What is Ethereum?
Ethereum is one of the most exciting projects in the blockchain and cryptocurrency industry. It’s the second-largest cryptocurrency platform by market capitalisation, currently valued at AU$64 bn. But what exactly is Ethereum?
Firstly, Ethereum is a publicly available blockchain network. Anyone can join and contribute computing power to the network by mining, just like Bitcoin. For providing power to the network, miners are rewarded with Ether (ETH), Ethereum’s bespoke cryptocurrency.
For each action on the network, a fee in ETH is paid to perform it. This fee is called gas. You can also use ETH to buy goods and services, or trade it on exchanges like BTC Markets.