​​Ethereum 2023: Is It All Hype?

ETHEREUM

The Ethereum blockchain could revolutionize how we live, work, and play. It’s used for developing software called ‘smart contracts,’ which can be programmed using Ether (ETH), the native cryptocurrency on this platform.

Ethereum appears complex to those unfamiliar with cryptocurrency and blockchain technology. Crypto markets have been down since the FTX collapse and BlockFi bankruptcy. Yet people continue to build and invest in the tech.

What Is Ethereum?

Ethereum is unique because it allows smart contracts to be executed on its network. Recently, the Ethereum Merge switched the blockchain from proof of work to proof of stake.

On June 7, 2014, seven developers met in Zug, Switzerland, to discuss a new crypto project. They were all experienced in blockchain technology and saw the potential for using it to build a decentralized application.

Origin of Ethereum

They decided to call the project Ethereum smart contract and set to work on creating a new platform that would enable developers to create a decentralized Ethereum transaction.

Ethereum invented the idea of a blockchain smart contract system. A piece of computer code automatically carries out the terms of an internet-based contract between many parties.

What Makes Ethereum Unique

According to Wood, “the Ethereum blockchain was created as one computer for the entire planet.” Theoretically, it can improve any program’s sturdiness, censorship resistance, and fraud susceptibility during Ethereum mining by executing it on a globally dispersed network of public nodes or an Ethereum node.

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