Ethereum is the brainchild of Canadian-Russian computer programmer Vitalik Buterin. It was created to be a more functional cryptocurrency than that Bitcoin, and its most unique feature is smart contracts.
The Ethereum protocol is an open-source blockchain written in its own native language, Solidity. As the standard in smart contract platforms, Ethereum is at the forefront of Decentralized Finance (DeFI), Initial Coin Offerings (ICOs), and Non Fungible Tokens (NFTs).
Because of its use cases, Ethereum is a cryptocurrency to watch as it is often reported on in the mainstream media. In addition, Ethereum is actively working with the traditional finance system, rather than seeking to replace it, like Bitcoin. It’s even been reported that banking giant, JP Morgan is partnering with the Ethereum Foundation to create a digital dollar.
What You Can Do With Ethereum
Gamble at Online Casinos
One common use case of Ethereum is playing online games like slots and table games such as roulette and blackjack. As ETH is secure and fast, cryptocurrency is an ideal payment method for deposits and withdrawals at online casinos. An Ethereum casino is the exact same as a regular one. Players are even able to take advantage of huge jackpots, and all you need to play is to have an Ethereum wallet.
Nonetheless, finding the best places to play can be tiresome. Therefore it’s essential to read Ethereum casino reviews to make an informed decision. Taking into consideration different factors, from the welcome bonus to the languages supported is paramount to enjoy playing at an Ethereum casino.
Trade NFTs
Ethereum is the number 1 ecosystem in the NFT space. In fact, it’s estimated that 76% of projects utilize the Ethereum blockchain to mint NFTs. In light of the recent merge, NFTs are duplicated on the ETHPOS and the ETHPOW blockchains. Interestingly, the last Proof of Work block and the first Proof of Stake block were filled with the Vanity Blocks NFT and minted for 31.5 ETH.
Ethereum dominates the world’s biggest NFT marketplace, OpenSea as 86% of trading occurs in ETH. Moreover, the cryptocurrency plugin, MetaMask is optimized for OpenSea, which allows users to deposit and withdraw via a web browser.
Where to Store Ethereum
Often, most people will store their ETH on the exchange where they purchased it. However, this is not recommended because if the exchange has a liquidity issue, the ETH could be lost. The key thing to remember when storing Ethereum, or any cryptocurrency is to always be in control of the private keys.
Private keys work like passwords for websites and are a 24-word combination. After securing the private key, there are two options to store Ethereum, either in a hot wallet or a cold wallet.
First, a hot wallet is connected to the internet, with plenty of available options online to choose from, such as MetaMask and MEW. The main downside to this option is that the wallet is connected to the internet, therefore it can be vulnerable to online attacks.
A cold wallet on the other hand is by far the most secure method to store Ethereum. This is because it’s not connected to the internet, thus there is no potential for any attacks. The most popular solutions include Trezor Model T and Ledger Nano X.
What are Ethereum Transactions? and How to Check Them
Ethereum transactions are when individuals send or receive ETH in the Ethereum blockchain. For each transaction, the sender must pay a gas fee, which is the reward for the Ethereum miners who verify the blockchain as well as keep it updated.
The price of gas will depend on the price of Ethereum, and the volume of transactions on the blockchain at any given time. To verify transactions, numerous websites such as Etherscan.io provide information on the latest blocks, and whether payments have been successful.
ETH daily transactions peaked at 1.35m on January 4th, 2018 at the height of the crypto bull run. On average, the Ethereum blockchain deals with 1m+ transactions every day, making it the second most used protocol after Bitcoin.
Conclusion
Ethereum is taking the world by storm and is a crucial component of web3 infrastructure. With the recent merge, the protocol has upgraded when it comes to transactions per second and reducing carbon emissions.
To get started with Ethereum all you need to do is purchase some with your FIAT currency and store it in a wallet. And as ETH continues to gain prominence, more and more merchants are accepting cryptocurrency as a form of payment for goods and services.
