What is Ethereum and what can you do with it?23.09.2019, 14:49
The price of Ethereum has been surging recently, regaining some lost ground that Bitcoin has been dominating this quarter. At GrabFreeMoney we offer free Ethereum codes once you’ve collected enough of our points simply by finishing mini-tasks like watching ads, completing surveys and more.
But what is Ethereum the blockchain with its Ether cryptocurrency? Why - like Bitcoin - is it promising to become so valuable in terms of the new Web 3? Check out the quick intro below, and then on to a few examples of its applications.
A simple overview of Ethereum
Ethereum is a network platform and Ether (or ETH) is the cryptocurrency that secures it and is used for related payments on it. What does this mean? Well, all you really need to know is it’s like accessing another layer of the internet, but one where there is no need for advertising. You have your own digital wallet where only you control your ‘digital money’ and other transactions with this network and its dapps (which appear like normal websites).
Metamask is one browser extension that acts as this important wallet plus log-in tool for easy access to Ethereum ‘dapps’. You’ll need to buy some ETH from exchanges online like Coinbase and load up your Metamask, and then you’ll be ready to access any of these web 3 destinations, as well as send Eth to any other wallet or Ethereum address.
Now for the next part, the extra clever bit. You can also trigger a ‘smart contract’ which is like an agreement that will only release funds from your wallet once an action has been fulfilled. This agreement occurs directly and securely with the other party, eliminating time delays and uncertainty over trust. And this is also exciting in terms of ‘dapps’, which are like monetized applications, that can implement these smart contracts. They open up a whole exciting world of possibilities where fast, digital transactions can be triggered automatically within exciting and diverse scenarios or applications.
Just give it a try...
You’ll need to sign up to an exchange like Coinbase or Binance, and buy some Ethereum. The next step would be to download and install the extension MetaMask, which is the wallet extension you’ll need (with your own address or ID), for using or interacting (and transacting) with the Ethereum network sites or dapps.
One other thing to understand is that this internet layer is not like the normal internet, in that it essentially exists on many computers. It is ‘decentralised’ and not susceptible to interference by any one ‘company-based’ overseer. Changes or upgrades are agreed by voting or by participants of the network itself.
Which sites to explore?
There are now a lot of dapps emerging, as the Ethereum network continues to grow and attract attention. There are some issues concerning congestion but that’s why developers are intent on improving it and are experimenting with solutions for Ethereum 2 upgrades proposed for 2020.
See State of the Dapps etc. and start testing some Ethereum dapps
At GrabFreeMoney.com you’ll be able to get free Ethereum by collecting our points for finishing our mini-tasks.