Ethereum Explained in 60 Seconds
9Ethereum is a decentralized, open-source blockchain platform introduced in 2015 by Vitalik Buterin. It enables the creation of smart contracts and decentralized applications (dApps) that run on its network without the need for intermediaries or central control. Smart contracts are self-executing agreements with the terms of the contract directly written into code, allowing for automatic execution when predefined conditions are met. Ether (ETH) is the native cryptocurrency of the Ethereum network, used for transactions and as "gas" to power smart contracts. Ethereum is different from Bitcoin in that it's not just a digital currency, but a platform for building a wide range of applications, such as decentralized finance (DeFi), gaming, and supply chain management. Ethereum is currently transitioning from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism called Ethereum 2.0, aimed at improving scalability, security, and energy efficiency. #ethereum #crypto #shorts