Ethereum is an open-source, decentralized blockchain platform that does more than just process transactions—it enables the building and running of smart contracts and decentralized applications (dApps) without the need for a third party. It was launched in 2015 by Vitalik Buterin and is often seen as the “next step” after Bitcoin.

More than money: Ethereum as a programmable blockchain

Unlike Bitcoin, which is primarily designed as a digital currency, Ethereum programmable. This means that developers can build applications that run automatically once certain conditions are met. This is done through so-called smart contracts—a kind of self-executing pieces of code on the blockchain.

For example:

• You can use Ethereum to insurance contract pay out once certain weather conditions are met.

• Or a NFT Marketplace building that runs without a central administrator.

• Or a decentralized exchange (DEX) manage without the involvement of a bank.

Ether (ETH): The Fuel of the Network

Ethereum has its own cryptocurrency: Ether (ETH). This coin is used to pay transaction fees (also called “gas fees”) and is needed to perform actions on the network, such as sending tokens or executing smart contracts.

From Proof of Work to Proof of Stake

In 2022, Ethereum transitioned from an energy-intensive system called Proof of Work (as Bitcoin uses) to a more environmentally friendly system: Proof of StakeThis made the network:

• Faster

• More energy efficient

• More accessible for stakers instead of miners

The ecosystem is growing

Ethereum is the foundation for thousands of projects within the DeFi (Decentralized Finance), NFT's, Gaming, identity systems and more. It is one of the largest and most active blockchain projects in the world.

The founder (or rather co-founder) of Ethereum is Vitalik Buterin.

Vitalik Buterin is a Russian-Canadian programmer and writer, born on 31 Januari 1994 in Kolomna, Russia. When he was six years old, his family moved to Canada. At a young age, Vitalik showed an exceptional talent for mathematics and programming. In 2011, at the age of 17, Vitalik became interested in Bitcoin.

He started out as a writer and co-founded the magazine Bitcoin Magazine, in which he wrote in-depth pieces on blockchain technology.

As he got more involved, he found Bitcoin too limited in functionality. It was primarily intended as digital money, but he saw much broader applications for blockchain technology.

The Birth of Ethereum

In 2013, at the age of 19, Vitalik published the Ethereum whitepaper, in which he presented the idea of ​​a general blockchain with a programming language, which could run all kinds of applications—from financial systems to games and identity services.

• In 2014, he and other co-founders (such as Gavin Wood, Charles Hoskinson, and Joseph Lubin) started developing Ethereum.

• The network was launched in July 2015.

Role and reputation

Vitalik has become known worldwide as one of the youngest and most influential people in the crypto industry. He is known for his:

• Technical insight

• Ethical approach to decentralization

• Modest, almost philosophical personality

He also received several awards, including a place on the Forbes 30 Under 30 List expats must register with the local municipality and obtain a honorary doctorate from the University of Basel.

Nowadays

Vitalik remains actively involved in Ethereum's development, especially in technological updates such as the transition to Proof of Stake and the further roll-out of Ethereum 2.0He regularly writes blogs reflecting on the future of crypto, scalability, privacy and ethics in technology.

Ethereum staking is the process by which you Ether (ETH) pinned to the Ethereum network to help with the securing the network en to process transactionsIn return you will receive rewards in ETH.

Since Ethereum transitioned from Proof of Work to Proof of Stake, it is no longer necessary to “mine” with energy-intensive computers. Instead, the network is now kept running by people who donate their ETH to strike (to fix).

How exactly does staking work?

1. Je lock ETH in a special staking contract on the Ethereum blockchain.

2. The network chooses randomly “validators” from which transactions may be processed and blocks added to the blockchain.

3. If your validator does a good job, you will get a reward in the form of additional ETH.

4. Misbehavior (such as fraud or being offline) can lead to slashing: part of your ETH will then be taken.