Ethereum is a decentralized blockchain platform that allows developers to build and deploy smart contracts and decentralized applications (dApps). Launched in 2015 by Vitalik Buterin, Ethereum extends beyond the functionalities of Bitcoin by not only being a cryptocurrency but also a platform for decentralized computing.
### Key Features:
1. **Smart Contracts**: These are self-executing contracts with the terms written into code. They automatically enforce and execute agreements, eliminating the need for intermediaries.
2. **Decentralized Applications (dApps)**: Ethereum enables the creation of decentralized apps that run without downtime, censorship, or third-party interference.
3. **Ether (ETH)**: Ether is Ethereum’s native cryptocurrency. It's used to pay for transactions and computational services on the network.
### Proof-of-Stake Transition
In 2022, Ethereum transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS) through the Ethereum 2.0 upgrade, reducing energy consumption and improving scalability.
Ethereum’s flexibility and innovation have made it a leading blockchain platform for decentralized finance (DeFi), non-fungible tokens (NFTs), and much more, shaping the future of the decentralized web.
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