Ethereum is a decentralised blockchain platform that enables the creation and deployment of dApps and smart contracts by developers. New opportunities for decentralised applications across numerous industries have emerged thanks to its programmable blockchain and smart contract features. Ethereum remains a market leader in cryptocurrencies thanks to its high market value and expanding ecosystem of dApps.
Ethereum was developed in 2015 by a group of programmers under the direction of Vitalik Buterin. It was presented as an open-source blockchain platform that built on the idea of Bitcoin by enabling programmers to create more intricate applications on top of its network. The invention of smart contracts, self-executing contracts with set rules that autonomously enforce agreements without the need for middlemen, was Ethereum's breakthrough.
The main use case for Ethereum is to provide a platform for programmers to create and use smart contracts and dApps. Because the blockchain of Ethereum can be programmed, developers can build a variety of applications, including platforms for decentralised finance (DeFi), games, NFTs, and more. Because developers must pay transaction fees in Ether to communicate with the Ethereum network, these applications are powered by Ethereum's native money, Ether (ETH).
Ethereum has drawn interest as a possible store of wealth and investment asset, comparable to Bitcoin, in addition to its usage as a platform for dApps and smart contracts.
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