What is Ethereum, Ether?

Ether, or ETH, is a cryptocurrency created through encryption issued by Ethereum to supply its platform. ETH is used to pay the transaction fees incurred on the Ethereum blockchain. The coin has also become a favored investment for those who were attracted to the vision behind it and developed a belief in it.

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The fact that Ether has secured a stable second place on the list of digital currencies based on total market capitalization demonstrates the professionalism and commitment of the team behind the system. It is also being paired with a significantly increasing number of other currencies on exchanges.

Etherlive provides comprehensive, up-to-date information on the price of ETH at the most frequently used exchanges, pairs with fiat and other cryptocurrencies, and the most recent Ether news.

It is also being paired with a significantly increasing number of other currencies on exchanges. Etherlive provides comprehensive, up-to-date information on the price of ETH at the most frequently used exchanges, pairs with fiat and other cryptocurrencies, and the most recent Ether news.

What is Ethereum?

Ethereum is an open-source network that provides the platform for decentralized applications (Dapps). Therefore, it indirectly contributes to the developing usage of blockchain technology. It also features smart contracts.

Ethereum is already contributing to the decentralization of a variety of areas, such as social media, communication, content sharing, and finance. It holds the potential for further applications that would offer a platform free from censorship, according to Vitalik Buterin, the inventor of Ethereum. Using the blockchain guarantees transparency, as it prevents the information stored in a block from being vulnerable to fraud and misuse.

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Is the Ether supply infinite?

Initially, it was agreed that the total market cap would be 18 million Ether annually.

However, at present, this number cannot be guaranteed. Ethereum is working to develop Casper, which will be game-changing for all market participants as well as Ether holders. Most importantly, it will impact on the total annual Ether supply. Because the developers of Ethereum came to recognize the threat of centralization of mining in the case of other currencies using Proof of Work (PoW), they decided work on switching to another consensus system, Proof of Stake (PoS). They are predicting to implement this change in late 2017.

It has not yet been disclosed how many total Ethers will be created eventually, although, as per the official website, it certainly will not exceed the original plans of 18 million per annum. This potentially could result in an increase in ETH value due to the supply and demand relationship. Additionally, the monetary inflation rate of Ether is decreasing gradually, since there will be a constant supply.

Who needs Ether?

Since the Ethereum blockchain is a platform, those who wish to run an application on it need Ether. Additionally, users interacting with Smart Contracts should also hold Ether. Individuals who are interested in a relatively stable currency with an impressively high market capitalization also tend to invest in Ether.

Lykke Wallet provides the opportunity to acquire this valuable coin safely and conveniently for users worldwide. You can buy and sell ETH for fiat currencies with Lykke in addition to exchanging it for crypto assets such as BTC, TREE, TIME, and SolarCoin.

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How do I mine Ether?

Miners are crucial in the operation of the Ethereum network. They are independent individuals who validate transactions and who have proven to be more transparent than central authorities.

If you are considering to mine Ether, you must first download specific mining software. Please note, hardware requirements are detailed on the Ethereum website. It is essential for your computer to comply with them, as the processor must be capable of solving challenging problems. It is not currently necessary for you to download the entire Ethereum blockchain, which stores the history of all transactions.

Blockchain building is an ongoing process. The ledger consists of blocks, which are valid transactions recorded by miners. Once a transaction has been confirmed by a number of other miners, it becomes part of the blockchain. Miners contributing to the development of that block are rewarded for securing the system and processing smart contracts with 5 ETH in addition to gas. Your reward will be sent to your nominated Ether address.

When reviewing a cryptocurrency, it is wise to consider what the developers want to accomplish with their project. If they have a clear vision and expertise, and if they want to make a positive difference in our lives, the chances are high that they will make a change. Their talent and commitment to their work will pay off, as it has for other developers in the blockchain era.

Ethereum has communicated their vision clearly, and they have been recognized by supporters, investors, and certain industry participants who are already engaged in negotiations with them.

Some mistakenly compare Ether with bitcoin, but the intention behind the development of the one is strikingly different than that of the other. Perhaps the only similarity between the two projects is that both are blockchain-based. But what is ETH, then? Well, they aim to provide their blockchain for numerous purposes. Thus, they can be part of the change that this technology holds for us, just as per their goals. You can find further details specifically about the ETH coin on Etherlive.

If you found this summary useful, and if Ethereum got your attention, you are only one step away from Ether. Download the Lykke Wallet app, which enables you to buy, hold, exchange, and sell Ether instantly.