What is Ethereum?

Ethereum is an open-source, decentralized blockchain system featuring its own crypto, Ethereum (ETH), which is the second largest cryptocurrency by market capitalization after Bitcoin.

Ethereum is built on a secure P2P network, often referred to as a layer 1 blockchain. Its transparent and traceable transactions allow users to operate with confidence, creating a seamless and trustworthy experience.

ETH using benefit

ETH is primarily used to pay transaction fees on the Ethereum network. These fees are known as gas fees. When a user wants to make a transaction, they pay ETH for it to be recognized on the blockchain. Additionally, users need to stake ETH to verify new blocks on the blockchain. Ethereum can also be used as a form of collateral in decentralized finance (DeFi) or as a payment method.


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