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  • Writer's picturemicropapa68

Ethereum Teaching (1): From Blockchain Platform to Decentralized Future



Ethereum was co-founded by Vitalik Buterin and Joe Lubin in 2015, and was designed for a wider range of applications beyond payments, such as powering decentralized applications (Dapps). It has become a marketplace for these various applications ranging from finance and gaming to NFTs (Non-Fungible Tokens) and DAOs (Decentralized Autonomous Organizations).

Co-founder of Ethereum: Vitalik Buterin


Ethereum is a decentralized blockchain platform that enables the creation and execution of smart contracts that facilitate peer-to-peer transactions and provide financial access and an open internet . These smart contracts are essentially self-executing agreements that do not require central authority, downtime, censorship, fraud, or third-party interference.


During block validation, the Ethereum Virtual Machine (EVM) executes these smart contracts on network nodes. Ether (ETH) is Ethereum's native cryptocurrency and is used for transactions and computing resources on the platform. Ether can be bought and sold on various cryptocurrency exchanges.


Ethereum is known for its transition from an energy-intensive Proof-of-Work (PoW) model to a Proof-of-Stake (PoS) consensus mechanism, which drastically reduced its energy consumption. A major breakthrough in Ethereum was the creation of decentralized finance (DeFi), which does not require a central authority for financial operations and provides new financial models through the use of smart contracts. Ethereum has also played an important role in tokenization, with its underlying blockchain technology supporting Web3, games, NFTs, and DAOs, thereby laying the foundation for the Metaverse. Despite Ethereum's potential and achievements,


But understanding the risks posed by this area is critical. The potential misuse of cryptocurrencies and the risks of investing in cryptocurrencies and initial coin offerings (ICOs) are notable considerations. It is generally recommended to consult a professional before making any investment. Additionally, the platform has faced challenges like the DAO hack, which resulted in hard forks and community splits, and led to the emergence of Ethereum Classic (ETC).

 

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