Ethereum

Introduced in 2015 by Vitalik Buterin, Ethereum is a decentralised, open-source blockchain platform designed to enable the creation and execution of smart contracts, which are self-executing agreements with predefined conditions. In essence, Ethereum is a programmable blockchain that allows developers to build and deploy decentralised applications (dapps) on its network.

Ethereum operates through a consensus mechanism called Proof of Stake (PoS). One of the Ethereum network’s key features is its native cryptocurrency, called Ether (ETH), which is used to facilitate transactions and incentivise participants on the network. Ether is also used as ‘gas’ to power the execution of smart contracts.

Ethereum distinguishes itself from Bitcoin by offering more than just a digital currency. It provides a platform for developers to create and deploy their own dapps, enabling a wide range of use cases beyond simple financial transactions. This includes decentralised finance (DeFi) applications, decentralised exchanges (DEXs), and non-fungible tokens (NFTs).

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Key Takeaway

Ethereum is a decentralised, open-source blockchain platform introduced in 2015 by Vitalik Buterin. It is the second-largest cryptocurrency by market capitalisation.

Related Words

Market Cap

Market cap refers to the total dollar value of a cryptocurrency in circulation. It is calculated by multiplying the token price by the total number of tokens.

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Circulating Supply

Circulating supply is the amount of a cryptocurrency currently on the market. The number can grow or shrink for various reasons.

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TradFi

Traditional finance, or TradFi, is a conventional approach to financial activities that relies on established institutions, such as banks, insurance companies, investment companies, and stock exchanges.

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Collection Value

Collection Value is the aggregated monetary value of all the NFTs in a collection.

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NFT Sales Volume Index (7D)

The NFT Sales Volume Index (7D) shows the price and number of editions of a non-fungible token (NFT) collection sold over a 7-day (7D) period.

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Crypto Asset

Crypto assets are transferable digital representations of value made possible by cryptography and blockchain technology.

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24H Volume

24H Volume shows the number of a cryptocurrency’s tokens traded over a 24-hour time frame.

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7D

7D, short for seven days, refers to price data that has been collected for a cryptocurrency over a 7-day period.

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Floor Price

Floor Price is equal to the lowest-priced NFT in a collection.

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Gas (ETH)

Gas is the cost of a transaction on the Ethereum network.

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