Many people struggle to understand why Ethereum is the most influential project in the industry besides Bitcoin. Some even say Ethereum is the creator of Blockchain 2.0. The reason lies in Ethereum’s role as an innovator—it was the first project to apply blockchain technology to other industries and chart a new direction for the blockchain sector.

Before Ethereum emerged, blockchain applications were very limited. Aside from Bitcoin, there were only a few "copycat coin" projects, and their source code was nearly identical to Bitcoin’s. This resulted in little substantive progress in blockchain technology until Ethereum appeared and shattered this stagnant landscape.

So, how did Ethereum do it? Ethereum’s founder, Vitalik Buterin (V神), proposed using blockchain technology to build a platform akin to operating systems like Android and iOS. Ethereum’s core revolves around two key aspects:

First, at the foundational data management level, Ethereum created a decentralized database through its Proof-of-Stake (PoS) consensus mechanism. This ensures user data belongs to the users themselves, no longer controlled by centralized third-party institutions, thereby realizing a true public network infrastructure.

Second, at the application level, Ethereum introduced a programming language that allows developers to create blockchain applications (DApps) of varying complexity tailored to their needs—whether for social media, trading, gaming, or other purposes. The heart of blockchain application development is smart contracts, a technology that defines rules through code. Once the conditions of a smart contract are triggered, the code executes automatically.

This model brought two major impacts:

1. It liberated blockchain from the confines of digital currency, establishing its independence. Ethereum demonstrated that blockchain’s data management approach has unique advantages—data traceability, immutability, and the ability to establish trust between users without third-party intermediaries.

2. Ethereum enabled a quantum leap in blockchain applications. By combining smart contracts with a decentralized database, it allowed users to establish trust-based relationships entirely through technology, bypassing third parties. Thus, any activity requiring trust could leverage Ethereum’s platform.

Since then, applications of smart contracts in financial institutions (e.g., banks, cross-border payments) and research into data infrastructure by public institutions (e.g., hospitals, logistics, governments) have marked Ethereum’s success in commercializing blockchain technology.

If Bitcoin, as a digital currency, provided new ideas and technical means for value transfer—representing the Blockchain 1.0 era—then the public chain projects emerging after Ethereum represent the Blockchain 2.0 era, vastly expanding blockchain’s applications and making commercial use a reality. Hence, we say Ethereum was the first project to open the door to Blockchain 2.0 and bring it to the world.

In summary, Ethereum’s journey has seen highs and lows, praise and controversy. Yet, it has remained steadfast on the path of being a "smart contract platform," continuously iterating without deviation. Perhaps one day, Ethereum will truly realize its dream of becoming that platform.