Ethereum is a public, open-source, decentralized platform that runs smart contracts on a blockchain with a native cryptocurrency called ether.
Ethereum was proposed in 2013 by Vitalik Buterin, a Russian-Canadian programmer. Buterin had spotted flAWS in Bitcoin’s design and wanted to create a platform that would be more general and flexible than Bitcoin.
The Ethereum platform went live in 2015. Since then, it has become one of the most popular cryptocurrency platforms, with ether ranking second behind Bitcoin in terms of market capitalization.
There are a number of ways in which Ethereum can be used. The most common use case is for smart contracts.
A smart contract is a piece of code that runs on Ethereum and can be used to automatically execute transactions or other agreements between parties.
Smart contracts can be used for a wide range of applications, such as creating decentralised applications (dapps) or tokens. Dapps are applications that run on Ethereum’s decentralised network and are often open source.
Tokens are digital assets that can be used to represent anything from loyalty points to shares in a company.
Ethereum also supports decentralised finance (DeFi) applications, which are financial applications built on Ethereum that take advantage of its smart contract functionality. DeFi applications include protocols for lending, borrowing, trading and other financial services.
The use of Ethereum has been growing steadily since its launch, with more and more developers building applications on the platform. This has led to an increase in the price of ether, the native cryptocurrency of Ethereum.
In recent months, there has been growing interest in a new use case for Ethereum: so-called “ETH 2.0”.
ETH 2.0 is a major upgrade to the Ethereum network that is designed to improve its scalability and efficiency.
One key part of ETH 2.0 is something called “sharding”.
Sharding is a way of dividing the Ethereum network into multiple smaller networks, each of which can process transactions independently. This should theoretically allow the Ethereum network to process many more transactions per second than it can at present.0 is still in development and is not expected to be fully operational until 2022 at the earliest.
However, the launch of ETH 2.0 testnets earlier this year has generated excitement among Ethereum enthusiasts and caused the price of ether to rise sharply.
So does Ethereum get burned? No, not really!.