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Eth1
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Eth1, also known as Ethereum 1.0, is the first and original version of the Ethereum blockchain. It was launched in 2015 and has since become one of the largest and most popular blockchain platforms in the world.
Eth1 is a decentralized, open-source platform that enables developers to build decentralized applications (dApps) and deploy smart contracts on the blockchain. It uses a proof-of-work consensus algorithm, which requires miners to compete to solve cryptographic puzzles in order to validate transactions and add new blocks to the blockchain. This process is known as mining and is how new Ether (ETH) tokens are created and distributed.
Eth1 has a number of unique features, including:
Smart contracts: Eth1 enables developers to create and deploy smart contracts on the blockchain, which can be used to automate the execution of complex financial transactions, create decentralized applications, and more.
Ethereum Virtual Machine (EVM): The EVM is a Turing-complete virtual machine that runs smart contracts on the blockchain, providing a secure and decentralized environment for code execution.
Gas fees: In order to prevent spam and abuse of the network, Eth1 uses a gas-based fee system, where users must pay a fee in Ether to execute transactions and deploy smart contracts on the network.
Decentralized governance: The Ethereum community operates on a decentralized governance model, where decisions about the future direction of the platform are made through a consensus-based process that involves stakeholders and developers from around the world.
While Eth1 has been highly successful, it has also faced some challenges, including scalability issues due to the limited processing power and storage capacity of the blockchain, and high gas fees during periods of high network congestion. To address these challenges, the Ethereum community is currently developing Eth2 (also known as Ethereum 2.0), which will introduce a new proof-of-stake consensus algorithm and other features aimed at improving the scalability and security of the network.