According to, there are more than 5600 active synced Ethereum nodes in operation as of May 2022.Įthereum makes it possible for users to create smart contracts and decentralized applications ( dApps).

Ethereum currently uses Proof-of-Work but will transition to an energy-efficient Proof-of-Stake consensus mechanism in the futureĮthereum, like all other cryptocurrencies, uses blockchain technology and operates through a decentralized network of nodes that communicate with each other in order to maintain the network and provide decentralized services for its users.

Users can create custom tokens that run on top of Ethereum.

Leading smart contract and dApp platform, enabling users to participate in DeFi and NFT sectors.

Mainnet launched in 2015 after a successful ICO campaign during which $16 million in BTC was raised.

Here’s a quick overview of key facts about Ethereum and its core blockchain features: These properties allow Ethereum to facilitate decentralized trading of digital assets via decentralized exchanges, allow the gaming sector to make use of unique digital items in the form of NFTs, and lay the foundation for various borrowing, lending and trading applications that aim to challenge offerings of their traditional finance counterparts. Beyond immutable, transparent and secure value transfers, the Ethereum platform can facilitate the operation of additional blockchain-powered products and services thanks to its smart contract functionality, and support for fungible and non-fungible tokens (NFTs). While Bitcoin can be credited with kickstarting the cryptocurrency revolution, Ethereum can be credited with taking the concept of a distributed public ledger to new heights.

The Ethereum team raised approximately $16 million worth of BTC during the ICO campaign. The digital currency used by the participants to purchase ETH was Bitcoin. In order to fund the early stages of development, the Ethereum team sold ETH tokens in an initial token offering (ICO) that took place between June and August of 2014. The open-source cryptocurrency project was initially proposed by a Russian Canadian programmer Vitalik Buterin. Ethereum is a decentralized, Layer 1 smart-contract blockchain network that was launched in July of 2015.

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