[Updated 10.2023]

Ethereum is a decentralized blockchain platform that enables secure digital ledgers to be publicly created and maintained. It is most commonly known for its native cryptocurrency, ether (ETH). 

However, Ethereum is much more than just a cryptocurrency. It is a platform that can be used to create and run decentralized applications (dapps).

EDCOIN (EDC) is an ERC-20 token built on the ETHEREUM blockchain.

Dapps are applications that are not controlled by any single entity. Instead, they are run on a network of computers that are spread out all over the world. This makes dapps more resistant to censorship and fraud.

Ethereum is used to create a wide variety of dapps, including:

  • Decentralized finance (DeFi) applications: DeFi applications allow users to borrow, lend, and trade assets without the need for a bank or other financial institution.
  • Non-fungible tokens (NFTs): NFTs are digital assets that are unique and cannot be replaced. They are often used to represent ownership of digital art, collectibles, and other items.
  • Gaming applications: Ethereum is also used to create gaming applications that allow users to own their own in-game assets and trade them with other players.

Ethereum is a powerful platform with a lot of potential. It is still under development, but it is already being used to create innovative new applications that are changing the way we interact with the internet.

Here is a layman's analogy to help you understand Ethereum:

Imagine a shared spreadsheet that is stored on computers all over the world. This spreadsheet is used to track all of the transactions that take place on the Ethereum network. Anyone can view this spreadsheet, but only authorized users can make changes to it.

The authorized users are called miners. Miners are responsible for processing transactions and adding them to the spreadsheet. Miners are rewarded with ETH for their work.

To make a transaction on the Ethereum network, you need to pay a gas fee. Gas fees are used to incentivize miners to process your transaction. The higher the gas fee, the more likely it is that your transaction will be processed quickly.

Ethereum is a complex topic, but we hope this analogy has helped you to understand it a little better.