Abstract
The Ethereum blockchain is a fascinating platform that uses innovative smart contract capability to empower decentralized applications in almost all major business sectors. Pioneered by Vitalik Buterin and several cofounders, Ethereum has gone through the milestones of initial launch, stable coins, ICO (Initial Coin Offering), DeFi (Decentralized Finance), DAO (Decentralized Autonomous Organization), NFT (nonfungible tokens), and L2 (Layer 2) for scalability. The Ethereum blockchain and infrastructure are transitioning to POS (proof of stake) with sharding and are on the way to impose big impacts on CBDC (Central Bank Digital Currency) and enterprise blockchains with promising potential. After years of astronomical growth, Ethereum has reached a market cap of $400 billion, just trailing behind Bitcoin. Compared with bitcoin, the Ethereum blockchain has advantages such as supporting the Ethereum Virtual Machine (EVM) and smart contracts, supporting more diverse use cases, and being more nimble by changing consensus from POW to POS to save energy costs.
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