Ethereum (ETH): A complete overview of the first programmable blockchain

Key Information

• Launched in 2015: Created by Vitalik Buterin, Ethereum introduced the concept of smart contracts and decentralized applications (dApps).
• Transition to Proof-of-Stake (PoS): Ethereum’s shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September 2022 improves scalability and reduces energy consumption.
• Solidity: Ethereum’s native programming language used to develop smart contracts.
• Dynamic Ecosystem: Ethereum hosts a wide range of projects, including DeFi applications, NFTs, and DAOs.

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Introduction

Ethereum is an open and decentralized blockchain protocol designed to enable anyone to build decentralized applications (dApps). When it launched in 2015, Ethereum represented a true revolution in the cryptocurrency landscape by introducing a major innovation: blockchain programmability.

This programmability is made possible by smart contracts, pieces of computer code that can be recorded on the blockchain and automatically executed when predefined conditions are met. This allows developers to build complex and sophisticated applications on Ethereum.

In just a few years, Ethereum has paved the way for the creation of a new Web, also known as “Web3.” This emerging ecosystem of applications is characterized by its values of decentralization, community, censorship resistance, security, and respect for user data.

The native cryptocurrency of the Ethereum universe is called Ether (ETH). As of August 2024, it is the second most capitalized cryptocurrency in the market, behind the well-known Bitcoin (BTC).

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Thesis

Let’s look back at the early years of the industry. Bitcoin proved it was possible to create a distributed digital ledger capable of executing, securing, and recording transactions in a decentralized manner. Thus, most new blockchains focused solely on digital payments, making minor technical modifications but without deviating from this primary function.

However, Ethereum emerged with a radically different vision: to make the blockchain a programmable platform, opening the door to a multitude of other applications. While Bitcoin can be compared to a calculator, Ethereum positions itself as a smartphone, capable of handling much more complex and diverse tasks. At the heart of this thesis are key technological innovations, such as smart contracts and the Ethereum Virtual Machine (EVM), which enable the creation and execution of decentralized applications.

Since its launch, Ethereum’s thesis has evolved, but it remains driven by a constant ambition: to build a dynamic ecosystem of individuals, organizations, and applications, all interconnected and developing on a shared technological base. This ecosystem is designed to be flexible, scalable, and capable of adapting to the ever-changing needs of the global digital economy while adhering to the principles of decentralization, transparency, and security.

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Key Figures

Vitalik Buterin

The story of Ethereum begins in the mind of a young Russian-Canadian developer named Vitalik Buterin. Born to developer parents, he quickly developed a passion for mathematics and computer science. In 2011, he first discovered Bitcoin through his father and was instantly captivated.

At just 17 years old, he already understood the implications of this innovation and began to get involved, initially writing publications on specialized forums and then co-founding the blog Bitcoin Magazine. Two years later, he traveled around the world to meet Bitcoin developers and share his ideas for potential improvements to the protocol.

According to Vitalik, the Bitcoin blockchain had a major limitation: it was not programmable. However, his peers did not agree with him, and in response to their refusals, he finally decided to launch his own blockchain, Ethereum.

At the end of 2013, he compiled all his ideas into an initial document that he shared with about thirty individuals. After receiving support from computer scientists and entrepreneurs like Gavin Wood, Mihai Alisie, and Charles Hoskinson, Vitalik Buterin published the final version of a whitepaper in January 2014.

The Ethereum Foundation

“Our vision for Ethereum is that of an infinite garden. Ethereum is more than a technology; it is a diverse ecosystem of individuals and organizations that build and grow alongside a protocol.”

The Ethereum Foundation (EF) is a non-profit organization dedicated to supporting the development of the broader Ethereum ecosystem. It was launched in 2014 by Vitalik Buterin and Gavin Wood with the intention of putting in the necessary efforts to demonstrate the value and philosophy of Ethereum to the world.

It is important to note that the Ethereum Foundation is not a company, meaning it has no direct control over the blockchain. However, its role in guiding and developing Ethereum is crucial, providing a space for discussion about the future of the protocol and a meeting place for contributors.

Since its creation, the Ethereum Foundation has evolved, but the ambition remains the same: to support protocol development, grow the ecosystem, and work toward the democratization of Ethereum. Today, it should be noted that many other organizations also contribute to funding developers and contributors.

In just ten years, Ethereum has gone from a fragile startup to a (very) fertile garden. Nevertheless, the road to maturity is still long, and the Ethereum Foundation is still there to cultivate Ethereum alongside everyone and, above all, to ensure that the garden remains a public good, directed by no one and beneficial to all.

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Fundraising and Financing

After publishing the first version of the Ethereum whitepaper, the team decided to organize a fundraising campaign (Initial Coin Offering or ICO), which was an immediate success. No less than 31,000 BTC (approximately $18 million at the time) were raised in exchange for 60 million Ether (ETH). For reference, the remaining 12 million ETH were allocated to the Ethereum Foundation.

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Architecture and Technology

Ethereum’s architecture is based on a complex and innovative structure, very different from the rest of the blockchains in the ecosystem. While most initiatives were focused solely on digital payment networks, Ethereum disrupted the ecosystem by introducing programmability. This is ensured by several complex technological components, each playing a crucial role in the platform's operation and efficiency.

Ethereum Blocks

As with most blockchains, Ethereum blocks are batches of transactions accompanied by a hash of the previous block in the chain. This organization ensures continuity by linking blocks together, preventing fraud attempts.

The time required to validate a block, called a “slot,” is exactly 12 seconds on the Ethereum blockchain. Although dozens or even hundreds of transactions are proposed every second by users, it is necessary to maintain a sufficient delay between each block so that validators can agree on the validity of the transactions.

Block validation allows the Ethereum blockchain to transition from one state to another. However, this state is not an arbitrary element. On the contrary, it is called the “World State” and includes crucial information about the network. It contains user accounts with their Ether balances, but also other cryptocurrencies, as well as information on the use of smart contracts and associated applications.

One last important remark is that the blocks themselves are limited in size. Each block has a target size of 15 million gas, which can reach up to 30 million gas. This can be adjusted up or down by a factor of 1/1024 relative to the gas limit of the previous block.

This is important because it ensures that blocks cannot be arbitrarily large. If they were, less powerful full nodes would gradually become unable to keep up with the network due to storage and speed requirements.

Ethereum Nodes

As a decentralized blockchain network, Ethereum relies on different types of nodes to maintain a high level of security, reliability, and accessibility. For an application to interact with the Ethereum blockchain, it must connect to an Ethereum node. Connecting to a node allows reading data from the blockchain and sending transactions to the network.

Ethereum nodes are computers running a software, also known as an Ethereum client. A client is an implementation of Ethereum that verifies all transactions in each block, ensuring network security and data accuracy.

The main types of Ethereum nodes are full nodes, archive nodes, and light nodes, each playing a specific role. Let’s explore the key differences between them.

• Full nodes play a crucial role within Ethereum by verifying transactions and validating blocks on the network one by one before downloading a new version of the blockchain’s state. In addition, full nodes keep a local copy of recent data, typically the last 128 blocks, and delete older data to save disk space.
• Archive nodes are an extension of full nodes. While a full node may delete some old data to save space, an archive node keeps all historical data since the genesis block. This allows for reconstructing the blockchain’s state at any point in its history. Storage requirements for these nodes are enormous, reaching terabytes of data, making them less accessible for the average user. However, they are essential for services like block explorers, wallet providers, and chain analytics companies.
• Light nodes are designed to operate with limited resources, such as low bandwidth or less powerful hardware. Instead of downloading all blocks, these nodes only retrieve block headers, which contain summaries of the block contents. Light nodes allow users to participate in the Ethereum network without managing the hardware requirements of a full node. While they do not participate in consensus (and therefore cannot be validators), they provide secure and functional access to the blockchain.

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Proof of Stake (PoS) Consensus

At launch in 2014, the Ethereum blockchain relied on a Proof of Work (PoW) consensus mechanism. However, faced with scalability issues, Ethereum developers decided to transition to a Proof of Stake (PoS) mechanism. This shift, conceptualized in 2020, was finally completed during the "The Merge" upgrade in September 2022.

The Proof of Stake mechanism implemented on Ethereum relies on several components. First, block (and thus transaction) validation by nodes requires a deposit of 32 ETH into a staking smart contract. This deposit plays a crucial role: ensuring network protection. Indeed, since there is a mechanism called “slashing,” malicious validators risk losing part or all of their staked ETH if they break the rules.

During each “slot” (every twelve seconds), a validator is randomly chosen to propose a block. This validator is responsible for grouping the transactions, executing them, and determining Ethereum’s new state (i.e., the World State, see the previous section). Then, the validator incorporates this information into a block and transmits it to other validators.

Other validators are tasked with executing the transactions to ensure they agree with the state change. They can either validate the block and add it to their own database or reject it and add the block most supported by the global consensus of validators.

The Ethereum Virtual Machine (EVM)

To build a programmable blockchain where executable pieces of computer code can be integrated, it is essential to establish a programming environment unique to Ethereum. In the world of computing, this is called a virtual machine.

The Ethereum Virtual Machine (EVM) is at the heart of Ethereum's functionality. It acts as a universal execution environment specifically designed to carry out operations related to smart contracts. In some ways, the EVM can be considered Ethereum’s brain.

To understand the role and functioning of the EVM on Ethereum, it’s important to recall a few basics. The Bitcoin blockchain is often described as a distributed digital ledger. Indeed, it’s a ledger because it records each transaction on the network and continuously updates the state of users’ bitcoin balances.

In Ethereum’s case, things are different. Because it’s possible to perform more sophisticated operations through smart contracts, calculating the blockchain state is particularly complex (i.e., World State, see the section on blocks). This involves verifying users’ balances in various cryptocurrencies, as well as those of decentralized applications and smart contracts. Thus, Ethereum is not considered a distributed ledger but rather a distributed state machine.

Every time a new block is validated, it is crucial for all Ethereum nodes to update the blockchain state. However, this requires relatively heavy computations, which must be executed with extreme precision, as a minor error would result in a drastic change to the entire blockchain.

Therefore, having a central unit capable of performing these calculations for Ethereum nodes is essential. You guessed it: this is the role of the Ethereum Virtual Machine — the computer that executes all these operations with every new block.

Since its creation in 2014, the Ethereum Virtual Machine has undergone numerous modifications and has been translated into various programming languages. Even today, it remains a benchmark for the execution environments of more recent blockchains, which often seek to maintain compatibility with it.

The ERC-20 Standard

The ERC-20 standard is a set of tools and technical functions designed to guide the creation of tokens on the Ethereum blockchain. To understand its importance, we need to go back to 2015, when there were no rules to accompany the creation of new tokens on the blockchain.

Unsurprisingly, this quickly led to problems and issues:

• Compatibility difficulties within the ecosystem: Tokens created followed different rules and were designed with codes unique to each developer, making it particularly challenging to use them within wallets or decentralized applications.
• Ecosystem fragmentation: The absence of common standards made it extremely difficult for developers and users to adopt tokens, fragmenting the ecosystem based on coding methods and thus hindering ecosystem growth and adoption.
• User risks: Understandably, this unregulated environment led to the proliferation of malicious tokens with the sole purpose of stealing users’ funds.

Faced with this chaos, the Ethereum Foundation stepped in to protect the ecosystem by introducing the ERC-20 standard. Proposed at the end of 2015, it aimed to bring a common standard for creating tokens on Ethereum.

To comply with this standard, an ERC-20 token must follow a set of rules and implement certain essential functions in its code. This has made it much easier for developers to integrate these tokens into wallets, exchanges, or decentralized applications.

Here are some essential functions for an ERC-20 token:

• TotalSupply: Provides information about the total supply of tokens.
• BalanceOf: Indicates the account balance of the token owner.
• Transfer: Executes token transfers to specified addresses.
• TransferFrom: Enables transfers from a specified address.
• Approve: Allows debtors to withdraw tokens.
• Allowance: Returns the tokens from the debtor to the owner.

Other optional attributes can also be added:

• Name: The name of the token.
• Symbol: The token’s ticker.
• Decimals: Indicates the smallest unit of exchange for the token after the decimal point.

For the record, the creator of this ERC-20 standard is Fabian Vogelsteller, one of Ethereum’s leading developers. He submitted this proposal via Ethereum’s GitHub page, where he left an "Ethereum Request for Comment" — the 20th on the page, hence the name ERC-20.

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Ethereum Roadmap

As is evident from this article, Ethereum is a constantly evolving protocol, driven by advances in the industry, research, and ecosystem project development.

This evolution is directly reflected in the project’s roadmap, the “guideline” for improving, democratizing, and, more generally, developing the protocol. Over the past few years, the roadmap has changed significantly and now addresses new key challenges, including improving scalability, security, decentralization, and user experience.

The goal is to allow Ethereum to increase its decentralization and censorship resistance, achieve high performance and maintain it even when the number of users drastically increases, and keep transaction fees accessible to all.

To achieve these goals, Vitalik Buterin published a detailed new version of the roadmap in November 2022, following the historic The Merge upgrade, which marked Ethereum’s transition from Proof of Work to Proof of Stake.

Here are the 5 major steps:

• The Surge: Upgrades related to scalability for Ethereum’s layer 2 solutions, with the goal of increasing their performance and achieving 100,000 transactions per second.
• The Scourge: Upgrades focused on censorship resistance, decentralization, and addressing MEV (Maximal Extractable Value) risks for the protocol.
• The Verge: Upgrades aiming to drastically simplify block verification on Ethereum, focusing on simplicity, easier data access, and the implementation of a new cryptographic proof type (SNARK).
• The Purge: Upgrades that simplify the protocol by lightening the data history that nodes must retain, thus reducing computational costs and accelerating their synchronization to the network.
• The Splurge: This final stage is still under development and includes all other upgrades that do not fit into the previous categories, including introducing new features for developers.

Ethereum’s roadmap has so far been successfully followed by development teams. Although these are structural changes to the protocol, The Merge upgrade and the recent implementation of proto-danksharding, a major The Surge upgrade, occurred without any notable incidents and are already living up to expectations.

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Ether (ETH): Ethereum’s Native Cryptocurrency

Ether (ETH) is the native cryptocurrency of the Ethereum blockchain and plays a central role in the ecosystem, going beyond just being a medium of exchange. Unlike Bitcoin, which is often seen as a store of value or a form of digital gold, Ether is designed to serve as a cornerstone, powering and operating the Ethereum network.

The tokenomics of Ether are crucial to understanding its valuation and functionality. From a theoretical perspective, ETH’s total supply is infinite. However, several elements influence its inflation and the number of tokens in circulation.

Firstly, it’s important to note that during the launch of the Ethereum network in 2015, 72 million ETH were created. Approximately 83% of them were distributed to investors during the ICO, while the rest was allocated to the Ethereum development team and the Ethereum Foundation.

When the Ethereum blockchain still operated on a Proof of Work consensus mechanism, Ether was inflationary. Thus, over the course of 7 years, the number of ETH in circulation grew from 72 million to over 120 million. However, the implementation of EIP-1559 (introducing a token “burn” mechanism based on network activity) and the transition to Proof of Stake reversed this trend, making the cryptocurrency deflationary.

Ether serves multiple roles within the Ethereum ecosystem. Firstly, it acts as the fuel allowing users to pay for transaction fees on the network, known as “gas.” This not only simplifies, secures, and accelerates operations but also stimulates Ethereum’s economic activity.

Additionally, Ether is used as a reserve asset for various DeFi applications. It can be locked as collateral in lending protocols, used to provide liquidity in decentralized exchanges, or deposited to generate yields through yield farming.

Lastly, Ether plays a crucial role in the governance of certain decentralized platforms and DAOs, where ETH holders can participate in collective decisions regarding the future of these protocols. This multifunctional role makes Ether a pivotal piece in the Ethereum ecosystem, combining elements of currency, investment, and community participation.

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Ecosystem and Use Cases

Decentralized Finance (DeFi)

The ability to develop smart contracts for building complex applications has opened up a vast range of possibilities for Ethereum. One of the most thriving domains is decentralized finance, or DeFi, a sector that reinvents financial services by making them accessible to all without any prerequisites and without the need to go through traditional financial institutions.

Just as Bitcoin paved the way for peer-to-peer payments without relying on a trusted intermediary, decentralized finance removes the need for trusting a centralized entity to access financial services. Instead, transactions are governed by smart contracts that automatically execute when predefined conditions are met.

These smart contracts, coupled with the Ethereum blockchain, offer enhanced transparency and security because they operate on a public code base and are immutable once deployed. More importantly, there is no discrimination among users, as the rules apply equally to everyone.

Generally, the decentralized applications (dApps) that make up Ethereum’s DeFi ecosystem enable users to exchange, lend, or borrow assets, as well as generate returns on them. Here are a few examples:

• Decentralized Exchanges (DEXs): They allow users to trade between different cryptocurrencies without their funds being managed by a centralized entity. This enables users to maintain complete sovereignty over their assets. The most famous DEX currently is Uniswap.
• Lending and Borrowing Services: These allow users to deposit cryptocurrencies so others can borrow them, generating significant returns. Once again, the platform does not manage user funds as each operation is executed by smart contracts. The most well-known applications are Aave, Compound, and Curve.
• Yield Applications: These allow users to generate returns using their cryptocurrencies. The main products offered are “Liquidity Providing,” where investors provide liquidity, necessary for the operation of many applications, in exchange for compensation. The most famous application is likely Pendle.
• Liquid Staking: In the case of Ethereum, it is necessary to lock 32 ETH to create a node, which is restrictive. Liquid Staking protocols aim to facilitate this activity by making it accessible to everyone, with no minimum deposit. Additionally, users receive a mirror token of their deposit, which can be used in other DeFi applications, thus making staking on a blockchain “liquid.”

Decentralized Autonomous Organizations (DAOs)

Decentralized Autonomous Organizations (DAOs) are another innovation rooted in Ethereum. A DAO is an organization managed by smart contracts and governed by its members, without any central authority. Decisions within a DAO are made collectively, often through votes using tokens specific to the organization.

DAOs are used for various purposes, ranging from managing community funds to making major project decisions. They embody the vision of Web3, where users are not just consumers but also owners and managers of the services they use.

The use of DAOs in decentralized finance (DeFi) applications is particularly common. DAOs enable decentralization of power among users, giving a more prominent role to tokens. Furthermore, DAO members can propose and vote on changes within the protocol, such as adjusting interest rates, modifying staking returns, or adding new assets to the platform.

For example, the most famous DAO in the context of decentralized finance is Maker DAO. It is behind the issuance of the stablecoin DAI and is fully autonomously managed by MKR token holders. They can decide on the composition of the stablecoin’s reserve, yields, partnerships, and much more.

Stablecoins: USDT, USDC, and DAI

As mentioned in the previous section, stablecoins are a significant part of the Ethereum ecosystem. After several unsuccessful attempts on Bitcoin, it was Vitalik Buterin’s blockchain that truly gave rise to these tokens. Their objective is to maintain a constant, stable value by being backed by a traditional fiat currency, primarily the US dollar.

At the time of writing (2024), the two most capitalized stablecoins are USDT and USDC. They are issued by centralized companies, Tether and Circle, respectively. However, the third in the ranking is DAI, a so-called “decentralized” stablecoin.

The DAI’s parity with the dollar is ensured by a reserve of assets, which is maintained by Maker DAO’s smart contracts and by users who deposit funds.

Non-Fungible Tokens (NFTs)

Non-fungible tokens (NFTs) are another major innovation that truly took off on Ethereum. Unlike conventional cryptocurrencies that are fungible (each unit is interchangeable with another), NFTs are unique by nature, depending on what they represent. This has opened the door to a new way of owning, exchanging, and proving ownership of a wide range of assets.

As these tokens are unique, the ERC-20 standard was no longer suitable. For this reason, Ethereum developers created the ERC-721 standard, widely recognized as the underlying technology for NFTs, making it easy to create unique and traceable digital assets.

In theory, NFTs are used to certify the authenticity of digital artworks, videos, music, and even physical items such as real estate, luxury goods, or valuable objects. They can also be used for managing digital identities, product traceability, or ticketing. For now, they have particularly succeeded in reshaping the art world by offering creators a new way to get paid.

In 2021, the NFT market boomed, particularly for “collectibles,” collections of thousands of images with varying traits (similar to Pokemon or Panini cards). The most famous examples are Cryptopunks and Bored Ape Yacht Club (BAYC), some of which have reached millions of dollars each.

Gaming and Metaverse

The gaming and virtual worlds (metaverse) sectors have undergone a profound transformation with the development of technologies on Ethereum. Indeed, the integration of NFTs allows players to truly own the items they acquire in these worlds, giving meaning to the countless hours spent behind their screens.

Surprisingly, this was one of the first use cases imagined by Vitalik Buterin when he designed Ethereum, as he was an avid World of Warcraft player. The ability to collect virtual items, trade them, or sell them on secondary markets enables monetization of the user experience.

Metaverses, for their part, use NFTs to represent virtual land, avatars, and other digital objects, creating worlds where users can genuinely own and trade digital assets. This interoperability between different games and platforms is made possible through blockchain, which ensures transparency and traceability of transactions.

Moreover, metaverses offer unique opportunities for content creators, artists, and developers, allowing them to monetize their creations in a global, decentralized digital environment. As these digital worlds grow, they could become the next major market for digital innovation.

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Market and Competition

As the first blockchain to introduce smart contracts, Ethereum has capitalized on its pioneer status to establish itself as the undisputed leader in the sector. This "First Mover Advantage" has provided a considerable edge in such a competitive space, allowing Ethereum to attract a vast number of developers, users, and investors.

Despite this, the sector is not without competition. Several other smart contract blockchains have emerged over the years, attempting to compete with Ethereum by addressing its main limitations, such as high transaction fees and low scalability.

Projects like Solana, Binance Smart Chain (BNB Chain), Tron, Avalanche, Fantom, Cardano, and more recently Sui, Aptos, and Sei, have managed to capture a share of the market by adopting various strategies. Some focus on increased execution speed and reduced fees, while others concentrate on specific solutions such as interoperability or energy efficiency.

Nonetheless, Ethereum remains the benchmark, with far greater adoption, a more robust and proven development infrastructure, and an unparalleled ecosystem of applications and services.

From a Total Value Locked (TVL) perspective—representing the total amount of cryptocurrencies placed in a blockchain's protocols—Ethereum significantly outpaces the competition with $50 billion. This accounts for 58% of all value locked on blockchains, while Tron and Solana round out the podium with $7 billion and $5 billion in TVL, respectively.

In terms of developers and decentralized applications, the picture is similar. The number of protocols deployed on Ethereum exceeds 1,100, far more than Solana’s 150 or BNB Chain’s 700.

Here are some key figures on Ethereum:

• TVL: $50 billion
• Number of Protocols: 1,150
• Daily Active Users: 500,000
• Market Capitalization: $320 billion

However, it’s worth noting that in 2024, Ethereum saw a decline in its daily active users in favor of a key competitor: Solana. Benefiting from negligible fees, very high execution speed, and a flourishing memecoin ecosystem, Solana has managed to cast a shadow over the domain leader.

On-chain metrics are particularly insightful in illustrating this dynamic within the smart contract blockchain sector. On Ethereum, the number of transactions typically exceeds one million each day, averaging over 30 million per month. In comparison, Solana registers between 25 and 40 million transactions per day.

Additionally, the number of daily active addresses on Ethereum fluctuates between 400,000 and 600,000, with a monthly average of around 11 million. For Solana, this number is constantly increasing, reaching 2 million daily active addresses, or about 50 million per month. As for new addresses created, Ethereum sees around 100,000 daily, compared to about 1 million on Solana.

Some key figures on Solana:

• TVL: $4.7 billion
• Number of Protocols: 161
• Daily Active Users: 2,000,000
• Market Capitalization: $60 billion

However, Ethereum's hegemony is far from over. To maintain its leadership position, Ethereum continues to evolve, notably through the transition to Proof of Stake (PoS) and the improvement of scalability via layer 2 solutions and sharding. These innovations are crucial in addressing the challenges posed by the competition.

Furthermore, with the increasing institutionalization of the ecosystem, traditional players are naturally gravitating towards Ethereum to build applications on the blockchain, as exemplified by BlackRock's tokenized fund. This should further solidify Ethereum’s dominance in the smart contract network space.

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Conclusion

Ethereum has redefined what it means to be a blockchain, evolving far beyond the simple transfer of value to become a global platform for decentralized innovation. Through the introduction of smart contracts and its transition to Proof-of-Stake, Ethereum has built a dynamic and resilient ecosystem capable of supporting a wide range of use cases, from decentralized finance (DeFi) to Web3 applications in general.

The network continues to grow and adapt, meeting the growing needs of its global community of users, developers, and businesses. With updates like Ethereum 2.0 and a continuous focus on scalability and sustainability, Ethereum asserts itself as an indispensable infrastructure for the future of the decentralized internet.

In summary, Ethereum is more than just a blockchain: it is a constantly evolving ecosystem, designed to shape the next digital era by giving individuals and organizations the tools to create and innovate freely and in a decentralized manner.