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What is Ethereum?

It is a blockchain-based platform – best known for the ability to create Smart Contracts on this platform. The native currency of this chain is Ether, which is required to execute transactions and pay transaction fees in the form of Gas.

The key functionality of Ethereum network is the ability to create your own smart contracts. It is based on EVM (Ethereum virtual machine) protocol – i.e., a decentralized, virtual computer that allows you to create decentralized applications using Solidity programming language created for this purpose.

Smart contracts programmed on Ethereum network are often based on standards developed by programmers that should be commented on and accepted by the community. This is how, for example, the standard of exchangeable ERC-20 tokens was created. Thanks to it, crypto projects can release their own tokens on the basis of Ethereum chain.

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