If you have ever wanted to get an answer to the question “What is Ethereum?”, you couldn’t have come to a better place. This article delves deep into the basics of the #1 smart contract platform. It will attempt to give you a good understanding of the Ethereum blockchain and its cryptocurrency, ETH.
So, what’s the big deal behind Ethereum? Isn’t it just another cryptocurrency like Bitcoin? Well, not exactly. There are actually some good reasons behind the hype. Ethereum is much more than just a digital currency for transferring value over the internet. The second-largest cryptocurrency by market cap provides us with a worldwide supercomputer that developers can use to decentralize almost every industry known to man, starting with finances.
Whether you have recently ventured into the world of blockchain or have been camping around this space for a while, you would certainly agree with one thing: Ethereum is one name that simply does not need any introduction.
As a home to Ether (ETH), the second largest cryptocurrency in the world, and with the distinction of being the world’s largest public blockchain platform, Ethereum has quite a few feathers in its cap.
Ethereum is the popular blockchain network that has been designed to allow any developer to code any decentralized application and launch it on the blockchain. Underlying the system is the use of tokens, also known as cryptocurrencies, which can be traded, bought and sold. The entire thing is powered by Ether, the native Ethereum token, and this token is used to pay for miner rewards, transaction fees and many other network services, such as powering smart contracts.
ChainLink has been around for some time, and is one of the top 100 coins by market cap, but many people haven’t heard of the project. They should though.
Your very first prerequisite to getting around the world of cryptocurrencies will be a reliable and secure crypto wallet. To help you in this task, we give you this in-depth Meatamask review, with all the bells and whistles within. Here, you will learn about the basics of this crypto wallet, its main features, pros, and cons.
Additionally, we provide some best practices for storing and sending ERC-20 tokens and collectibles on this versatile wallet. And finally, you will learn how to add various other blockchains onto the wallet other than the Ethereum network. This includes two popular solutions; the Binance Smart Chain and Polygon (Matic).
Let’s get started with an overview of Metamask and a brief explanation of crypto wallets for those less familiar with the concept.