Purchase Ethereum (ETH) with Norwegian Krone (NOK) 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.
NFTs on Ethereum are verified through their smart contract addresses, which guarantee the authenticity and ownership of each unique token. Buyers can check transaction history and provenance on platforms like Etherscan to confirm legitimacy.
ERC-1155 is a token standard on Ethereum that enables batch transfers of multiple tokens. It supports both fungible and non-fungible tokens, making it useful for applications like gaming where players need multiple types of assets.
A testnet is a sandbox environment for developers to test dApps and smart contracts without using real ETH. Popular Ethereum testnets include Ropsten, Rinkeby, and Kovan, where developers can safely experiment before deploying to the mainnet.
Staking on Ethereum involves locking up ETH to participate as a validator in Ethereum 2.0’s PoS network. Validators earn rewards for maintaining network integrity, and stakers contribute to the security and decentralization of Ethereum.
Layer 2 networks, like Optimism and Arbitrum, process transactions off-chain to reduce congestion on the Ethereum main chain. They settle transactions on Ethereum for finality, allowing faster and cheaper transactions for users.