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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.
A block explorer is a tool that allows users to view transactions, addresses, and blocks on the Ethereum blockchain. Popular explorers like Etherscan provide detailed data on transaction history, smart contracts, and token movements.
ERC-721 is a token standard on Ethereum for non-fungible tokens (NFTs), representing unique assets that are not interchangeable. Each ERC-721 token has individual characteristics, making it ideal for art, collectibles, and digital property.
Cross-chain compatibility allows assets or data to move between Ethereum and other blockchains. Solutions like wrapped tokens, bridges, and interoperability protocols such as Polkadot or Cosmos enable Ethereum assets to be used on multiple chains.
A token burn permanently removes tokens from circulation, effectively reducing supply. On Ethereum, EIP-1559 introduced a base fee burn mechanism, where part of the gas fee for each transaction is burned, potentially making ETH deflationary.
Ethereum enables decentralized voting systems where token holders can vote on protocol updates or project decisions. Governance tokens, often used in DeFi, allow users to participate in decision-making, creating a transparent and community-driven model.