What is the Ethereum Network?

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The Ethereum network is a decentralized, open-source blockchain-based platform that enables developers to build decentralized applications (DApps) and smart contracts. Its native cryptocurrency is called Ether (ETH).

One of the key features of Ethereum is its ability to execute smart contracts. Smart contracts are self-executing programs that automatically enforce the terms of an agreement between two or more parties. This feature enables the creation of decentralized applications that can be used to automate various processes and eliminate the need for intermediaries.

Another important aspect of Ethereum is its support for decentralized finance (DeFi) applications. DeFi applications use smart contracts to offer financial services such as lending, borrowing, and trading without the need for traditional financial intermediaries like banks.