When say a metal like Platinum catalyzes a reaction, what exactly is it doing that is speeding up that reaction?
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Catalysts speed up a reaction by lowering the activation energy. This is done by stabilising the intermediate steps in the reaction.
Transition metal catalysts like platinum work by letting chemicals “borrow” some electrons for a while and letting them sit on the surface of the metal waiting for the other reagent to come along and react.
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