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Ethereum a new generation of cryptocurrency

Updated: Mar 28

Ethereum a new generation of cryptocurrency

The cryptocurrency market has passed the 2 trillion mark and the art world is in fever. No financial player can ignore the new asset.

In the world of economics, there is a sound barrier beyond which one can no longer be ignored: The cryptocurrency market even hit a record $ 2 trillion this week. In fact, Ethereum drives the crypto industry like it drives an engine: Behind Ethereum lies an entire crypto network that could change the world. The transaction fees in this ecosystem are paid with the currency ETH, also called ether.

What Can You Do With Ethereum?

Ethereum is versatile - it creates a ecosystem based on blockchain. This is openly visible at Ethereum. In contrast to crypto currencies, Ethereum offers several possible uses. These are:

  • The currency ether

  • The basis for new cryptocurrencies

  • Decentralized Apps

Many experts call Ethereum a crypto currency 2.0 - because numerous other crypto currencies and applications use the system. Ethereum thus serves as a kit for other products and as a hope for a decentralized future.

But even if smart contracts are attracting more and more attention in the financial world, the star of the Ethereum is still the currency ether.

Where Can I Buy Ether?

Since ETH is the second most powerful cryptocurrency, you can buy Ethereum very easily. The starting points are the large crypto exchanges, such as: Binance and Coinbase - Here you benefit from the high trading exchanges, such as Coinbase, also have insurance against cyber attacks.For beginners it can be said that with a large exchange you can easily buy and sell ether without exposing yourself to the high risk of a cyber attack or fraud.

How Is Ether Created?

As with Bitcoin, Ethereum also creates new Ether Coins through what is known as mining. Here the so-called miners are paid to solve complex tasks and thus encrypt the blockchain. Miners are users in the Ethereum who make their capacities available for the network. The miner who solved the task first receives a newly generated ether as a reward. Ethereum also uses the so-called proof of work. Only the miner who was the first to solve the task of encrypting the block receives the reward for his power.

The contents of this article are for informational purposes only and are not investment advice.

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