumulation Before Year-end
News

Strategy CEO Says Company Will Resume Bitcoin Accumulation Before Year-end

Strategy CEO Phong Le said the company remains committed to increasing its Bitcoin holdings and expects to resume purchases before the end...

Related Articles

Stablecoins Go Mainstream: How Hong Kong’s Bold Regulation Is Shaping Future Of Digital Finance

The word “stablecoin” is no longer limited to tech jargon in today’s...

Institutional Restaking On the Rise: What is it and What Are the Pitfalls?

Restaking has proven to be a way to generate additional rewards by...

The Hidden Risks Behind the Digital-Asset Treasury Boom

Since Strategy (formerly MicroStrategy) restructured its business model to focus on acquiring...

Ethereum Fusaka Upgrade Set For December 3: What It Means For ETH

Ethereum is bracing up for one of its most ambitious protocol upgrades...