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What is ETH? Learn ETH in one minute
As the native cryptocurrency of the Ethereum blockchain, ETH serves as a transaction fee, gas unit, and staking reward, fueling the platform's operations and decentralized applications.
Oct 24, 2024 at 09:09 pm
What is ETH? Learn ETH in One Minute
1. What is ETH?
Ether (ETH) is the native cryptocurrency of the Ethereum blockchain, a decentralized, open-source platform for smart contracts and decentralized applications (dApps).
2. Purpose of ETH
ETH serves several functions on the Ethereum network:
- Transaction fees: Users pay ETH to execute transactions and deploy smart contracts on the network.
- Gas: ETH serves as a unit of gas, which measures the computational effort required to process transactions.
- Staking: ETH holders can stake their coins to participate in the network's proof-of-stake consensus mechanism, earning rewards in return.
3. Ethereum Blockchain
Ethereum is a decentralized blockchain that runs on a peer-to-peer network. It enables developers to build and deploy smart contracts, which are self-executing contracts with predefined rules that are stored and executed on the blockchain.
4. Use Cases of ETH
ETH is used in various applications on the Ethereum blockchain, including:
- Running dApps
- Making and receiving payments
- Participating in decentralized finance (DeFi) activities
- Storing and managing other digital assets
5. ETH Security
The Ethereum network is secured by a proof-of-stake consensus mechanism, where validators stake ETH to validate transactions and secure the network.
In summary, ETH is the native cryptocurrency of the Ethereum blockchain, which serves as a medium of exchange, a unit of gas, and a stake for securing the network. It is used in various applications on the Ethereum blockchain, including executing transactions, deploying smart contracts, and participating in DeFi activities.
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