Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It was first proposed in 2013 by Vitalik Buterin, a programmer and cryptocurrency researcher, and it was launched in July 2015.
Ethereum is different from Bitcoin in several ways. One of the most significant differences is that Ethereum has its own programming language, which allows developers to build and deploy smart contracts and dApps on the Ethereum blockchain. This has led to the creation of a vast ecosystem of decentralized applications, including decentralized exchanges, prediction markets, and decentralized finance (DeFi) platforms.
Another key difference between Ethereum and Bitcoin is the way they handle transactions. Bitcoin uses a proof-of-work (PoW) consensus mechanism, which requires miners to solve complex mathematical problems in order to validate transactions and add them to the blockchain. Ethereum is also using PoW, but it’s expected to move to proof-of-stake (PoS) in the future. PoS is a different consensus mechanism that allows users to validate transactions and add them to the blockchain by staking their own coins as collateral.
Ethereum also has its own cryptocurrency, called Ether (ETH), which is used to pay for transactions on the Ethereum network and to pay for the computational resources required to run smart contracts and dApps.
Ethereum has been one of the most successful and widely used blockchain platforms since its launch, and it has played a significant role in the development of the broader cryptocurrency and blockchain industry.
