Exploring Ethereum: The Backbone of Decentralized Innovation | by Satyam Patel | The Capital | Jan, 2025
Ethereum, often referred to by its cryptocurrency Ether (ETH), stands as a pivotal innovation in the blockchain world. Unlike Bitcoin, which primarily serves as a digital currency, Ethereum introduces a platform where developers can build decentralized applications (dApps) and execute smart contracts. This article delves into the essence of Ethereum, its technology, applications, and the recent developments shaping its trajectory.
Launched in 2015 by Vitalik Buterin, Ethereum is an open-source, blockchain-based platform designed to facilitate the creation of decentralized applications through its native cryptocurrency, Ether. The platform’s key innovation is the use of smart contracts—self-executing contracts with the terms directly written into code, which automatically enforce and execute agreements between parties. This capability has made Ethereum the go-to platform for a myriad of applications beyond mere financial transactions.
Ethereum operates on a blockchain, a distributed ledger that records transactions across numerous computers. Initially, Ethereum utilized a Proof of Work (PoW) consensus mechanism…
