The most plain and simple explanation of Ethereum can be broken down into two words:
Software platform.
Now, what makes Ethereum different from other software platforms is that it is a blockchain-based software platform.
The most plain and simple explanation of blockchain is that it’s records of data stored on a network of computers.
Ether is the Ethereum blockchain’s native cryptocurrency.
To incentivize people to host and maintain the data on the blockchain, Ether was created as a form of payment to fuel the Ethereum network.
Later this year, Ethereum will start to undergo a major network update that has been nicknamed Ethereum 2.0, Eth2, and Serenity.
One of the main goals of this update is to improve the Ethereum network’s efficiency and ability to scale.
Ethereum 2.0 will allow the platform to handle the growing demand for DApps and the DeFi movement at large.
There are many phases to this massive upgrade, so if everything stays on schedule, it will be a few years until the upgrade is 100% implemented and complete.
