Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). It's essentially a global, programmable computer where developers can build and deploy applications that operate without downtime, fraud, or third-party interference. The platform's native cryptocurrency is Ether (ETH), which is used for transactions and as an incentive for miners. What Is Ethereum And How Does It Work? | Bankrate Here's a more detailed explanation: Decentralized and Open-Source: Ethereum is not controlled by any single entity, and its code is freely available for anyone to use and modify. Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code, stored on the blockchain. Decentralized Applications (dApps): Ethereum allows developers to build and deploy dApps, which are applications that run on a decentralized network, offering features like transparency and security. Ether (ETH): The native cryptocurrency of the Ethereum network, used for transactions and as a reward for miners. Blockchain 2.0: Ethereum is often referred to as "Blockchain 2.0" because it expanded the use of blockchain technology beyond just digital currency to other sectors like finance, gaming, and more. Turing-Complete: Ethereum's virtual machine (EVM) is Turing-complete, meaning it can execute any computation, allowing for complex applications to be built.
