Ethereum
Harnessing the world computer.
Last updated
Harnessing the world computer.
Last updated
Ethereum is an open-source, programmable, decentralized platform built on blockchain technology. Compared to Bitcoin, Ethereum allows for scripting languages that have allowed for application development.
The decentralized blockchain platform establishes a peer-to-peer network that securely executes and verifies application code, called . Smart contracts allow participants to transact with each other without a trusted central authority.
Ethereum's goal is to give everyone access to digital money and financial services, banking for everyone. Utilizing a peer-to-peer blockchain network to skip the need for intermediaries, allows Ethereum to be censorship-resistant. Meaning it's near impossible for an entity to stop you from using the service. It is creating a level playing field for everyone involved. Ethereum is constantly being upgraded to suit users' needs if you wish to learn more follow the .
Ethereum works on a blockchain consensus that provides security and transparency, currently using the chain to validate transactions. Soon, Ethereum will hard fork into a chain to validate transactions. Think of the Ethereum blockchain as a highway and the Ether transactions as vehicles driving on the highway.
Wei
1 wei
1
Kwei
10^3 wei
1,000
Mwei
10^6 wei
1,000,000
Gwei
10^9 wei
1,000,000,000
Microether
10^12 wei
1,000,000,000,000
Milliether
10^15 wei
1,000,000,000,000,000
Ether
10^18 wei
1,000,000,000,000,000,000
To transact on the Ethereum blockchain you will need to pay a small fee to the validators of the network, known as Gas Fees. Gas fees are measured in a smaller unit of Ether; Gwei. Ether would be the base which can be broken down into 18 decimal places, see the table above.