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On this page
  • Ethereum's Goal
  • How Ethereum Works
  • Ether: Ethereum's Native Currency
  1. Intermediate
  2. Tutorials and Guides

Ethereum

Harnessing the world computer.

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Last updated 2 years ago

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

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 .

How Ethereum Works

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.

Ether: Ethereum's Native Currency

Unit
Wei Value
Amount of Wei

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.

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smart contracts
Ethereum road map
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