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Introduction to Ethereum

August 4, 2021

2m

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Ethereum is a permissionless blockchain network that supports smart contract functionality and hosts decentralized applications (dApps) with the help of its native Ether (ETH) cryptocurrency. The project launched in 2015 after two years of development, and it soon enough reached a state where it is on par with Bitcoin’s level of revolutionary design.

In this series, we will closely inspect the design of Ethereum and showcase its most notable features by diving deep into smart contracts, dApps, ICOs, and DAOs. As with all our other series, we will examine each prominent feature individually in order to provide you with an easier learning experience.

In short, Ethereum is programmable money. Not only is it used to store and transfer value, but the project also serves the function of scripting the flow of cash. For example, users can write up a smart contract, transfer tokens to it, and execute an exchange without the need of an intermediary - completely eliminating the need for trust.

Ethereum is often referred to as the world’s computer and as the second generation of blockchain technology. While Bitcoin introduced blockchain technology in the first place, Ethereum solidified it by adding more complexity, options, and tools.

Being the second-largest cryptocurrency by market capitalization, right after Bitcoin, Ethereum is a prominent leader in the crypto market. Its importance becomes only more prominent once you realize that Ethereum hosts more than 90% of all decentralized platforms - which includes the new DeFi market.

By the end of this series, you will better understand:

  • Ethereum
  • Smart Contracts
  • Gas Fees
  • dApps
  • ERC-20 Tokens (altcoins)
  • ICOs
  • DAOs

...and much more.

More importantly, reading the introduction to Ethereum will help you with understanding our Introduction to Ethereum series and prepare you for the future (and complete) launch of the Ethereum 2.0 Proof of Stake network.

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