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Ethereum was launched in 2014 and officially came into operation on July 30, 2015. It is a decentralized platform that uses blockchain technology to run smart contracts, which are self-executing programs with the terms of the agreement directly written into lines of code.

Vitalik Buterin, a Russian-Canadian programmer, first proposed Ethereum in late 2013 and published a white paper about it the following year. The concept was well-received within the cryptocurrency community and led to the creation of an organization called "Ethereum Switzerland GmbH," which organized the crowdsale that funded the development of the Ethereum software.

One of the most significant aspects of Ethereum is its use of smart contracts. These are agreements written in code, automatically executed without the need for intermediaries once predetermined conditions have been met. This feature has greatly expanded the capabilities and applications of blockchain technology beyond simple transactions, enabling developers to build decentralized applications (dApps) on top of it.

Since its launch, Ethereum has evolved significantly with several updates aimed at improving scalability, security, and sustainability. For instance, the transition from Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS), also known as the Eth2 upgrade or "The Merge," marked a major milestone in the network's history by drastically reducing its energy consumption.

Today, Ethereum is not only one of the largest and most widely used blockchain networks but has also inspired countless projects within the broader cryptocurrency ecosystem. It continues to be at the forefront of innovation in finance, governance, gaming, art, and many other sectors through its versatile technology platform.