Ethereum is a unique digital ecosystem that facilitates global payments, applications, and digital money. The Ethereum community allows creators to earn income online through dapps (decentralized apps), all while connected to the internet. This fully decentralized platform utilizes Ether, or ETH as a means for paying transactions fees. ETH is the de facto cryptocurrency of the Ethereum ecosystem. All apps built using the Ethereum blockchain use smart contracts. These define the terms of the agreement between contracting parties, much like a traditional paper contract. The difference is the automatic execution of these contracts when terms and conditions have been met. No middleman is required, and parties to the deal do not need to know one another.
This open-source blockchain project is fully decentralized, and not owned by an individual, or an entity. Decentralized apps, decentralized finance apps, and stablecoins are typical of Ethereum innovations. As a new-age technology, Ethereum allows anyone with an Internet connection to exchange value i.e. payments. Thanks to the decentralized finance capabilities of Ethereum, it’s easy to send and receive, stream funds, borrow ‘money’, and earn interest anywhere in the world. But it’s not just digital money; any form of assets can be traded as an NFT. These non-fungible tokens can be used to tokenize all forms of instruments, earn royalties, or apply for loans. All that’s required to begin operating in this ecosystem is a wallet. Anonymous, secure, and available in a digital format, these wallets can facilitate open Internet access on the Ethereum blockchain.
As the world’s premier decentralized computer network, Ethereum is also a valuable cryptocurrency to trade. Ether is the payment that miners receive for processing work on the blockchain. Ethereum is currently ranked the #2 cryptocurrency in the world. It has a market capitalization of around $447 billion (January 2022) at a trading price of $3,750 per unit ETH. The current circulating supply is 119 million ETH, and this digital currency has a market dominance of 20%. Like Bitcoin and other digital currencies, Ethereum is volatile with whipsaw price movements. As with all cryptocurrencies, there are no insurance safeguards to protect against falling prices. However, ironclad encryption, secure protections, and safe storage can protect your ETH holdings from third-party interception. The price of ETH hit a record high of US$4800 in November 2021.