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What Is alETH Ethereum?

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.

Ethereum is a public blockchain-based platform that runs smart contracts and enables developers to build decentralized applications (dapps). Ethereum is the second-largest cryptocurrency by market capitalization, after Bitcoin.

What is Ethereum?

Ethereum was proposed in 2013 by Vitalik Buterin, a then-19-year-old Russian-Canadian programmer. Buterin had been involved in the development of Bitcoin from an early age and was frustrated by its limitations.

He believed that Bitcoin needed a scripting language for application development. So he proposed the creation of a new platform with a more general scripting language that would be capable of running smart contracts.

Ethereum launched in 2015 with its own currency, ether. Ether is used to pay for transaction fees and gas, which is used to run contract code on the Ethereum blockchain.

What are smart contracts?

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This code is stored on the blockchain and can be executed automatically when certain conditions are met.

Smart contracts were first proposed by Nick Szabo in 1996 as a way to facilitate, verify, or enforce the negotiation or performance of a contract. Szabo recognized that the centralized nature of traditional contract law meant that there were often opportunities for fraud or abuse.

He believed that distributed ledger technology could provide a solution to this problem by creating tamper-proof records of agreements.

What are decentralized applications?

Decentralized applications (dapps) are apps that run on a decentralized network such as the Ethereum blockchain. Dapps are similar to regular apps but they are powered by smart contracts instead of centralized servers.

This makes dapps more resistant to censorship, fraud, and third-party interference. .

Dapps can be built on any decentralized network but most are built on Ethereum because it is the most popular and has the largest developer community. The two most popular dapps built on Ethereum are CryptoKitties and Augur.

CryptoKitties is a digital collectible game where players can breed, trade, and sell virtual cats on the Ethereum blockchain. Augur is a decentralized prediction market where users can bet on the outcome of events such as elections and sporting events.

What is ether?
Ether (ETH) is the native currency of the Ethereum network. It is used to pay for transaction fees and gas, which is used to run contract code on the Ethereum blockchain.

Ether has become popular because it can be used to purchase goods and services, trade cryptocurrencies, or participate in decentralized finance (DeFi) protocols such as MakerDAO and Compound Finance.
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In conclusion, Ethereum is a public blockchain-based platform that runs smart contracts and enables developers to build decentralized applications (dapps). Ether (ETH) is the native currency of the Ethereum network and it is used to pay for transaction fees and gas.

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