Ethereum is a blockchain-based software platform that can be used to send and receive value globally through its native cryptocurrency, Ether, without interference from any third party.

Create a world computer where anyone can build applications in a decentralized way.

Bitcoin's stack virtual machine only supports simple transaction verification, and its scripting language lacks Turing completeness and is limited in versatility, making it difficult to implement complex on-chain applications.

Ethereum implements the Turing-complete Ethereum virtual machine, making it incredibly easy to develop feature-rich on-chain applications through smart contracts. Examples: token issuance, lending, NFT, decentralized financial applications.

In Ethereum 1.0, consensus on the Ethereum network was reached with proof-of-work (POW) algorithms, and turing-complete Ethereum virtual machines made it possible to develop rich on-chain applications through smart contracts.

Gas fees: The fees required for successful transactions on Ethereum. Payment: Performs the function of traditional money and performs the function of exchange of value as a general equivalent.

The world's first blockchain smart contract platform, the second largest cryptocurrency by market capitalization, has by far the most ecosystem applications and Total Value locked on the chain.

1. Distributed ledger technology ensures decentralized Ethernet. 2. Global singleton Ethereum virtual machines pave the way for the development of smart contracts. 3. Account model replaces UTXO (Unspent Transaction Output), making it possible for internal state change and multi-stage contract development.

Miners package deals for blocks, completing the issuance of Ether.

Decentralized smart contract platform, with rich on-chain applications and many developers supporters, technical solutions have become the industry standard.

The first transaction in the block, a Coinbase transaction, is used to reward miners for joining honest network nodes. Meanwhile, the gas fee for the transaction is also awarded to miners. It is worth noting that after IP-1559, part of the gas fee will be burned, resulting in a smaller reward for miners. Some miners objected.

Ethereum's main competitors come from the public chain, which also has smart contract capabilities. As the growth of applications on the chain and the constraints of decentralized consensus, the Ethereum network becomes congested and gas costs soar. Ethereum 2.0 expansion plan has not been launched yet, which gives other public chains such as Solana, BSC and Avalanche protocol a great opportunity. However, due to the impossible triangle of blockchain, there must be a trade-off in scalability, security and decentralization, and the final result still needs to wait for the test of the market.

The emergence of Ethereum has taken blockchain technology to a new level, becoming a new industry paradigm and the object of imitation.

"Ethereum is fundamentally more 'useful' and therefore more useful than Bitcoin," said Lee Smales, associate professor of finance at the University of Western Australia. "Eventually, this will lead to bitcoin being worth more than bitcoin."