Ethereum is a form of digital money mainly used on the Ethereum platform. As a cryptocurrency, Ether can be sent to people you know over the Internet fairly quickly and efficiently – usually at a much lower price than other subcoins.
What are the functions of Ethereum cryptocurrency?
Ether cryptocurrency can be compared to cash. Imagine sending $ 5 to a friend – and the money is deposited directly into your account without any third party involvement. If you sent him 1 ETH, the same thing would happen – except that your friend would be happier, because this coin is now over $ 2,000. dollars.
Ethereum’s main goal is not only to transact on digital assets, but also to support the operation of the Ethereum blockchain. This network is the basis of many decentralized applications referred to in a general term: DApps (decentralized software). DApps are used to create more efficient alternatives to the technologies we use every day.
Who made Ethereum
The second most popular cryptocurrency was created by Russian-Canadian programmer Vitalik Buterin. He learned about cryptocurrencies and blockchain about two years after the introduction of bitcoin. Buter hired several other experts to co-create their own currencies, and the first sale of ETH tokens took place in the summer of 2014. As a result, about $ 18 million was raised.
How does Ethereum work?
Ethereum processes millions of transactions connected to blocks. Each block is linked to the previous one, thus creating a chain – the blockchain. Ether Solidity is based on smart contracts in the programming language. This is a special “program” implemented by all nodes and facilitates communication between all cryptocurrency owners. On the Ethereum network, smart contracts can be executed multiple times (unlike a bitcoin blockchain).
Ether in the NFT market
Like DApps, the ethereum blockchain has played a special role in NFT (non-replaceable tokens). The first NFT at Ethereum was launched in 2015, a few months after the blockchain itself was launched. In fact, the first token was launched on the bitcoin blockchain. However, ethereum has become a “partner” of NFT as both a technology and a trading currency.
Basically all NFTs are sold and bought for Ethereum. This is due to the fact that Ethereum is the main blockchain token, and with the advent of this subcoin, complex transactions involving various digital assets are possible.
How to buy Ethereum on cryptocurrency exchange?
How to get Ethereum cryptocurrency? This largest altcoin is listed on most cryptocurrency exchanges and trading platforms. You need to register to buy Ethereum on the exchange. You will then be transferred to your personal account to learn the administration panel and make a payment. BTC, USD, EUR, PLN, etc. are broadcast on many exchanges. are traded in pairs with.
Choose a convenient method to replenish your account in your personal account. Then you can buy all or part of the cryptocurrency. Funds can be withdrawn after profile verification (up to 3 days required).
What are the main differences between Ethereum and Bitcoin?
The difference between Bitcoin and Ethereum in many respects is already evidenced by the fact that all cryptocurrencies except the former are called subcoins. First, let’s explain how the bitcoin blockchain is built. It was created in 2009 by a person or a group of people under the pseudonym Satoshi Nakamoto. The only type of transaction in this blockchain is the transfer of bitcoins from one address to another.
Bitcoin’s operating rules are written in Bitcoin Script. It is not a universal or flexible language. The code is executed once and then does not affect the fate of the blockchain. The way it works in Ethereum is different. The Ethereum virtual machine (PC) is responsible for its programming. This is a Turing machine, ie all tasks can be solved only with the Turing machine (or its equivalent). Turing integrity is a key concept in computer science, for example, to measure the universality of a programming language.
Note: Approximately 75% of retail CFD accounts are damaged. Think about whether you really understand how CFD tools work and whether you accept the high risk of losing money.