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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 scalability challenges are addressed through upgrades like Ethereum 2.0, sharding, and Layer 2 solutions. These enhancements aim to increase transaction throughput, reduce fees, and make Ethereum more efficient for high-demand applications.
Ethereum enables decentralized social media platforms where users own their data and content. Platforms like Peepeth and Akasha use Ethereum to promote censorship-resistant, user-controlled social interactions, challenging traditional social media models.
Staking as a service allows users to participate in Ethereum 2.0 staking through third-party providers, even if they don’t have the full 32 ETH required. These services pool users’ funds and handle the technical aspects of staking.
Ethereum supports decentralized storage solutions, such as IPFS and Arweave, by providing a platform for managing data ownership and access. This complements dApps needing decentralized storage to store large files while using Ethereum for transaction logic.
DAOs on Ethereum operate through smart contracts that define organizational rules. Members vote on proposals, and decisions are executed automatically based on consensus, allowing for transparent, decentralized governance.