Ethereum Network

Unlock the essentials of crypto terminology for Ethfinex, including key terms, concepts, and definitions to navigate the platform effectively.

The Ethereum Network is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dApps). It uses blockchain technology to maintain a transparent and secure ledger of transactions.Ethereum’s native cryptocurrency is Ether (ETH), which is used to pay for transactions and computational services on the network. Users can send and receive ETH, and developers can create their own tokens through Ethereum’s standards, such as ERC-20.One of the key features of Ethereum is its ability to execute smart contracts—self-executing contracts with the terms directly written into code. This allows for automated, trustless interactions between parties without needing intermediaries.The Ethereum Network operates using nodes, each maintaining a copy of the blockchain. Consensus is achieved through mechanisms like proof-of-stake, which is designed to be more energy-efficient than traditional mining.Overall, the Ethereum Network has gained significant popularity for its flexibility and capacity to support a wide range of applications, including finance, gaming, and identity management.

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