Ethereum is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). It is based on blockchain technology and uses its native cryptocurrency called Ether (ETH) to fuel transactions and computational tasks on the network. Ethereum was proposed by programmer Vitalik Buterin in late 2013 and development began in early 2014, with the network going live on July 30, 2015. Unlike Bitcoin, which focuses primarily on being a digital currency, Ethereum's blockchain is designed to be a more versatile platform that can support a wide range of applications beyond simple peer-to-peer transactions.
Ethereum falls under the category of blockchain technology, specifically as a decentralized platform for creating smart contracts and dApps. The main idea behind Ethereum is to provide a platform for developers to build applications without the need for a centralized authority or intermediary. Smart contracts on Ethereum are self-executing contracts with the terms of the agreement directly written into lines of code. This automation reduces the need for trusted third parties and can streamline various processes across industries such as finance, healthcare, supply chain management, and more.
Founded by Vitalik Buterin, Ethereum has gained significant traction in the blockchain space since its launch. As of now, Ethereum holds a substantial market share in the blockchain industry, with its Ether cryptocurrency being one of the most traded digital assets globally. The platform's versatility and robust developer community continue to attract new projects and users, indicating a positive outlook for its market share in the future. With ongoing upgrades like Ethereum 2.0 aimed at improving scalability and reducing energy consumption, Ethereum is poised to grow further and solidify its position as a leading blockchain platform in the years to come.
