Ethereum was launched in 2015 as a decentralized, blockchain-based global supercomputer to serve as the foundation for an ecosystem of interoperable, decentralized applications (dApps) powered by token economies and smart contracts. Ethereum assets and applications are built with self-executing smart contracts, which eliminate the need for an intermediary. The network is powered by its native cryptocurrency, ether (ETH), which is used to pay network transaction fees. Ethereum, which is open source, programmable, private, and censorship-resistant, serves as the foundation for a decentralized internet, spawning innovations such as initial coin offerings (ICOs), stablecoins, and decentralized finance (DeFi) applications.
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