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What is Ethereum? The Complete Guide

Ethereum explained: smart contracts, dApps, DeFi and why ETH is the second-largest cryptocurrency.

What is Ethereum?

Ethereum is a decentralized platform that lets developers build and run applications without a central authority. It was launched in 2015 by Vitalik Buterin.

Its native cryptocurrency, Ether (ETH), powers the network and is the second-largest cryptocurrency by market cap.

Smart contracts and dApps

Ethereum introduced smart contracts – self-executing programs that run automatically when certain conditions are met. They remove the need for intermediaries.

These smart contracts power decentralized applications (dApps) for finance, gaming, and more.

What is Ethereum used for?

Ethereum is the foundation of DeFi (decentralized finance), NFTs, and most of the crypto ecosystem. Most tokens are built on Ethereum.

It's also transitioning to a more energy-efficient proof-of-stake system.

FAQ

Is Ethereum the same as Bitcoin?
No. Bitcoin is digital money, while Ethereum is a platform for building applications. ETH is its fuel.
What are gas fees?
Gas fees are the transaction costs on Ethereum. They vary with network demand.
How is Ethereum different from Ether?
Ethereum is the network, Ether (ETH) is the cryptocurrency used to pay for transactions on it.