What is ETH

What is ETH ? While Ethereum refers to the blockchain network, the native currency that flows within the Ethereum economy is called Ether (ETH). Ether is typically used to pay for transaction fees called Gas, and it is the base currency of the network. Ether tokens and bitcoin are called cryptocurrencies because they can be only be bought and sold digitally are used to pay for things (including pre-school tuition) and because they fall outside of the control of central banks and other government entities that might control a national currency.

They’re built on a technology called Blockchain. That’s a kind of ledger that records and verifies transactions made on it and all transactions made on these so-called decentralized networks are public and not controlled by one governing entity. The basic currency for Ethereum is Ether that can transfer between accounts. Ethereum is a global, decentralized platform for money and new kinds of applications. On Ethereum, you can write code that controls the money, and build applications accessible anywhere in the world. In fact, Bitcoin is only one of several hundred applications that use blockchain technology today. Until relatively recently, building blockchain applications has required a complex background in coding, cryptography, mathematics as well as significant resources. But times have changed.

Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications and like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two. The most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. In the Ethereum, instead of mining for Bitcoin, miners work to earn Ether, a type of crypto token that fuels the network.

There is a second type of token that is used to pay miners fees for including transactions in their block, it is called gas, and every smart contract execution requires a certain amount of gas to be sent along with it to entice miners to put it in the blockchain.
Many people will come to Ethereum with some prior experience of cryptocurrencies, specifically Bitcoin, Ethereum shares many common elements with other open Blockchain: a peer-to-peer network connecting participants, a Byzantine fault-tolerant consensus algorithm for synchronization of state updates (a proof-of-work blockchain), and the use of cryptographic primitives such as digital signatures and hashes, and digital currency (Ether). Ether is a currency used in the Ethereum system so if you are to do a transaction of the transmitter, we must use the ether to paying.

What is ETH

published by: Anti Dolos