How does Ethereum work
To know How does Ethereum work, it works as a decentralized platform for executing smart contracts and building decentralized applications (dApps). It uses a blockchain to securely record transactions and ensure that all participants in the network have a consistent view of the state of the system.
The Ethereum platform has its own Turing-complete programming language called Solidity, which enables developers to write smart contracts that can automatically execute when certain conditions are met. These smart contracts can be used to implement a wide range of decentralized applications, from simple financial contracts to complex decentralized systems.
Ethereum uses a consensus algorithm called Proof-of-Work (PoW) to validate transactions and secure the network. Miners compete to solve a cryptographic puzzle, and the first miner to solve it adds a block of transactions to the Ethereum blockchain.
Ethereum is in the process of transitioning from a PoW to a Proof-of-Stake (PoS) consensus algorithm, which is more energy-efficient and scalable. In a PoS system, validators are selected to create new blocks and validate transactions based on the amount of cryptocurrency they hold and are willing to “stake” or lock up as collateral.
Overall, Ethereum enables developers to build decentralized applications on a secure, decentralized platform that is maintained by a network of nodes rather than a central authority.
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