Ethereum

Ethereum is a decentralized, open-source blockchain platform that introduced smart contracts to the world. Its native cryptocurrency, ether (ETH), is the second-largest digital asset by market capitalization. Conceived in 2013 by then-19-year-old Vitalik Buterin, the project raised $18.3 million in a 2014 crowdfunding campaign and went live on July 30, 2015. Unlike Bitcoin, which is primarily a digital currency, Ethereum was built to be a global computer, anyone can deploy applications that run exactly as programmed without downtime, fraud, or third-party interference.

This programmability sparked the rise of decentralized finance (DeFi), where platforms like Uniswap and Aave enable lending, borrowing, and trading without banks. Ethereum also became the home of non-fungible tokens (NFTs), with the ERC-721 standard powering digital art and collectibles worth billions. The network transitioned from proof-of-work to proof-of-stake in September 2022, an upgrade called The Merge that cut energy consumption by over 99%. As of 2025, Ethereum secures nearly $85 billion in total value locked across DeFi protocols, and over 50 major companies, including Louis Vuitton, Adidas, Deutsche Bank, and PayPal, have built products on Ethereum or its layer-2 networks.

Ethereum has no CEO, headquarters, or central ownership. The Ethereum Foundation, a Swiss non-profit, supports development, but the network is governed by a global community of developers, validators, and users. Buterin remains an active contributor, though other co-founders, Gavin Wood, Charles Hoskinson, Joseph Lubin, have launched competing platforms like Polkadot, Cardano, and ConsenSys. The brand's identity, symbolized by an octahedron logo, reflects decentralization and open-source values. Critics within crypto have called it 'World Economic Forum crypto' or 'the EU of crypto,' but its first-mover advantage in smart contracts and continued technical upgrades keep it at the center of blockchain innovation. [edit]