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Ethereum is more than just a simple cryptocurrency. One can think of Ethereum as a decentralized, global supercomputer that rents out its resources for developers around the world to create their own dApps (decentralized applications).
As of now, Ethereum uses the proof-of-work consensus mechanism. As such, miners with specialized mining equipment use their computational power to solve cryptographically hard problems and add blocks to the blockchain to earn rewards. However, Ethereum will move onto the proof-of-stake (PoS) algo soon. You can read more about that here.
Vitalik Buterin, a Russian-Canadian programming prodigy, is the brains behind Ethereum. The Ethereum Foundation is a non-profit organization dedicated to supporting Ethereum and related technologies.
Etheruem, like all cryptocurrencies, utilizes a blockchain network. A blockchain is a public, decentralized, and distributed ledger that records and verifies all transactions.
At the core of Ethereum’s mechanics lies the gas system. Every single thing in Ethereum runs on gas. Every time you do a transaction or execute a smart contract, you will need to pay the system for using its resources. This payment is also known as “gas fees.” The miners earn these gas fees in exchange for their services.
EIP stands for Ethereum Improvement Proposal. EIP stands for Ethereum Improvement Proposal, which are changes to the platform proposed by a community member. If the proposal gets the requisite amount of votes, it gets implemented. One of the more controversial EIPs is the EIP-1559. You can read more about it here.