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Ethereum

Ethereum is the first general-purpose blockchain platform. Proposed by Vitalik Buterin in late 2013 and launched in July 2015, Ethereum introduced the concept of programmable money through smart contracts — self-executing code that lives on the blockchain. Unlike Bitcoin, which uses a minimal scripting language, Ethereum was designed from the ground up as a Turing-complete virtual machine, allowing for complex application logic to be deployed directly on-chain. Your first read should be Ethereum's official introduction, with the official Ethereum whitepaper being a good (and lengthy) follow-up.

Ethereum's architecture is based on an account-based model, where each address has a balance and associated state. This contrasts with Bitcoin’s UTXO model and makes Ethereum more intuitive for developers familiar with traditional systems. Ethereum smart contracts are written in high-level languages like Solidity or Vyper, compiled down to bytecode, and executed on the Ethereum Virtual Machine (EVM). To get a good grasp of how Solidity works, read through the Introduction to Smart Contracts and try to code along.

The Ethereum ecosystem has evolved rapidly, giving rise to:

  • DeFi (Decentralized Finance): lending, swaps, stablecoins
  • NFTs: on-chain ownership of digital assets
  • DAOs: programmable governance
  • Layer 2: scaling solutions like Arbitrum, Optimism, and zkSync

Key Differences Compared to Bitcoin:

BitcoinEthereum
ModelUTXOAccount-based
Smart Contract SupportMinimal (Script)Turing-complete (EVM)
Primary Use CaseStore of value, moneyGeneral-purpose programmable platform
Supply CapFixed (21M BTC)No hard cap
Consensus (current)Proof of WorkProof of Stake (since "The Merge")

Ethereum has undergone a lot of upgrades, which are split into two main categories: ERC updates and protocol/EIP updates.
EIPs are mandatory protocol updates while ERCs are optional features (e.g. ERC-20 and ERC-721).

Key upgrades in Ethereum's history include:

💡 Tasks