What is Ethereum?

Ethereum is a first blockchain network that introduced smart contracts—digital agreements that run automatically without middlemen—and it’s still the biggest and most proven platform for creating decentralized apps (dApps).

Here’s what Ethereum is all about:

1. Digital Currency (ETH) Ethereum has its own currency called Ether (ETH), which can be sent or received like digital cash. But ETH is also used to pay for using apps on Ethereum, so every action on the network, like sending money or using an app, has a small ETH fee.

2. Apps Without Middlemen (dApps) Ethereum allows developers to build decentralized applications or dApps—apps that run without a central company or server. These dApps cover everything from trading and lending to gaming and collectibles. Because they’re on Ethereum, anyone can use them anywhere, and they’re very hard to shut down.

3. Smart Contracts As the first network with smart contracts, Ethereum allows people to set up self-executing agreements. A smart contract is like an “if this, then that” rule written in code. For example, a smart contract could release payment only when specific terms are met. This feature is one of the main reasons developers choose Ethereum.

Why Use Ethereum? Ethereum’s long-standing reputation makes it the go-to platform for developers and users alike. It’s trusted, widely used, and has a large community constantly improving it. People use Ethereum because it:

• Is widely accepted as the biggest and most trusted network for smart contracts and dApps.

• Enables easy transfer of digital assets: Users can send and receive not only ETH (its main currency) but also a wide variety of tokens, including ERC-20 tokens for trading and utility or ERC-721 tokens for unique assets like NFTs.

• Offers access to dApps for finance, art, gaming, and more.

• Supports the creation of new tokens and NFTs, allowing developers and users to create unique assets or digital collectibles.

In short, Ethereum is the original platform for decentralized finance and apps, and it remains the largest and most proven network for building and using digital tools on the blockchain.