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What is Ethereum (ETH)?

Ethereum is the second largest cryptocurrency in the crypto market and the first blockchain network that allows decentralised applications (dApps) to be developed on it. Before Ethereum, most blockchains and cryptocurrencies were mainly used for person-to-person money transfers, but after Vitalik Buterin came up with the idea of Ethereum, decentralised applications that we use in daily life started to be created. Ether (ETH) is the native currency of the Ethereum blockchain, which is used for transaction fees, governance mechanisms, and validator staking. If you imagine Ethereum as a shopping mall, think of different applications on each floor (layers of Ethereum) where users buy and sell things from different applications within the mall. The base currency of this mall is ETH.

The History of Ethereum

Ethereum was founded in 2013 by 8 co-founders: Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, Amir Chetrit, Charles Hoskinson, Gavin Wood, Jeffrey Wilcke, and Joseph Lubin. Among these names, Vitalik Buterin remains the most prominent figure still working on Ethereum. The Ethereum network, which started development in 2014, was launched on July 30, 2015. In September 2022, Ethereum underwent its most significant update called 'The Merge', transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS), reducing the network's energy consumption by 99%. This marked a pivotal moment in blockchain history, making Ethereum more sustainable and efficient.

The Use Case of Ethereum

Since its inception, Ethereum has been home to many different categories of decentralised applications. These include Decentralised Finance (DeFi), NFTs, Games, Marketplaces, and Social Media applications. Popular dApps include Aave, Uniswap, OpenSea, and Ethereum Name Service. Ethereum enables smart contracts - self-executing contracts with terms written directly into code - which power everything from lending protocols to digital art marketplaces. The platform has become the foundation for Web3 development, allowing developers to create decentralised alternatives to traditional centralised services.

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