🔷Ethereum
Harnessing the world computer.
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. 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 Ethereum road map.
How Ethereum Works
Ethereum works on a blockchain consensus that provides security and transparency, currently using the PoW chain to validate transactions. Soon, Ethereum will hard fork into a PoS 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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