Ethereum (ETH) is a decentralised blockchain platform that enables developers to create decentralised applications and smart contracts. As of April 2023, it is one of the most widely used blockchain systems, with a market value of more than $200 billion USD.
Ethereum, like Bitcoin, is a distributed network that uses encryption to protect financial transactions and uphold the reliability of the blockchain. To be more adaptable, it does not employ proof of work and uses a different security architecture from Bitcoin. As a result, it can be used as a platform for developing decentralised apps.
Ethereum offers the capability to produce ERC-20 tokens, which are digital assets that can symbolise various items, including a company’s stocks or digital collectibles, and can be traded on cryptocurrency exchanges. The worth of these tokens is determined by supply, demand, and their respective tokenomics.
Ethereum’s value is subject to fluctuations based on market sentiment, regulatory modifications, and technological advancements. ETH attained an all-time high of more than $4,000 USD in early 2022, fell to approximately $1,200 USD by mid-2022, and has since been increasing in value. As of May 2023, ETH is trading at roughly $1,800 USD.
Ethereum has a robust community, with 224 million exclusive wallets holding ETH, indicating a high level of adoption and a sizable and active developer group continually improving the technology and developing new applications.
If you are interested in learning more about Ethereum, there are many resources available online at Binance Academy. Additionally, you can trade or buy ETH on Binance, which offers a user-friendly interface and low fees.
Binance is a global cryptocurrency exchange and has a significant presence in New Zealand, with Binance New Zealand being the local subsidiary. The exchange is among the top crypto exchanges worldwide, with a strong focus on providing secure and transparent trading services to users.