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Ethereum in Six Steps
Ethereum.eu.com explains the network much of Web3 runs on, for readers in Europe, with the hype left out.
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Ethereum is a public blockchain that runs programs, not just payments. Its currency is ether, or ETH.
Ethereum
An account is an address controlled by a private key. Whoever controls the key controls the account.
Address
Every transaction pays a fee in ETH, called gas, for the computing work it needs. Fees rise when the network is busy.
Gas
A smart contract is code deployed on Ethereum that runs exactly as written. It powers tokens, lending and marketplaces.
Smart contract
Ethereum is secured by validators who lock up ETH and can lose part of it for misbehaving. This replaced energy-heavy mining in 2022.
Proof of stake
Layer 2 networks bundle many transactions and settle them on Ethereum, making transfers faster and cheaper while relying on Ethereum for security.
Rollup
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