Prompt Title: Ethereum Blockchain

Ethereum is a decentralized blockchain platform that enables the creation and execution of smart contracts. It was proposed in late 2013 by Vitalik Buterin, and the development of the network began in early 2014. Ethereum's mainnet was launched on July 30, 2015, and it has since become one of the most popular and widely used blockchain platforms.

One of the key features of Ethereum is its ability to support smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. Smart contracts allow for the automation of transactions and agreements, eliminating the need for intermediaries and reducing costs. Developers can write these contracts using Solidity, a programming language specifically designed for Ethereum.

The native cryptocurrency of the Ethereum blockchain is called Ether (ETH). Ether serves as a medium of exchange within the Ethereum network and is used to pay for transaction fees and computational services. Additionally, Ether can be held as an investment or used in various decentralized applications (DApps) built on the Ethereum platform.

Ethereum introduced the concept of decentralized applications, which are applications that run on the blockchain and utilize its decentralized nature for enhanced security and transparency. DApps can range from decentralized finance (DeFi) protocols and decentralized exchanges to gaming platforms and prediction markets.

In terms of scalability, Ethereum has faced challenges due to its design. The network's original version, known as Ethereum 1.0, utilized a Proof of Work (PoW) consensus mechanism similar to Bitcoin. However, Ethereum has been actively working on a major upgrade called Ethereum 2.0, which aims to address scalability issues through the implementation of a Proof of Stake (PoS) consensus mechanism, among other improvements.

Ethereum 2.0 is being rolled out in multiple phases, with the first phase, called Phase 0 or the Beacon Chain, going live in December 2020. It introduced the PoS consensus mechanism and laid the foundation for the future shard chains that will increase the network's capacity and scalability. Subsequent phases will gradually transition the existing Ethereum 1.0 network to the new Ethereum 2.0 architecture.

Overall, Ethereum has played a significant role in the development of blockchain technology and has been instrumental in fostering innovation and the creation of decentralized applications. Its active developer community and widespread adoption have made it a prominent platform for building decentralized solutions across various industries.