By Kapil Rajyaguru

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 ConsenSys.

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. 

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