What is Ethereum?
Ethereum is the free, open-source, community-built technology behind the cryptocurrency Ether. Ether works in much the same way as Bitcoin or other cryptocurrencies, yet generally has lower transaction fees and faster block completion than Bitcoin. It's a cryptocurrency but also so much more. Bitcoin was created as a decentralized currency immune to financial collapse. Ethereum is a worldwide network of blockchain forming a supercomputer that uses its cryptocurrency "Ether" as the fuel that runs each computing process.
In short: Ethereum is a cryptocurrency that anyone in the world can use to send funds to anyone else instantly and securely for a small fee. All without the involvement of payment providers, banks, or governments. The technology can also power non-money system applications that anyone can use.
How Does Ethereum Work?
Ethereum was built on Bitcoin's shoulders, utilizing similar underlying blockchain algorithms to secure and decentralize its network. But unlike Bitcoin, which was created as a purely financial service, Ethereum is programmable for every type of application conceivable, protecting you from data theft and censorship. There are games built using Ethereum, financial systems, government and legal software, and companies of all types built on the Ethereum network.
The blockchain process of Ethereum is based on the innovative Bitcoin blockchain protocol and the proof-of-work design but doesn't stop at financial transactions. It's compatible with applications that are not money systems. They both store completed transaction histories, which is where the similarities stop. In addition to storing transaction history and each user's balance, each node that makes up the Ethereum networks also downloads the most current status of each intelligent contract located on and connected to the network. These are grouped into 'blocks' by the millions and chained to the previous blocks.
The mining process is how these blocks are validated before being added to the network ledger.
What Is Mining and What Does It Do?
The mining process is how the Ethereum network completes 'proofs-of-work' by solving complex mathematical equations with the computational power of groups of nodes on the blockchain. A powerful computer or group of computers will solve the mathematical problem faster than a slower machine, netting the miner the associated Ether as a reward for solving the puzzle. Miners are integral to the network's success, as they validate transactions and other operations within the network and generate new Ether currency for the market.
What are Ethereum Frequenty Asked Questions?
Where does Ethereum (ETH) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Ethereum currently ranks in position 2 out of the thousands of cryptocurrencies. It is also important to consider Ethereum‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Ethereum has a market cap of $ 155,728,546,236, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 328,631,742,919, Litecoin at $ 5,552,586,337, Ethereum at $ 155,728,546,236, Tether at $ 65,633,024,341, and XRP at $ 19,890,485,766.
What is the price of Ethereum (ETH) today (updated in realtime)?
The current price of Ethereum is $ 1,291.94 in USD. (The price in Euros is 1.227,15 €; and the price in Bitcoin is Ƀ 0.07554697 BTC.)
What is Ethereum‘s (ETH) market supply?
The total available supply of Ethereum is 120,519,752 ETH. The total supply of Ethereum is 120,519,752 ETH.
What is the 24 hour volume for Ethereum (ETH)?
The 24 hour volume for Ethereum is $ 5,757,339,877.
How has Ethereum (ETH) performed recently?
Ethereum‘s price has increased in the last 24 hours by 1.11%. This compares with a seven day change of 7.75%. The trading volume over the last 24 hours was $ 5,757,339,877. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Ethereum (ETH) official website?
Links to Ethereum‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Ethereum (ETH) performed well historically?
Here is a chart showing how Ethereum has performed historically.
Where Can I Buy Ethereum (ETH)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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