Overview of Ethereum
Ethereum (Ethereum) was initially designed as a smart contract platform, enabling Turing-complete applications to execute autonomously based on predefined logic. Ideally, this eliminates downtime, censorship, fraud, and third-party interference.
The platform supports multiple client implementations, including Golang, C++, and Python. Building on Bitcoin's core principles, Ethereum shares many design similarities while introducing innovative features.
The Ethereum team operates a public blockchain network where developers use Solidity (Ethereum's native programming language) to create decentralized applications (DApps). These applications run on the Ethereum Virtual Machine (EVM), powered by Ether (ETH) used to purchase Gas for transaction execution.
👉 Explore Ethereum's official resources
Key Features
Smart Contracts:
- Turing-complete with Solidity and EVM.
- Gas mechanism prevents infinite loops.
Enhanced Security:
- Memory-intensive hash functions deter ASIC dominance.
- Uncle Block rewards reduce mining centralization.
Efficiency Upgrades:
- PoW consensus (transitioning to PoS).
- Planned sharding for scalability.
Account System:
- World state model (not UTXO) for complex logic.
History of Ethereum
Milestones
| Year | Event |
|---|---|
| 2013 | Vitalik Buterin proposes Ethereum in a whitepaper. |
| 2014 | Crowdsale raises $18M+; Ethereum Foundation established. |
| 2015 | Frontier launch (PoW, basic smart contracts). |
| 2016 | Homestead upgrade (improved security/GUI). |
| 2017 | Enterprise Ethereum Alliance (EEA) formed. |
| 2023–2025 | Metropolis/Serenity phases (PoS, GUI wallets planned). |
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FAQs
1. What is Gas in Ethereum?
Gas is the unit measuring computational effort for transactions. Users pay Ether to cover Gas costs, ensuring network efficiency.
2. How does Ethereum differ from Bitcoin?
Ethereum supports smart contracts and uses an account-based model, whereas Bitcoin focuses on peer-to-peer cash via UTXO.
3. What are DApps?
Decentralized applications run on blockchain (not servers), offering transparency and censorship resistance.
4. Why transition to PoS?
Proof-of-Stake reduces energy consumption by replacing mining with staking, improving sustainability.
5. What was the DAO hack?
A 2016 exploit froze $50M+ in ETH, resolved via hard fork, creating Ethereum (ETH) and Ethereum Classic (ETC).
Conclusion
Ethereum’s blend of smart contracts, security innovations, and scalability roadmaps cements its role as a leading blockchain platform. Its ongoing evolution—from PoW to PoS and sharding—promises to address current limitations while expanding use cases.