What is Ethereum and how does it work? A beginner's guide to ETH

Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Ethereum is the second biggest cryptocurrency platform. But what exactly is it, and how does it work?

However, unlike Bitcoin, which is primarily a digital currency, Ethereum aims to be much more. It's not just a platform for monetary transactions, but a space for decentralized applications , enabling users to make transactions, earn interest on their holdings through staking, trade cryptocurrencies, play games, use social media, and even store and use non-fungible tokens .

Staking on the Ethereum network is a process where users participate in the validation of transactions and earn rewards in return. This is a significant shift from the traditional mining process and is far more energy efficient. Staking provides an incentive for users to maintain the integrity of the network, as they stand to lose their staked ether if they validate fraudulent transactions.

Ethereum's smart contracts form the backbone of many dapps on the network, enabling a wide range of decentralized services fromThe native cryptocurrency of the Ethereum network, ether, also plays a critical role in maintaining and operating the platform. The coin is used to power operations on the Ethereum network, including the execution of smart contracts and the transfer of tokens.

Source: Digital Coin News (digitalcoinnews.net)

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