Can you explain the basics of Ethereum?

[XKUBI]

Certainly! Ethereum is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (DApps). It was proposed by Vitalik Buterin in late 2013 and went live on July 30, 2015. Here are some key concepts and components of Ethereum:

Blockchain: Ethereum uses a blockchain, which is a distributed and immutable ledger of transactions. It is a chain of blocks, each containing a list of transactions. This decentralized and transparent nature ensures security and prevents tampering.
Ether (ETH): Ether is the native cryptocurrency of the Ethereum platform. It is used to compensate participants who perform computations and validate transactions. It's also commonly used as a digital currency, similar to Bitcoin.

 

[Suba]

Ethereum is a blockchain network that initially implemented the PoW consensus mechanism and has completely merged into PoS, especially useful for recording and verifying transactions. The Ethereum blockchain is often leveraged to launch new crypto projects. Nodes on the Ethereum blockchain not only record Ether transactions but also tokens and smart contracts.

 

[Crystal]

Ethereum is actually a Blockchain ecosystem that enable users to stake and generate income through the use of POS, it's a Blockchain ecosystem allowing others cryptocurrency to build on is chain.