Vitalik Buterin conceived Ethereum in 2013, with contributions from co-founders Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin.
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Development began in 2014 through a crowdfunding campaign, and the network officially launched on July 30, 2015.
Ethereum enables users to deploy permanent and immutable decentralized applications, allowing interaction with these apps.
The platform is notable for its decentralized finance (DeFi) applications, which offer financial services without relying on traditional intermediaries like banks or exchanges.
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This setup allows for activities such as borrowing against cryptocurrency holdings or lending for interest.
Ethereum also supports the creation and trading of non-fungible tokens (NFTs), which represent unique digital assets, including images.
Additionally, many other cryptocurrencies utilize the ERC-20 token standard on the Ethereum blockchain for initial coin offerings.
On September 15, 2022, Ethereum transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism in an upgrade known as “the Merge,” significantly reducing its energy consumption by 99%.
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