Ethereum, often referred to as the “world computer,” is a decentralized platform that enables developers to build and deploy decentralized applications (DApps) on its blockchain. Unlike Bitcoin, which is primarily a digital currency, Ethereum is a programmable blockchain that allows for the creation of smart contracts and DApps, making it a versatile and powerful tool for developers and businesses alike.
One of the key features of Ethereum is its ability to execute smart contracts. A smart contract is a self-executing contract with the terms of the agreement directly written into code. Once deployed on the Ethereum blockchain, the contract automatically enforces its terms, ensuring that all parties fulfill their obligations without the need for intermediaries. This not only reduces costs but also increases transparency and trust between parties.
The versatility of Ethereum’s platform has led to the development of a wide range of DApps, from decentralized finance (DeFi) platforms to non-fungible token (NFT) marketplaces. DeFi platforms built on Ethereum offer a variety of financial services, including lending, borrowing, trading, and investing, all without the need for traditional banks or financial institutions. These platforms leverage the power of smart contracts to automate processes, reduce costs, and increase accessibility to financial services.
NFTs, another popular use case for Ethereum, have gained widespread attention