About
Ethereum is a decentralized open-source blockchain platform that enables developers to build and deploy decentralized applications (dApps) using smart contracts programmable code that runs automatically when predefined conditions are met. It was first conceived in late 2013 by programmer Vitalik Buterin and developed with a team of co-founders, including Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin. Development began in 2014 with funding via a public crowdfunding sale, and the network officially launched with its genesis block on 30 July 2015.
At its core, Ethereum extends blockchain technology beyond simple value transfers (like Bitcoin) by introducing the Ethereum Virtual Machine (EVM), a global, decentralized computation engine capable of executing code. This means developers can create digital assets, decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), governance protocols, games, and more, all operating without centralized intermediaries. The native cryptocurrency, Ether (ETH), powers transactions and services on the platform, paying for computational operations and incentivizing network security.
A major milestone for Ethereum was “The Merge,” completed on 15 September 2022, which transitioned the network from an energy-intensive Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS). This change reduced overall energy consumption by over 99%, improved efficiency, and shifted block validation from miners to validators who stake ETH as collateral.
Ethereum continues evolving through coordinated upgrades aimed at improving scalability, security, and sustainability, including enhancements to reduce fees and support future high-throughput use cases. Its vast ecosystem remains one of the most active in the blockchain world, serving as the foundation for DeFi, token standards, decentralized autonomous organizations (DAOs), and emerging Web3 technologies.
