Buy Ethereum (ETH)

What is Ethereum (ETH)?

Ethereum is a decentralised blockchain platform enabling the use of smart contracts and decentralised applications (dApps). It establishes a peer-to-peer network that securely executes and verifies application code, called smart contracts, allowing participants to transact with each other without a trusted central authority.

How does Ethereum (ETH) work?

Ethereum operates through a global network of computers called nodes, forming a supercomputer known as the Ethereum Virtual Machine (EVM). The EVM executes smart contracts and records all transactions on a decentralised ledger. Users pay gas fees to execute transactions and smart contracts, incentivising network participants to maintain and secure the blockchain.

What are the potential use cases for Ethereum (ETH)?

1. Decentralised Finance (DeFi):
   Ethereum powers most DeFi applications, such as lending and borrowing platforms like Aave and Compound or decentralised exchanges like Uniswap. These projects enable users to access financial services without intermediaries. Many people choose to buy Ethereum to participate in these DeFi ecosystems.

2. Non-Fungible Tokens (NFTs):
   Ethereum is the primary blockchain for NFTs, with platforms like OpenSea, Rarible, and Foundation enabling the creation and trading of digital art, collectibles, and music. Projects like CryptoPunks and Bored Ape Yacht Club are prominent examples.

3. Supply Chain Management:
   Ethereum is used for supply chain transparency by projects such as Provenance and VeChain. These platforms allow tracking of goods from production to delivery, ensuring accountability and reducing fraud.

4. Gaming:
   Blockchain-based games like Axie Infinity and Gods Unchained are built on Ethereum. These games allow players to own in-game assets as NFTs, which can be traded or monetised outside the game.

5. Healthcare Data Management:
   Projects like MediLedger and Patientory utilise Ethereum to securely store and share healthcare data, ensuring patient privacy and efficient access to medical records.

6. Energy Tracking:
   Ethereum is leveraged by platforms like Power Ledger to enable peer-to-peer energy trading and track renewable energy usage, promoting sustainability and transparency in the energy sector.

7. Real Estate Transactions:
   Companies such as Propy use Ethereum to tokenise real estate assets, simplifying property transactions and enabling fractional ownership, which opens up new investment opportunities.

8. Identity Systems:
   Decentralised identity projects like uPort and Civic run on Ethereum, allowing users to maintain control of their personal data and securely share information without reliance on centralised systems.

9. Cross-Border Payments:
   Ethereum-based stablecoins like USDC and DAI facilitate fast and low-cost cross-border payments, bypassing the high fees and delays of traditional banking systems. As adoption increases, some choose to buy Ethereum to take advantage of its role in global payment systems.

What is the history of Ethereum (ETH)?

Ethereum was conceived by Vitalik Buterin in 2013 and officially launched on July 30, 2015. Major milestones include the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) with "The Merge" in 2022, numerous protocol updates, and its growing adoption across industries. It has established itself as a cornerstone in the blockchain ecosystem, driving innovations in DeFi, NFTs, and more.