What Ethereum is used for: smart contracts and decentralised applications

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Ethereum is a public blockchain that executes smart contracts through the Ethereum Virtual Machine. Developers use those contracts to build applications for token issuance, exchanges, lending, games, identity, coordination and other functions.

An application may combine on-chain contracts with websites, data providers, bridges, wallets and centralised services. Calling something a decentralised application does not mean every component is decentralised, secure or beyond regulation.

Users should evaluate contract audits, administrative controls, oracle and bridge dependencies, token approvals, fees and custody arrangements. Transactions and permissions can be difficult or impossible to reverse.

Technical source: Ethereum developer documentation.

This explainer is educational and not investment advice.

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