Assets, Ethereum

What Is Ethereum Currency Used For?

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

These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.

The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.

Ethereum is used for decentralized applications and smart contracts. Decentralized applications or DApps are essentially software programs designed to run on the Ethereum blockchain.

NOTE: WARNING: Ethereum currency is a digital asset that is used to pay for goods and services, and to transfer funds between two parties. It is important to note that Ethereum is a relatively new technology and its usage can involve significant risk. Before using Ethereum, it is essential to understand the risks associated with trading and investing in virtual currencies. You should always research the potential risks before investing or trading in any digital currency.

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. They are executed automatically when specific conditions are met.

The applications and smart contracts running on Ethereum can be written in Solidity, Serpent or LLL programming languages. Decentralized apps don’t have to be just about money.

They can be about anything where two parties want to interact and there is some kind of middleman that can be eliminated.

Ethereum currency is used to pay for transaction fees and computational services on the Ethereum network. These transaction fees are collected by the nodes that validate the network.

The native currency of Ethereum is called Ether (ETH). It is used to pay for gas, which is a unit of computation used in transactions and other state transitions on the Ethereum network.

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