Ethereum went live in July 2015 with a broader goal than Bitcoin’s. Instead of one built-in application, it offers a general-purpose virtual machine, so anyone can deploy code that runs exactly the same way on every node. That code is what people mean by smart contracts, and most of what the industry calls DeFi, NFTs and stablecoin infrastructure runs on top of it.<\/p>\n
Every node runs the Ethereum Virtual Machine and processes the same instructions in the same order, which is why the network behaves as one shared computer rather than a collection of servers. Users pay for that computation in gas, denominated in ETH, and complex operations cost more than simple transfers.<\/p>\n
In September 2022 Ethereum replaced mining with proof of stake in an upgrade known as the Merge. Validators now put ETH at stake and are penalised for misbehaviour rather than competing on electricity. The change cut the network’s energy use dramatically and altered its issuance mechanics.<\/p>\n
Ethereum has no fixed cap. New ETH is issued to validators, while EIP-1559 \u2014 live since August 2021 \u2014 burns the base fee of every transaction. Net supply therefore depends on activity: when the network is busy, burned fees can exceed issuance and supply contracts; when it is quiet, supply grows. Anyone quoting a single \u00ab\u00a0Ethereum inflation rate\u00a0\u00bb is describing a snapshot, not a rule.<\/p>\n
Gas prices reveal genuine demand for block space. The split between activity on Ethereum itself and on the layer-2 rollups that settle to it matters for where fees accrue. Staking participation and the queue to enter or exit it are worth following, since staked ETH is capital that is not immediately available to sell.<\/p>\n
Most of the dollar value in crypto that is not simply being held sits on Ethereum or on rollups that settle to it. The large stablecoins circulate here, lending markets and decentralised exchanges hold the bulk of on-chain collateral, and tokenised real-world assets have gravitated to it because that is where the liquidity and the auditing tools already are. The practical consequence is that Ethereum’s fortunes are tied less to retail speculation than to whether builders keep choosing it as a settlement layer.<\/p>\n
Its most persistent criticism is cost. Base-layer fees have repeatedly priced out ordinary users during busy periods, which is precisely why the roadmap now pushes activity onto rollups and keeps the base layer for settlement and data. Whether that ends up concentrating value at the base layer or draining it away is a live argument, not a solved problem.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum is a programmable blockchain: a proof-of-stake network where ETH pays for computation and most of the industry’s smart-contract activity happens.<\/p>\n","protected":false},"author":1,"template":"","meta":{"_cp_coin_symbol":"ETH","footnotes":""},"class_list":["post-7","coin","type-coin","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/coinpric.com\/fr\/wp-json\/wp\/v2\/coin\/7","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinpric.com\/fr\/wp-json\/wp\/v2\/coin"}],"about":[{"href":"https:\/\/coinpric.com\/fr\/wp-json\/wp\/v2\/types\/coin"}],"author":[{"embeddable":true,"href":"https:\/\/coinpric.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"version-history":[{"count":1,"href":"https:\/\/coinpric.com\/fr\/wp-json\/wp\/v2\/coin\/7\/revisions"}],"predecessor-version":[{"id":14,"href":"https:\/\/coinpric.com\/fr\/wp-json\/wp\/v2\/coin\/7\/revisions\/14"}],"wp:attachment":[{"href":"https:\/\/coinpric.com\/fr\/wp-json\/wp\/v2\/media?parent=7"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}