Crypto Terms: Letter E

What is Ether?

Ether - the cryptocurrency that is used in the Ethereum blockchain.
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Let's find out Ether meaning, definition in crypto, what is Ether, and all other detailed facts.

The terms Ether and Ethereum are usually used interchangeably. However, these two terms are not the same thing. Ethereum refers to a blockchain network while Ether is the world’s second-largest cryptocurrency that operates in it. Ether keeps this blockchain network running efficiently.

It can be used as a medium of exchange, allowing crypto users to freely purchase and sell goods and services. Besides, Ether can be used to pay for a variety of transaction fees and computational services. In addition, it is essential for improving the development of decentralized apps on the Ethereum network.

It’s not hard to find Ether because you can purchase it on almost every major cryptocurrency exchange platform. Besides, a number of tokens (referred to as ERC-20 tokens) with their own unique value have been created on the same blockchain.

Previously, new coins were created every time miners verified a new block of transactions, however, the Ethereum platform has taken a brave step of switching to a Proof-of-Stake protocol.