Ethereum is one of the eminent open-source and programmable blockchain networks in the world. Ethereum network was launched in 2015 and served as a cornerstone to rapidly roll out use cases of the blockchain.

The innovation of the Ethereum network by Vitalik Buterin and other co-creators has paved the way for the advancement of DeFi applications (dApps). The primary objective of the network is to overcome the drawbacks of the Bitcoin network, which is used as a payment architecture to send, receive, and trade Bitcoins.

Ethereum is developed as an infrastructure where developers can build their own decentralized applications using smart contracts (a piece of programming code that instructs how a process should work). This, in turn, led to various use cases such as DeFi, NFTs, games, and more.

In fact, Ethereum is the first blockchain network tointroduce the concept of non-fungible tokens to the public.

The native cryptocurrency of Ethereum is Ether(ETH), which is the second largest cryptocurrency in terms of market capitalization after Bitcoin.

This indigenous currency of the network enables the users to transact funds, stake and earn rewards, trade with other cryptocurrencies, buy non-fungible tokens from NFT marketplaces, and much more.

The Ethereum network first began its web3.0 journey with the Proof-of-Work (PoW) consensus mechanism. The network recently switched to the Proof-of-Stake (PoS) consensus mechanism as a solution to its scalable problem and global warming through its 'Merge' process.

The Merge is the first step to switching Ethereum's consensus mechanism to Proof-of-Stake from Proof-of-work. However, Ethereum 2.0 will be equipped with PoS, which results in high-speed transactions, high security against hacks and attacks, and scalability to accommodate more transaction numbers in a second.

Being a decentralized blockchain, Ethereum extends its network to thousands of computers that participate in the process as nodes.This enables the network to uphold the transparency and decentralized characteristics of web 3.0. Furthermore, the native currency of the blockchain, ETH, serves as the economy for dApps transactions in the network.

This blockchain uses Solidity as its programming language, and the developers can use this language to build applications on top of the Ethereum network. This distinct programming language is also utilized to develop smart contracts facilitating transactions, creating machine-level codes, and compiling the codes on EVM (Ethereum Virtual Machine).

We answer some common questions about the Ethereum blockchain

You can spend both bitcoin and Ethereum without needing an intermediary or bank. However, Ethereum is programmable. This means you can build and develop a decentralised application on its network

Bitcoin was developed as a payment network,while Ethereum was designed to function as a marketplace of financial services, social networks, games, NFTs, and Dapps. Ethereum is basically a general-purpose blockchain. There is no limit to what Ethereum can be programmed to do.

Ethereum is programmed to literally do anything within reason.

Here are some examples :

Banking, Lending, DeFi, borrowing, and savings accounts.

Privacy

Although all Ethereum transactions are recorded on a public ledger, the ownership of a digital wallet is anonymous.

P2P Network

You can pay someone (or move money) with the ETH coin without the need for an intermediary.

Government-resistant

Due to its decentralized nature, no governmentor entity has control over Ethereum.

Guaranteed contracts

All smart contracts have conditions programmed into them. No contract will deploy without these conditions first being met. Businesses can rest assured that everything is secure and safe.

Building and scalability

The Ethereum website sums it up. “Since all apps are built on the same blockchain with a shared global state, they can build off each other (like legos). This allows for better products and experiences being built all the time.”

As a developer, there is a reason the Ethereum blockchain is the number one most utilised network for building projects. It is reliable, secure, and scalable.

As an individual, you know the network and token history. It is a fast, secure, and affordable cross-border payment system.

The Ethereum blockchain has a native cryptocurrency that helps run its network called Ether, or ETH.

As an investment people that bought this coin overtime have had a fantastic ROI.

The ETH cryptocurrency is purely digital.It does not exist in a physical form, unlike fiat money.

You can send the ETH coin anywhere in the world within seconds.

You do not need to purchase an entire ETH. You can buy a fraction of an ETH. For example, 0.1 ETH. You can purchase as little as 0.000000000000000001ETH.

It is possible to create an Ethereum-based token (ERC20) on their blockchain and call it whatever you want. A fun fact, there are over 400,000 ERC20 tokens in existence today!

The supply of ETH is decentralised and not controlled by a Government or company.

New ETH coins are created only by stakers who secure the network. If you are lucky enough to be able to afford to stake your Ethereum, you can expect about 6% or more interest APY.

All fees charged on the network are payable in their native coin ETH. This means all business activities on the blockchain must use their token. Now you can see why the Ethereum coin is so valuable.

The ETH coin is :

• 100% yours - You control your funds and wallet
• Secured by cryptography
• P2P
• Decentralised
• Available to anyone - Banks the unbanked
• Available in decimals, rather than a whole ETH.

There are multiple reasons people see value in the Ethereum coin.

• Investors, People like to speculate on the value of this token. Some traders prefer to trade the price movements on a short time frame, while others like to own some and leave it as a long-term investment.
• Income, If you are lucky enough to own 32 ETH coins, you can create a staking node and help them run the network. In return for doing this, you receive over 6% per year interest.
• NFT investors, Investors looking to purchase NFTs on the Ethereum chain need to purchase Ether to buy the NFTs.
• Currency, Some people like to use the ETH coin as a means of currency to purchase goods and services. They need ETH as a currency to spend and also for the transaction fees when they spend their ETH.
• Digital Silver, Bitcoin is often referred to as digital Gold. Ethereum is referred to by some as digital silver. Investors purchase Ethereum as a store of value.
• Business, There are thousands of large businesses that utilise the Ethereum blockchain. They need the token to help run their ecosystem. With so many businesses needing this coin, there is an obvious long-term daily demand for it.
• DeFi, Over the last two years, we have seen financial institutions offering loans. You can use your ETH as collateral for a loan.

According to the Ethereum website:

“Ethereum is not controlled by any one entity. It exists solely through the decentralized participation and cooperation of the community. Ethereum makes use of nodes (a computer with a copy of the Ethereum blockchain data) run by volunteers to replace individual server and cloud systems owned by major internet providers and services".

“These distributed nodes, run by individuals and businesses all over the world, provide resiliency to the Ethereum network infrastructure. It is therefore much less vulnerable to hacks or shutdowns. Since its launch in 2015, Ethereum has never suffered downtime. There are thousands of individual nodes running Ethereum network.This makes Ethereum one of the most decentralized cryptocurrencies out there, second only to bitcoin.”

The Ethereum blockchain popularised NFT investing.

The majority of trading volume for NFT investing occurs on the Ethereum blockchain.

The most expensive and innovative NFTs for sale are on the Ethereum chain.

Savvy NFT investors have made small fortunes investing early in the top Ethereum NFT projects.

You can invest in:

• Royalty music NFTs
• Collectibles
• Digital art
• Metaverse
• And more.

Visit NFTAVE’s Ethereum NFT collection to start investing today! link.

The gas fees depend on the time of day and how many other transactions are being proceeded.

It is best to choose a time when the United States is asleep.

Fees can range from a few US dollars and upwards.