What is ether cryptocurrency and how does it work?

3 answers

• Dec 28, 2021 · 3 years ago
  Ether cryptocurrency, also known as Ethereum, is a decentralized digital currency that operates on the Ethereum blockchain. It is the second-largest cryptocurrency by market capitalization after Bitcoin. Ether can be used as a medium of exchange, just like traditional currencies, but its main purpose is to facilitate the execution of smart contracts and decentralized applications (DApps) on the Ethereum platform. Unlike Bitcoin, which focuses on peer-to-peer electronic cash transactions, Ethereum aims to provide a platform for developers to build and deploy decentralized applications. The Ethereum blockchain is a distributed ledger that records all transactions and smart contract executions. Miners validate and secure the network by solving complex mathematical problems. Ether can be obtained through mining or purchased on cryptocurrency exchanges.
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• Dec 28, 2021 · 3 years ago
  Ether cryptocurrency, also known as Ethereum, is a digital currency that operates on a decentralized network called the Ethereum blockchain. It was created by Vitalik Buterin in 2015. Ether is used to power the Ethereum network and is required to execute smart contracts and run decentralized applications (DApps). It works by incentivizing miners to validate transactions and secure the network. Miners solve complex mathematical problems to add new blocks to the blockchain and are rewarded with ether for their efforts. Ether can be stored in digital wallets and used for various purposes, such as participating in initial coin offerings (ICOs) or trading on cryptocurrency exchanges.
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• Dec 28, 2021 · 3 years ago
  Ether cryptocurrency, also known as Ethereum, is a digital asset that operates on the Ethereum blockchain. It is used as a form of payment for transactions and services within the Ethereum network. Ether can also be used to power decentralized applications (DApps) and execute smart contracts. The Ethereum blockchain is a decentralized ledger that records all transactions and smart contract interactions. It relies on a network of computers, known as nodes, to validate and secure the network. Miners play a crucial role in this process by solving complex mathematical problems to add new blocks to the blockchain. Ether can be obtained through mining or purchased on cryptocurrency exchanges like BYDFi.
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