THE BLOCK · 2026-11-13 14:12 UTC

Ethereum and Layer 1s Explained

Ethereum is described as a Layer 1 blockchain built for programmable applications, using accounts, smart contracts, the Ethereum Virtual Machine, ETH, gas fees, and Proof of Stake. The article says Ethereum extended Bitcoin by making the blockchain run code on-chain, with smart contracts enabling decentralized applications that operate without traditional intermediaries. It introduces two account types: externally owned accounts controlled by private keys, and contract accounts controlled by smart-contract code that act only when triggered by transactions.

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