Purchase Ethereum (ETH) with Hong Kong Dollar (HKD) easily at Switchere and benefit from fast, secure transactions.
Ethereum is a blockchain platform designed to build decentralized applications (dApps) using smart contracts. Ether (ETH), its native cryptocurrency, is the second largest crypto by market cap. It’s used to pay for transaction fees (gas), run dApps, and execute smart contracts. Ether also plays a key role in decentralized finance (DeFi), staking, NFTs, and decentralized exchanges.
Ethereum is the primary platform for stablecoins like USDT, USDC, and DAI, which are pegged to fiat currencies. Stablecoins on Ethereum enable decentralized finance and offer users price stability within the crypto ecosystem.
Oracles are services that bring off-chain data onto the blockchain, enabling smart contracts to interact with real-world information. On Ethereum, oracles power applications like DeFi by providing data on asset prices, weather, and more.
Ethereum has enabled artists to create and sell digital art as NFTs, giving them new revenue streams and direct access to collectors. NFT marketplaces like OpenSea and Foundation rely on Ethereum, which has empowered artists and changed the digital art landscape.
Ethereum can handle around 15 transactions per second in its current form, which can lead to congestion during peak times. Ethereum 2.0 and Layer 2 solutions aim to increase capacity, addressing scalability challenges.
A multi-signature (multi-sig) wallet on Ethereum requires multiple private keys to authorize a transaction. This enhances security by requiring more than one person or device to approve a transfer, commonly used for joint accounts or organizational funds.