| Blockchain Name | Ethereum |
| Blockchain Code | ETH |
| Layer | Layer 1 |
| Consensus Mechanism | Proof of Stake |
| EVM Compatible | Yes |
| EVM Chain ID | 1 |
| Native Coin Code | ETH |
| Native Coin Name | Ethereum |
| Project Link | https://ethereum.org/ |
| Whitepaper | https://ethereum.org/en/whitepaper/ |
| Security Rating | C |
Ethereum receives a C rating due to its relatively strong node count and extremely active developer community. However, its low Nakamoto Coefficient suggests significant centralization, impacting its overall security standing. |
| Reliability Rating | B |
Ethereum experiences occasional congestion and high gas fees during peak periods, leading to some transaction errors. However, it remains a generally reliable network. |
| Performance Rating | D |
Ethereum receives a D rating because, despite its relatively strong transaction throughput, its higher block time and time to finality affect its overall performance efficiency. |
Ethereum is a decentralized, open-source blockchain system that revolutionized digital transactions and applications through smart contracts. These contracts automate agreements, running on the Ethereum Virtual Machine (EVM), a consistent, secure computing environment accessible worldwide.
Originally utilizing Proof of Work (PoW) for consensus, Ethereum mirrored Bitcoin's method where miners validated transactions through complex problem-solving. Transitioning to Ethereum 2.0, it adopted Proof-of-Stake (PoS), a more sustainable approach where validators are selected based on their cryptocurrency stake, enhancing efficiency, scalability, and security.
Ethereum's functionality is extended by various protocols, including ERC-20 for creating fungible tokens, pivotal in the Initial Coin Offering (ICO) surge, and ERC-721 for non-fungible tokens (NFTs), transforming digital art and collectibles. These protocols underpin the burgeoning decentralized finance (DeFi) sector, facilitating lending, borrowing, and trading without traditional intermediaries.
The EVM stands at the heart of Ethereum, executing smart contracts uniformly across the network. This ensures that every node operates in sync, offering a predictable and tamper-proof environment for dApps.
Ethereum's versatility supports a myriad of applications across finance, real estate, healthcare, and entertainment. It streamlines contract execution, reducing intermediary reliance for enhanced efficiency and security. NFTs empower artists with new monetization avenues, while DeFi democratizes access to financial services, especially in underbanked regions.
Ethereum's unique combination of the EVM, forward-thinking consensus mechanisms, and a comprehensive protocol suite cements its position as a foundational platform for decentralized applications, continually shaping the future of digital interaction.