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What is Ethereum and What Does it Offer?

Ethereum is always one of the top ten ‘biggest cryptocurrencies’ of all time. Some would always consider it as second to Bitcoin based on market capitalization. Other than that, the two assets are not considered ‘competitors’.

However, there are so many features offered by Ethereum that novices in the crypt industry are always asking about. Here are some of the most popular and most important ones because they define Ethereum from other crypto assets and network:

What is Ethereum?

The first clarification that needs to be made is that ‘Ethereum’ is the name of the blockchain. The asset that people want to ask for when asking for ‘the price of Ethereum’ is actually Ether (ETH) which is the native cryptocurrency of the network.

What is Ethereum’s Purpose or Goal?

Ethereum’s main goal is to use the decentralized format of Bitcoin’s blockchain for other purposes aside from sending and receiving money. The idea is to serve as a software for distributed apps (or DApps) that can be supported by multiple servers instead of relying on only one.

What is ETH?

ETH is not a coin that is only used for buying and selling. It is a token that can be used to fulfil smart contracts, support DApps, or vote on the platform. It can be accepted as payment for online shops or as deposits for online casinos like Bitcasino.

What are DApps?

DApps are applications that are never controlled by only one person or company, even by the ones who made it. This protects users from fraud and downtime in case the service was created as part of a scam. This also means that contents in DApps are difficult, or even impossible, to censor, edit, and remove.

What is a Smart Contract?

Smart contracts are one of Ethereum’s key features. They work as overseers that can protect people involved in an arrangement from being victims of fraud like actual contracts would. However, since Ethereum is decentralized, there are no governing bodies that can validate exchanges made on the platform.

Smart contracts are fully automatic, meaning the creator is going to write conditions that must be met by parties they wish to include in the arrangement. The contract will automatically give the payment once the conditions are fulfilled. Smart contracts can be as complicated or simple as possible, as long as it is doable.

How Much is Ether and How Does it Compare to Other Assets?

One ETH can be worth between €300 – €500 but it reached an all-time high of €1,173.73 and an all-time low of €0.37. It can be volatile and it is not as expensive as other currencies like Bitcoin and Bitcoin CASH. It is also far from being as fast as XRP or Apollo. However, it has the second-largest market cap in the market as it stands on €34.3 billion.

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