What is Ethereum and how does it work ?

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether (ETH) is the native cryptocurrency of the platform. After Bitcoin, it is the largest cryptocurrency by market capitalization. It is the most actively used blockchain. It was proposed in 2013 by programmer Vitalik Buterin. In 2014, development was crowdfunded, and the network went live on 30 July 2015. 


Unique features

The platform allows developers to deploy permanent and immutable decentralized applications onto it, with which users can interact. Decentralized finance (DeFi) applications provide a broad array of financial services without the need for typical financial intermediaries like brokerages, exchanges, or banks, such as allowing cryptocurrency users to borrow against their holdings or lend them out for interest. It also allows for the creation and exchange of NFTs, which are non-interchangeable tokens connected to digital works of art or other real-world items and sold as unique digital property. Additionally, many other cryptocurrencies operate as ERC-20 tokens on top of the Ethereum blockchain and have utilized the platform for initial coin offerings, more than 280,000 ERC-20-compliant tokens have been launched.

Ethereum has started implementing a series of upgrades called Ethereum 2.0, which includes a transition to proof of stake and aims to increase transaction throughput using sharding. The main purpose of this upgrade is to increase transaction throughput for the network from the current of about 15 transactions per second to up to tens of thousands of transactions per second.


What you need to know about Ether

Ether (ETH) is the cryptocurrency generated by the Ethereum protocol as a reward to miners in a proof-of-work system for adding blocks to the blockchain. ETH is fundamental to the operation of the network. Each account has an ETH balance and may send ETH to any other account. Ether is the only currency accepted in the payment of transaction fees in the Ethereum network by paying transaction fees and computational services to miners. First and foremost, it’s important that you learn how to buy Ethereum in Nigeria.

What is the Ethereum (ETH) price?

Ethereum’s price today is $2,301.86 USD (as of the time this article was published) with a 24-hour trading volume of $21,862,425,814 USD. It is up 2.81% in the last 24 hours.

Ethereum  price

Where can you buy Ethereum (ETH)?

It is the second largest cryptocurrency after Bitcoin. If you are looking for where to buy Ethereum? You can buy ETH on all of the major crypto exchanges.

Sign up on Bitmama today and buy ETH with ease! It’s simple!


Also Read

Crypto 101: Beginners guide to digital currencies


Bitmama Team

Jul 28, 2021

2 mins read

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