Ethereum (ETH)
- Official Website: ethereum.org
- Definition: Ethereum is a decentralized, open-source blockchain platform that enables smart contracts and decentralized applications (dApps).
- Category: Blockchain, Layer 1 chain, Cryptocurrency.
- What It Is: A programmable blockchain that allows developers to build and deploy dApps and smart contracts.
- Function: Powers decentralized finance (DeFi), NFTs, and other blockchain-based applications.
- Analogy: Think of Ethereum as a global computer. Just like a computer runs programs, Ethereum runs decentralized apps.
- Pros: Highly versatile, large developer community, supports DeFi and NFTs.
- Cons: High gas fees, scalability challenges, competition from other Layer 1 chains.
- Controversies: Transition to proof-of-stake (Ethereum 2.0), regulatory scrutiny.
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This page was last updated on January 28, 2025.
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