What is Ethereum?

Ethereum aims to provide a decentralized platform for the creation of smart contracts and decentralized applications, allowing users to interact with each other without the need for intermediaries. The project aims to solve the problem of centralization and censorship, providing a platform for the free flow of information and value. Potential use cases and applications of the technology include decentralized finance (DeFi) applications, gaming, non-fungible tokens (NFTs), and smart contracts.

Ethereum's technology is based on a decentralized blockchain platform that uses a proof-of-stake (PoS) consensus mechanism. The platform allows for the creation of self-executing contracts with code and data stored on the blockchain. Ethereum's blockchain is powered by its native token, ether (ETH), which is used to pay for computations on the network. The Ethereum Virtual Machine (EVM) is the runtime environment for smart contracts on the Ethereum blockchain.

Ethereum differentiates itself from competitors through its smart contract functionality and decentralized application platform. Its competitive advantages include its large developer community, wide range of decentralized applications, and high level of security. Ethereum faces competition from other blockchains, but it remains the largest and most widely-used platform for smart contracts and decentralized applications. There are a lot of Ethereum competitors, which are on-boarding new users at a faster pace due to Ethereum's high gas fees.