Ethereum is a blockchain platform designed to support the execution of smart contracts that run various kinds of decentralized applications (dapps) like personal identity systems, supply chain trackers, voting mechanisms, cryptocurrency exchanges, and many more. But like Bitcoin, it can also be used as a peer-to-peer medium of exchange.
Ethereum’s smart contracts, which are self-executing encoded agreements, enable users to enter into an agreement with each other, define its parameters, and automate its execution as soon as the standards stated in the contract have been fulfilled. Its native asset, Ether (denoted as ETH), is also used as a means of payment for the network’s transaction fees.
The network had recently rolled out its biggest upgrade, Ethereum 2.0 which is aimed to transition the network’s consensus mechanism to proof-of-stake, allowing it to scale and become even more decentralized.