What is Ethereum and How Does it Work?

Blockchain Platform: Ethereum is an open-source, decentralized blockchain platform that allows developers to build and deploy smart contracts and decentralized applications (DApps).

Smart Contracts: It introduces the concept of smart contracts, self-executing contracts with terms written directly into code. They automatically execute when predefined conditions are met.

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Ether (ETH): Ether is the native cryptocurrency of the Ethereum platform, used for transactions and to incentivize miners to secure the network.

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Decentralization: Ethereum operates on a decentralized network of computers (nodes) globally, removing the need for a central authority.

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EVM: Ethereum Virtual Machine (EVM) is the computing environment where smart contracts are executed. It ensures consistency across all nodes.

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Gas Fees: Users pay a small fee, known as gas, to execute transactions and run smart contracts. This prevents network spam and ensures prioritization.

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Constant Development: Ethereum is a dynamic ecosystem, constantly evolving with upgrades and improvements to enhance scalability, security, and functionality.

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Use Cases: Beyond cryptocurrency, Ethereum's versatile platform is utilized for various applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, and more.

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ETHEREUM PRICE HISTORY

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