ETH is a digital asset that operates on a decentralized blockchain network designed to support smart contracts and decentralized applications. Transactions involving ETH are verified by network participants using cryptographic methods to ensure accuracy and security. Once confirmed, these transactions are recorded on a public distributed ledger known as a blockchain. The process of validating transactions and adding new blocks, known as staking under a proof of stake system, rewards validators who successfully propose and attest to new blocks. At regular intervals, validators are permitted by the network to collect transaction fees, along with the issuance of newly created ETH as protocol-defined rewards.
ETH was introduced in 2015 by Vitalik Buterin and the Ethereum development community. Its purpose, technical design, and vision were first described in the Ethereum white paper released in 2014, which laid the foundation for a programmable blockchain platform.