Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
In order to achieve this, Ethereum users have to use a cryptocurrency called Ether. Ether is used to pay for gas, which is a unit of measure used to determine how much computational power is required to execute a certain task.
The more complex the task, the more gas it will require.
One of the great things about Ethereum is that it supports what’s known as a “multisig” wallet. This means that you can have multiple people sign off on a transaction before it’s executed.
NOTE: WARNING: Ethereum does not support multisig wallets natively. While some third-party services may provide such a feature, it is important to exercise caution when using these services as they may not be secure or reliable. Furthermore, if the keys used in a multisig wallet are lost, the funds within the wallet may be unrecoverable.
This can be useful for things like corporate approvals or family finances.
Multisig wallets are created by generating multiple key pairs, each of which is held by a different person. In order to create a transaction, all of the holders of the key pairs must sign off on it.
This makes it much more difficult for someone to steal your Ether, since they would need to have access to all of the key pairs in order to do so.
Ethereum’s support for multisig wallets is one of the many things that makes it such a powerful and versatile platform. If you’re looking for a way to securely store your Ether, then a multisig wallet may be right for you.
10 Related Question Answers Found
Ethereum, like most cryptocurrencies, does not have paper wallets. This is because paper wallets are generally considered to be less secure than other types of wallets. Paper wallets are vulnerable to physical attacks (such as fires and floods) and to theft.
Yes, the Mycelium wallet supports Ethereum. The Mycelium wallet is a Hierarchical Deterministic (HD) wallet that uses a 12-word master seed to generate all of the private keys for your accounts. This means that you can generate an unlimited number of accounts and addresses from the same seed, and your accounts are all backed up by the same 12 words.
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 unique in that it allows developers to create their own cryptocurrencies, called ERC20 tokens, on top of the Ethereum blockchain. This has led to the development of hundreds of different tokens, all with different use cases and applications.
Yes, Phantom Wallet supports Ethereum. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Phantom Wallet is a secure and easy-to-use Ethereum wallet that enables you to store, send, and receive Ether and ERC20 tokens.
Yes, Ethereum supports smart contracts. A smart contract is a computer protocol that allows for the verification, enforcement, or performance of a contract. Smart contracts were first proposed by Nick Szabo in 1996 as a way to create “electronic commerce” or “e-commerce” without the need for third-party intermediaries.
When it comes to cryptocurrency wallets, there are a few different types that you can choose from. One of the most popular types is the Ethereum wallet, which allows you to store your Ether tokens. However, there is a bit of confusion when it comes to whether or not Ethereum is an ERC20 wallet.
Ethereum Classic (ETC) is a smart contract platform that enables developers to build decentralized applications (dapps) on its blockchain. ETC is also a public blockchain that allows anyone to access and use its decentralized application platform. Ethereum Classic is a fork of Ethereum (ETH), which itself is a fork of the original Ethereum blockchain.
Ethereum, like any cryptocurrency, can be stored on a paper wallet. A paper wallet is simply a piece of paper with a public and private key printed on it. These keys are generated by a wallet application and can be used to send and receive Ethereum.
A multisig wallet is a cryptocurrency wallet that requires more than one signature to approve a transaction. This type of wallet is often used by organizations or groUPS of people who need to jointly control the funds in the wallet. Multisig wallets can have any number of signatures required for approval, but the most common configurations are 2-of-3 and 3-of-5.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ether, the native cryptocurrency of Ethereum, is mined with the help of miners who are rewarded for their work with Ether. Ethereum Wallet is a free, open-source, client-side interface for generating Ethereum wallets and interacting with the Ethereum blockchain.
