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Ethereum is a blockchain platform designed to build decentralized applications (dApps) using smart contracts. Ether (ETH), its native cryptocurrency, is the second largest crypto by market cap. It’s used to pay for transaction fees (gas), run dApps, and execute smart contracts. Ether also plays a key role in decentralized finance (DeFi), staking, NFTs, and decentralized exchanges.
Ethereum’s blockchain can be used to track and record goods in supply chains. Smart contracts automate and validate processes at each stage, ensuring transparency and traceability, which is beneficial for industries like agriculture and manufacturing.
Ethereum transaction fees are based on the computational resources required, measured in gas units. The base fee, introduced in EIP-1559, varies depending on network demand, while users can add a priority fee for faster processing.
EIPs are proposals for updates or improvements to the Ethereum protocol, submitted by developers or the community. Notable EIPs, like EIP-1559, have introduced significant changes to gas fees and the Ethereum ecosystem.
Metamask is a popular Ethereum wallet and browser extension that allows users to store, send, and receive ETH and tokens, interact with dApps, and manage digital assets securely on the Ethereum blockchain.
Ethereum has experienced significant price fluctuations since its launch. Initially priced at under $1, ETH reached an all-time high above $4,800 in November 2021, reflecting its growth as a critical blockchain platform in the crypto space.