Crypto Glossary

Posted on September 15, 2021 in
Glossary

Ether

Ether is a digital asset holder that is akin to a bond or other security. Call it the Ethereum network’s cryptocurrency. A third party is not required to handle or authorize transactions, just like cash. Apps on the decentralised Ethereum cryptocurrency network use this Ether as a kind of stimulator, according to Ethereum’s official website.

Ether is a digital asset holder that is akin to a bond or other security. Call it the Ethereum network’s cryptocurrency. A third party is not required to handle or authorize transactions, just like cash. Apps on the decentralised Ethereum cryptocurrency network use this Ether as a kind of stimulator, according to Ethereum’s official website.

What is Ether?

Ether, which was established in 2015, is the fuel that powers the Ethereum platform. In a similar vein to other digital currencies, Ether can be used to legitimately pay for products and services. However, it is more widely known for its major role to support the development of Ethereum-based applications on the network.

Is Ether the Same as Ethereum?

Ether and Ethereum vary in that Ether is the fuel that powers the network, while Ethereum is the name of the network. However, even though Ether is not a fuel per se, it serves that role for the Ethereum network. 

In contrast to Ether, Ethereum can’t be purchased or sold. Ether is a programmable software platform based on the blockchain. Ether is the Ethereum network’s cryptocurrency asset. 

Unlike Ethereum’s various usability, Ether has just one application: enabling blockchain activities.

Ethereum is frequently used as a term that represents both Ether and the Ethereum network itself. As mentioned above, Ether plays a vital role in fueling the development of the network but if we want to grasp a better sense of what it is, we will need to first understand the workings of the Ethereum platform.

The Ethereum Network

Ethereum is a decentralized public software platform that allows peer-to-peer contracts, known as Smart Contracts, and Decentralised Applications (Dapp) to be created. It is open-ended, decentralized, and based on blockchain technology. 

As a single, decentralised computer, the Ethereum network executes the smart contract code. Meaning that each smart contract’s conclusion may be agreed upon by all computers participating in the said network. For data storage and processing, traditional software programs frequently rely on a central authority, demanding that you have faith in that party. 

As a result of Ethereum’s smart contract code, all activities on the data must be performed by the code. Or, in other words, data integrity is maintained without the involvement of a central trusted party.

How can we get Ether?

Ether may be acquired in a variety of ways:

  • Bought using a fiat currency 
  • Exchanged for bitcoins on exchange systems that offer BTC-ETH pair
  • Mining
  • Transferred directly to you from another party

A process called mining validates transactions on the Ethereum network to create Ether. “Miners” are the people who conduct this validation. Ether is granted to miners when they validate a series of transactions. There is a set of cryptographic rules that miners have to follow so that the network is kept stable, safe, and secure.

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