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Ether

The form of payment used in the operation of the distribution application platform, Ethereum.

What Is Ether?

Ether and Ethereum are both terms that tend to be used interchangeably. However, there are rather substantial differences between the two that need to be taken into account.

 

While Ethereum is the name of the blockchain platform, Ether refers to the cryptocurrency that runs on top of it — the world’s second-largest such asset.

 

Ether serves as the fuel that helps ensure that this network continues to run smoothly. It can be used as a medium of exchange — enabling crypto enthusiasts to buy and sell goods and services as they please. However, it’s also crucial for driving the development of decentralized applications that exist on the Ethereum network, too.

 

A range of transaction fees and computational services can be paid for using Ether. In the past, new coins have been created whenever miners verify a new block of transactions, but the Ethereum project has embarked on an ambitious move to a Proof-of-Stake protocol.

 

Ether is easy to find. It can be purchased on practically all major cryptocurrency exchanges. Also on the same blockchain, a number of tokens which have their own distinctive value have been created. These are normally referred to as ERC-20 tokens.

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