Ethereum’s growth can be attributed in part to its smart contract capability, which has enabled a growing ecosystem of DApps, non-fungible tokens (NFTs) and more. The Ethereum network can be used by anybody to create and run smart contracts, which are software programs that run autonomously, without user intervention. ETH specifically used by the Ethereum blockchain to pay for transactions, and is responsible for powering just about everything that occurs on the network. All network transaction fees, or gas fees, are paid in ETH. In addition, Ethereum is an open-source blockchain platform that runs on the usage of its native currency, called Ether or ETH. The network is decentralized, making it highly resistant to any form of censorship or downtime.
This can be attributed to how it has brought much innovation and many use cases to the industry by introducing smart contract functionality, which has paved the way for decentralized finance (DeFi) and decentralized apps (DApps).Įthereum allows users to build and deploy software, commonly in the form of DApps, which are then powered by a global distributed network of computers running Ethereum. Ethereum (ETH) is the second-largest cryptocurrency token in terms of market capitalization.
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