Ethereum is a decentralized open source blockchain platform and its cryptocurrency asset called Ether (ETH) is the second most popular cryptocurrency, after Bitcoin. But unlike Bitcoin and most other virtual currencies Ethereum is meant to be much more than just a currency or a store of value. Instead, Ethereum calls itself a decentralized data network based on blockchain technology.
Like other cryptocurrencies, Ethereum operates on a blockchain network. A blockchain is a decentralized, distributed public records where all transactions are recorded and verified and everyone participating in the Ethereum network has an identical copy of these records, so they can see all previous transactions.
Participants are rewarded with cryptocurrency tokens (called Ether – ETH in the Ethereum system) for “mining” or solving complex mathematical equations that confirm each transaction in the network and for adding new blocks to the blockchain.
ETH can be used to buy and sell goods and services, such as Bitcoin
But the unique thing about Ethereum is that users can build applications that “run” on blockchain because software “runs” on a computer.
Gas is used to pay for Ethereum blockchain transactions. The quantity of gas required for each transaction depends on the complexity of the transaction. A single transfer can use as much as 21,000 gases, while a more complex transaction can use over 1,000,000 gases.
Each gas unit has a price, simply called the “gas price or gas fee”. Gas prices are given in gwei, where 1 ETH = 1 * 10 ^ 9 (1,000,000,000) gwei. If gwei price is 5, then a 21,000 gas transaction would cost 105,000 gwei (21,000 * 5) = 0,000105 ETH.
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