First of all, Ethereum is a decentralized blockchain platform which was launched in 2015 by Buterin and Joe Lubin. It is known as the second-biggest cryptocurrency after Bitcoin. But, its purpose differs and is actually a complement to Bitcoin. With it having the purpose to solve the shortcomings of Bitcoin. Furthermore, Ethereum mainly utilizes its unique program known as smart contracts, this program allows transactions to occur in the network without traditional intermediaries. Not only that, it gives a high level of transparency by having the transaction records to be verifiable, immutable and are securely distributed in the Ethereum network.
In the following show and explain relevant information about Ethereum:
1. Unlimited Possibilities
Initially, Ethereum is known to have flexible features. It allows developers to build on the blockchain. Potentially, it has unlimited capabilities starting from games up to complex environments like financial services.
2. Usage of the blockchain
Up until now, there has been successful establishment of certain applications on the blockchain. This includes Decentralized Finance (DeFi), Decentralized Autonomous Organization (DAO), NFTs, Crypto-games, and etc.
3. Future plans
Last but not least, the Ethereum platform has room for improvement and is currently undergoing a major move from ETH 1.0 into ETH 2.0. During the first phase, Proof of Stake is introduced in order to tackle the issues presented by the Proof of Work that is still the consensus mechanism of ETH 1.0.
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