$1,721.52 / $1,452.87
What is Ethereum (ETH)
Ethereum is a smart contract platform which enables developers to build and run decentralized applications (DApps) on its blockchain. Ether (ETH) is the native crypto currency of the Ethereum Network. In order to understand how ETHs are used on this smart contract platform, the term of smart contract has to be understood. Smart contracs are used to describe a code which can facilitate the exchange of money, shares or any value.
By running smart contracts on the blockchain; the risk of cencorship, fraud or third party interference is eliminated. Even if all the blockchain networks allow to process codes, Ethereum’s blockchain allows developers to create way beyond like DApps or tokens. On Ethereum Network, ETHs are spent for transaction fees and services by developers and users. Like Bitcoin, Ethereum is also mined and the amount of tokens which are used to pay miners fees are called as gas. In order to execute a smart contract, a certain amount of gas needs to be paid to miners.