What is Ethereum Used for?

Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dapps).

A smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. It is a computer program that automatically executes when certain conditions are met. Smart contracts on the Ethereum platform can be used for a variety of purposes, such as facilitating the exchange of money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

Applications that run on a blockchain network are called Decentralized applications (dapps). They are open-source, decentralized, and not controlled by any single entity. Dapps built on Ethereum can also be used for a variety of purposes, such as digital identity, prediction markets, and gaming.

Ethereum is also used as a platform for Initial Coin Offerings (ICOs) which are a way for new blockchain projects to raise funds by issuing their own digital tokens.

Ethereum uses its own cryptocurrency, Ether (ETH), which is used to pay for transactions and computational services on the network.

Overall, Ethereum is a platform for creating and executing smart contracts and decentralized applications. It is a blockchain platform that allows for the creation of new decentralized projects and also enables developers to build and deploy their own decentralized applications (DApps) and tokens (ERC-20).

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