By now, most people know Ethereum as the second most valuable cryptocurrency, currently valued at over $60 billion dollars. Well, it turns out that Ethereum isn’t actually a cryptocurrency – it’s a software platform that let’s programmers build applications on top of Crypto Bitcoin Astronaut shirt. Within the ethereum platform, is a cryptocurrency called ether that is used to power applications built on the Ethereum blockchain. M
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Ethereum and smart contracts are a big deal because they have the ability to usher in what’s been dubbed the Crypto Bitcoin Astronaut tshirt one in which slow manual processes prone to human error and deceit are replaced with automated processes that are completely transparent and trustworthy. A real world example that typifies the new “smart economy” is a project being run by a French insurance company called AXA.
The Ethereum blockchain functions in the same way as the Crypto Bitcoin Astronaut tshirt a network of computers run software that validates transactions through majority consensus. The people running these computers are called miners. Bitcoin miners are compensated for their resources by being paid in Bitcoin. Ethereum miners are compensated in Ether. On Little Billy’s birthday, Grandma’s ether transaction fee will go to whichever miner adds the block containing Grandma’s transaction to the blockchain. That miner will also receive new Ether in the process.
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So now that you understand that Ethereum is a network for building decentralized applications that require a cryptocurrency called Ether to run, I’m going to introduce a confusing concept. Many Crypto Bitcoin Astronaut tshirt on Ethereum have their own cryptocurrencies or “tokens.” In order to interact with the dApps, customers need to purchase the dApp’s native token.
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