Table Of Contents
01). Understanding Ethereum
02). Types Of Account On Ethereum Network
03). Ethereum Network (NFT)
04). Ethereum Network (Defi)
05).How to Buy And Store Ethereum.
Understanding Ethereum
Ethereum get to an existing due to nature of success recorded by Bitcoin . Bitcoin as the first crypto currency on blockchain network , as indeed actually paved ways and initiated certain level towards the angle of digital asset. Be it crypto asset or crypto currency , fact is that it's as same as digital asset or digital currency . Ethereum more like Bitcoin get boarded onto the blockchain as an alternative within crypto currency world , is being cleared that ever since Bitcoin success there are now so many crypto currencies alternative within the crypto market space.
Truth is that Ethereum is very unique in the nature , as one of the crypto currency created on blockchain . Ethereum and others crypto currency are now given those crypto enthusiast and an investor's choices and an alternative to select for an investment.
Moreso is being well known and visible within the crypto currency market world , that Ethereum with a native token Ether , Eth and along a unique network recognize term ERC-20 . Have been become an investor's and crypto enthusiast choice in terms of market price and size , as it often right behind Bitcoin in the crypto market world. At that Ethereum is being seen tangibly as the second largest crypto currency, and as well second highest popularity in the heart of crypto friends visible in the crypto market. As the Bitcoin maintaining the first position.
“Ethereum is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts. Smart contracts allow participants to transact with each other without a trusted central authority. Transaction records are immutable, verifiable, and securely distributed across the network, giving participants full ownership and upvisibility into transaction data. Transactions are sent from and received by user-created Ethereum accounts. A sender must sign transactions and spend Ether, Ethereum's native cryptocurrency, as a cost of processing transactions on the network. .”
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Ethereum has been known to be quite expensive in price , due to their nature of gas fees and transactions fee . That basically upon sending or transferring out Ethereum from one unique exchange to another exchanges , their transactions fees usually much.
Reality is now that , Ethereum has been quite thoughtful of that and now get switched from initially proof of work(POWs) onto the current proof of stakes (POSs) . That given transition taken place on Ethereum network has been a major lift upon the gas fees and high transactions fees.
Ethereum like Bitcoin it has no centralise control or regulator is purely decentralize in the nature.
Types Of Account On Ethereum Network
Ethereum network has two nature of an account in which any given investor or crypto trader on Ethereum network can do-operate.
These two types of account are as get seen below :
- Externally owner account
- Contract account
Externally Owner Account
This is the type of an account on Ethereum network , that the holder do get issued with a private keys. Of which given private keys are meant to control the operating account and effects transactions with no associated code integration.
Contract Account
This is the kind of an account on Ethereum network that , has been known to have an associated code. In which the holder can't get carryout any given transactions , except the intended active transactions get through an externally owner account to become an effective and success.
Ethereum Network (NFT)
NFT the non fungible token is the kind of crypto currency aspect that has been created on the ground purpose to reward those applicable Artist.
Since Ethereum network creation success on the market growth and popularity among others factors. Ethereum has been riding on the on chain intelligent and innovative nature within the blockchain space and crypto currency related projects. Upon Defi success Ethereum also created NFT and do integrate them within it blockchain.
“Non-Fungible Tokens (NFTs)
NFTs are unique and indivisible digital tokens that are useful for proving the provenance of rare assets, both digital and tangible. For example, NFTs can be used by an artist to tokenize their work and ensure that their work is unique and belongs to them. The ownership information is recorded and maintained on the blockchain network. NFTs are also gaining popularity in the gaming industry because they allow interoperability between gaming platforms. For instance, the first NFT project on Ethereum was CryptoKitties, which enabled customers to collect digital cat collectibles backed using NFTs. Gods Unchained is a card game that gives players full ownership of their in-game items using NFTs. NFTs are gaining popularity as more companies look to tokenize assets and provide users with tamper-proof lineage information about their assets. .”
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As follows are the main example of what NFT art work truly look like.
NFT are the unique crypto currency on their kind , and Ethereum also have non fungible token projects within their blockchain network as well.
Ethereum Network (DeFi)
Ethereum is the kind of blockchain network technology that has so much going on as parts of it projects . Among so many others , is the decentralized finance.
DeFi is the financial inclusion on blockchain technology either no centralise authority , nor government regulations. And kind of finance 💰 system built in the blockchain application to carry out all an applicable financial transactions, similar to the traditional banking system. But in more unique and secure manners since it has no central authority to control whatever being going on within the blockchain technology system.
And the decentralized finance blockchain related application have been built to carry out the following :
Decentralized finance has been built to facilitate peer to peer payment system using blockchain technology
Decentralized finance has been built to facilitate peer to peer lending and borrowing of crypto assets among others
Decentralized finance has been set up to enhance trading and exchange of crypto currency across suitable network within blockchain technology system
Decentralized finance has been set up and established by Ethereum network to get serving as the future financial hubs
How To Buy And Store Ethereum
Ethereum more like Bitcoin due to their place in terms of position in the crypto currency market world , they subsequently become an attraction as well as preferential . For both an investment purpose and for daily trading purpose.
To buy and store or trading on Ethereum native token Ether , or just to handle and investment and to have future or momentarily transactions on Ethereum network ERC-20.
What you do need is an account with any of the trusted exchanges , if not directly from Ethereum network and blockchain platform.
Once you do have you account active , upon getting open . With you private keys , passcode or seed phrases and possible password saved. Then you can proceed on deposit , preferably with your bank cards suitable enough for the deposit success.
After which you can get purchase your Ethereum native coin Ether. The high gas transactions fees hope and belief , that has been handled due to the transition that had been taken place. Switched from POWs onto POSs.