Ethereum
Ethereum is a decentralized open-source blockchain featuring smart contract functionality. It allows developers to build and deploy decentralized applications that run on blockchain technology.
blockchain
smart-contracts
decentralized
Ethereum: Decentralized Open-Source Blockchain with Smart Contracts
Ethereum is a decentralized open-source blockchain featuring smart contract functionality. It allows developers to build and deploy decentralized applications that run on blockchain technology.
What is Ethereum?
Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), that can execute scripts using an international network of public nodes. Ethereum's internal currency is called Ether (ETH), and is used to pay for transaction fees and computational services on the Ethereum network.
Ethereum was proposed in 2013 by programmer Vitalik Buterin and went live in 2015. Unlike Bitcoin, which focuses primarily on payment transactions, Ethereum enables developers to build and deploy decentralized applications that run on blockchain technology. Some key capabilities and features of Ethereum include:
- Smart contracts - These are applications that run exactly as programmed without possibility of downtime, censorship, fraud or third party interference.
- Decentralized apps (Dapps) - These can have frontend code and user interfaces written in any language, while relying on the blockchain for security.
- Ethereum Virtual Machine (EVM) - Runs smart contract bytecode in a sandboxed virtual state to isolate applications from each other and the network.
- Uses a Proof of Work consensus algorithm that allows distributed consensus and trustless transaction verification.
- Native cryptocurrency (Ether) can be used for payments between different applications.
Because of its robust support for smart contracts and decentralized applications, Ethereum has grown to become the leading blockchain platform for developers looking to leverage the advantages of blockchain technology for various use cases.
Ethereum Features
Features
- Decentralized blockchain
- Smart contracts
- DApps
- Proof-of-Work consensus
- Ether cryptocurrency
Pricing
- Open Source
Pros
Decentralization increases security
Smart contracts enable automation
Supports wide range of applications
Large developer community
Cons
Scaling limitations
High gas fees
Complex for non-technical users
Prone to bugs in smart contracts
Official Links
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