Wei is the smallest unit of the Ethereum cryptocurrency. One wei is one-quintillionth of an ETH, or 0.

000000000000000001 ETH. The wei unit was named after Wei Dai, the creator of b-money, an early cryptocurrency proposal that laid the foundation for many subsequent projects, including Ethereum.

While ETH is divisible to 18 decimal places, the vast majority of transactions are denominated in whole units of wei. For example, when someone sends 1 ETH to another person, they are actually sending 1,000,000,000,000,000,000 wei (1 quintillion wei).

This may seem like a lot of zeros, but it’s important to remember that each wei represents a very small amount of value.

The name “wei” was chosen because it is the smallest denomination of the Chinese yuan (Renminbi), which is also sometimes referred to as the “yuan” or “kuai”. The Chinese word “wei” 微 means “tiny” or “micro”.

While Wei may be a small unit of measurement, it’s an important part of Ethereum and other cryptocurrencies. Without Wei, it would be difficult to send and receive very small amounts of ETH or other crypto assets.

Thanks to Wei, even the tiniest fractions of a token can be transferred with ease.

Flexa is a decentralized network that enables businesses to seamlessly and securely accept digital currencies as payment. Flexa is built on the Ethereum blockchain and utilizes smart contracts to facilitate transactions.

Flexa’s decentralized nature allows it to offer a number of advantages over traditional payment networks. For one, Flexa is much more secure than traditional payment networks.

Because Flexa is built on the Ethereum blockchain, it benefits from all of the security features that come with that platform. Additionally, Flexa’s use of smart contracts means that all transactions are transparent and verifiable.

Another advantage of Flexa is that it significantly reduces transaction costs. Because there is no need for a third party to process payments, Flexa can reduce or eliminate fees associated with traditional payment methods.

This makes Flexa an attractive option for businesses looking to save on costs.

Finally, Flexa offers businesses a way to reach a global market. Because it is built on the Ethereum blockchain, Flexa can be used by anyone with an internet connection.

This gives businesses the ability to reach customers anywhere in the world, without having to worry about currency conversion or other barriers.

Overall, Flexa provides a number of advantages over traditional payment networks. Its security, transparency, low costs, and global reach make it an attractive option for businesses looking for an alternative to traditional payment methods.

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.

Ethereum is a public blockchain-based distributed computing platform, featuring smart contract functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.

Ethereum also provides a cryptocurrency token called “ether”, which can be transferred between accounts and used to compensate participant nodes for computations performed. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

Ethereum was initially described in a white paper by Vitalik Buterin in 2013. He later went on to found the Ethereum Foundation with help from others in the cryptocurrency community including Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson.

Ethereum has been mined since mid-2015. Since launch, over 370,000 ETH have been mined per day with a peak of over 500,000 ETH mined in a single day in mid-2016. Mining is a record-keeping service done through the use of computer processing power.[48] Miners keep the blockchain consistent, complete, and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block. Each block contains a cryptographic hash of the previous block,[48] thus linking it to the previous block and giving the blockchain its name.[7]:ch. 7[48] To be accepted by the rest of the network, a new block must contain a proof-of-work (PoW).[49] The system used is based on Adam Back’s 1997 anti-spam scheme, Hashcash.

[50][51] The PoW requires miners to find a number called a nonce, such that when the block content is hashed along with the nonce, the result is numerically smaller than the network’s difficulty Target. 8 This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is 0, 1, 2,. 8) before meeting the difficulty Target.