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Ethereum is not just a cryptocurrency, but a platform for decentralized applications. Ethereum allows developers to create smart contracts, which are self-executing agreements that run on the blockchain. Smart contracts can enable a variety of use cases, such as decentralized finance, gaming, identity management, and more. But what makes Ethereum so powerful and unique? And what are the risks and challenges that it faces? In this article, we will explore the potential and the pitfalls of Ethereum, and why it is more than just a digital currency.

Ethereum is a decentralized, open-source blockchain that supports smart contract functionality. It was launched in 2015 by Vitalik Buterin, a young programmer who envisioned a platform that could go beyond the limitations of Bitcoin. Unlike Bitcoin, which is mainly designed for peer-to-peer payments, Ethereum allows developers to build and deploy any kind of application that can run on the blockchain. These applications are called decentralized applications, or DApps.

DApps are powered by smart contracts, which are pieces of code that define the rules and logic of the application. Smart contracts are stored and executed on the Ethereum network, which consists of thousands of nodes (computers) that validate transactions and maintain consensus. By using smart contracts, DApps can operate without intermediaries, censorship, or downtime. This makes them more transparent, efficient, and secure than traditional applications.

Some examples of DApps that run on Ethereum are:

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Ethereum: The Platform of Possibilities | by Staney Joseph | Oct, 2023 - Medium