How do you define Ethereum?
Ethereum is a general-purpose decentralized application platform based on blockchain. It lets developers build and deploy applications that don’t have a central server. Ether is Ethereum’s digital currency.
What exactly is Ether?
Ether (ETH) is the currency of the Ethereum platform. It is used to pay for transaction fees and services in applications built on the network. It can be traded for other currencies, products, or services.
How do I get Ether?
You can buy ether from a marketplace like oinbase">Coinbase. To do this, you need a bank account in the United States or another supported country, and you’ll also need to verify your identity before you can start buying cryptocurrencies from an exchange like oinbase">Coinbase. You can also buy ether from someone who already has it, as long as you agree on a price (this is often referred to as peerto-peer trading). Once you’ve bought ether, you can convert it to bitcoin on sites like ShapeShift or Bittrex and then transfer it to your bank account via an ACH transfer after meeting all KYC/AML requirements. Once you buy ETH coins, you can store them in a number of ways, but it’s best to keep your money in an offline wallet.
What’s the point of using Ethereum?
The Ethereum platform was made as a decentralized blockchain solution for applications that need “smart contracts” — contracts that run themselves and allow peer-to-peer transactions without third parties. The network is set up so that all transactions happen automatically and instantly between users who don’t know each other and can’t, therefore, cheat each other.
Ethereum is a blockchain-based platform that lets developers make applications that don’t have a central server (DApps). Ethereum is a smart contracts platform that lets developers write code that can automate the management of digital assets and many other kinds of processes. These contracts are turned into byte code and checked by a network of computers on the blockchain.
The blockchain, a shared global ledger, is the basis for how Ethereum works. The blockchain keeps track of every transaction that has ever happened and
organizes this information by date. Anyone can see the complete history of transactions by going to any node on the network and reading from the blockchain.
The Ethereum blockchain has every account balance, every transaction involving a smart contract, and every block mined since the genesis block was created in 2015.
What’s different about Ethereum compared to Bitcoin?
Smart contracts are one of Ethereum’s most promising uses. Coding is used to write smart contracts, but computers don’t run them. Instead, humans kill them.
A smart contract is a computer program that enforces a set of rules or agreements between two or more parties. These rules can be based on time or events, and they can automatically enforce those obligations without human approval or help.
Once it’s set up right, the result is an automatic payment system that doesn’t need human oversight or intervention. This makes them perfect for payments between people who don’t trust each other or have a lot at stake.
Smart contracts can be used in almost any situation. They could be used to make decentralized currencies like Bitcoin, but without the volatility that comes with cryptocurrencies. This is because there is no central bank controlling supply and demand—only the community. They could also be used to create decentralized voting systems that would let people from all over the world vote on issues that are important to them.