What is Ethereum?

Ethereum is an open-source blockchain-based network and computing platform that allows developers to build and deploy decentralized applications such as smart contracts. Its whitepaper was written in 2013 by Vitalik Buterin, a Russian-Canadian programmer, and then it was subsequently released by him, Gavin Wood and Joseph Lubin in 2015.

Ether & gas

Ethereum has a Proof-of-Work (PoW) consensus algorithm similar to that of Bitcoin. Miners work to earn Ethers (ETH), a type of crypto that is utilized for as a form of payment for services and transaction fees on the Ethereum network. Gas is the pricing mechanism used when running a transaction or contract in Ethereum. The higher the gas price, the more Ethers the user will need to spend.

Dapps, Smart Contracts & ERC-20

Decentralized Applications (Dapps) work in a decentralized way to avoid any single point of failure. They connect users and providers directly, can’t be owned or shut down by anyone. Dapps have been bringing blockchain technology ever closer to our everyday life.

A smart contract is code that enables automatic negotiation, fulfillment, and execution of agreement terms, which allows firms to have transparent and efficient relationships with customers. They can be written in several programming languages, among which Solidity is the most popular. Ethereum Request for Comment, 20 (ERC-20) is a set of standards that contains basic functions a token should implement to become a cryptocurrency of its own on the Ethereum platform.

Where to store Ethers?

There is a big number of wallets that allow you to keep and manage Ether. Whether you are a security expert or a brand new user, with our Magnum Wallet you can send, receive, store and trade your digital currency.

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