ETH, Ethereum (ETH), Ether
Ethereum (ETH) is a decentralized, open-source blockchain network that enables the creation and execution of smart contracts. These are self-executing contracts with the terms of the agreement directly written into code, eliminating the need for a third party.
ETH, also referred to as Ether, is the native cryptocurrency of the Ethereum network. It is used to pay for transaction and computational services on the network, often referred to as "gas".
"When you make a transaction on the Ethereum network, you have to pay a gas fee in ETH."
Ethereum's blockchain is a distributed ledger that records all transactions made on the network. It is maintained by nodes that validate and store transactions. The Ethereum blockchain is also home to a large number of decentralized applications (DApps), as it allows developers to create and deploy smart contracts.
"Ethereum's blockchain is the foundation for many DApps and DeFi platforms."
Ethereum is not just a cryptocurrency, but also a platform for building decentralized applications. Developers can use Ethereum's programming language, Solidity, to write smart contracts and DApps, which can then be deployed on the Ethereum network.
"Popular DApps like Uniswap and CryptoKitties are built on the Ethereum platform."
4. smart contract
Smart contracts are a key feature of Ethereum. They are programs that automatically execute contract terms once certain conditions are met. This automation reduces the risk of fraud and censorship, and is a major reason for Ethereum's popularity in the DeFi sector.
"Smart contracts on Ethereum have enabled the creation of decentralized exchanges, lending platforms, and yield farming applications."
* All terms and definitions may update as the Cryptionary improves.