Ethereum blockchain is a decentralized platform capable of executing smart contracts and decentralized applications (DApps). It was introduced by Vitalik Buterin in 2015 and is more general and flexible compared to Bitcoin’s blockchain. The core of Ethereum is its virtual machine, the Ethereum Virtual Machine (EVM), which can execute Turing-complete scripts, allowing developers to create and deploy smart contracts.

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The Major Features of the Ethereum Blockchain

  1. Smart Contracts: Smart contracts are self-executing contracts with predefined rules and conditions, running on the Ethereum blockchain. Once the conditions are met, the contract’s execution is irreversible, ensuring transparency and trust. Smart contracts enable complex decentralized applications, such as decentralized finance (DeFi) platforms and non-fungible token (NFT) marketplaces. The automation and immutability of these contracts are core advantages of blockchain applications.
  2. Decentralized Applications (DApps): Ethereum supports the development and deployment of decentralized applications, which run on the blockchain without being controlled by a single entity. This makes applications more transparent and secure, while also reducing the risk of single points of failure due to centralized control. Developers can leverage Ethereum’s tools and frameworks to create innovative decentralized solutions. The widespread application of DApps spans various sectors, including financial services, supply chain management, and identity verification, showcasing the versatility and innovative potential of the Ethereum platform.