Ethereum is a decentralized, open-source blockchain platform that enables the creation of decentralized applications and smart contracts.
Ethereum, unlike Bitcoin, which was created primarily as a digital currency, has a more expansive use case. It provides a platform for developers to build decentralized applications that can automate complex processes, reduce middlemen costs, and provide a more secure and transparent means of transacting. Ethereum operates on a consensus mechanism known as Proof-of-Work (PoW), which is a complex algorithm that requires users to solve mathematical problems in order to validate transactions. This mechanism is designed to prevent double-spending and to ensure the security of the network. In addition to its primary use case, Ethereum is also the underlying platform for much decentralized finance (DeFi) applications, which are financial applications built on blockchain technology. These applications allow users to interact with decentralized finance protocols, lending and borrowing platforms, and other financial products without the need for intermediaries.
