ether blockchain
Key features of the Ethereum blockchain include:
- Smart Contracts: Ethereum introduced the concept of smart contracts, self-executing contracts with the terms of the agreement directly written into code. Smart contracts run on the Ethereum Virtual Machine (EVM), a decentralized, Turing-complete virtual machine that executes code on the Ethereum network.
- Ether (ETH): Ether is the native cryptocurrency of the Ethereum platform. It is used to compensate participants who perform computations and validate transactions on the network. Ether can also be used to pay for transaction fees and computational services within the Ethereum ecosystem.
- Decentralized Applications (DApps): Ethereum allows developers to create decentralized applications that run on its blockchain. These applications can be used for a variety of purposes, from finance and gaming to supply chain management and identity verification.
- Decentralized Autonomous Organizations (DAOs): Ethereum supports the creation of DAOs, organizations that are run and governed by code rather than a centralized authority. DAOs use smart contracts to automate decision-making processes.
- Constantinople and Istanbul Hard Forks: Ethereum has undergone several upgrades and hard forks to improve its scalability, security, and functionality. Constantinople and Istanbul are two of the notable hard forks that brought changes to the Ethereum network.
- Proof of Stake Transition: Ethereum is transitioning from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) consensus mechanism as a part of Ethereum 2.0. This transition aims to improve scalability, energy efficiency, and security.