What is Ethereum Blockchain?

Ethereum blockchain is an open-source, decentralized, and distributed ledger technology that operates as a global computing network. It enables smart contracts and decentralized applications (DApps) to be built and run without any downtime or third-party interference. The Ethereum blockchain is powered by a network of nodes (computers) that validate and execute transactions on the network.

Key Features of Ethereum Blockchain:

1. Smart Contracts: Ethereum blockchain enables the deployment of smart contracts, which are self-executing digital contracts that facilitate transactions between two parties without the need for a central authority or third-party involvement.

2. Decentralized Applications (DApps): The Ethereum blockchain allows developers to build and deploy DApps on its platform, which are applications that operate independently of any central authority or server.

3. Ether Token (ETH): Ethereum blockchain uses Ether tokens as its internal currency for transactions and fueling the operations on the network. ETH tokens are used to pay for computation, storage, and other services on the platform.

4. Distributed Ledger: Ethereum blockchain operates as a distributed ledger, which means that it maintains a constantly updated digital record of transactions shared across the network. This ensures transparency and immutability of records.

5. Security: The Ethereum blockchain employs a consensus mechanism called the Ethereum consensus algorithm (PoW/PoS) to ensure the integrity and security of the network. Nodes on the network compete to validate transactions and add new blocks to the blockchain, ensuring the network's integrity and security.

How Does Ethereum Blockchain Work?

The Ethereum blockchain operates through a decentralized network of nodes (computers) that validate and execute transactions on the network. When a transaction is initiated, it is broadcasted to the network and verified by a consensus of nodes. The verified transactions are then grouped into blocks and added to the blockchain, forming a secure, distributed digital ledger.

Smart contracts on the Ethereum blockchain are self-executing, meaning they automatically execute when certain conditions are met. These contracts can be used to facilitate various transactions such as digital asset transfers, voting systems, and more.

Ethereum blockchain also allows for the deployment of decentralized applications (DApps) that operate independently of any central authority or server. These DApps are built on the Ethereum platform using its programming language, Solidity, and can be used to create various digital assets, conduct token sales (ICOs), and more.

Overall, the Ethereum blockchain is a highly secure, decentralized, and distributed ledger technology that enables smart contracts and DApps to be built and operated without any downtime or third-party interference. Its features and capabilities have made it a popular choice for various industries such as finance, healthcare, supply chain, and more.