Purchase Ethereum (ETH) with Polish Zloty (PLN) 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’s main purpose is to enable a decentralized platform for building and running smart contracts and dApps, offering an open ecosystem where users control their data and interact with decentralized applications.
Ethereum upgrades are implemented through hard forks or Ethereum Improvement Proposals (EIPs). These upgrades require consensus among developers, miners, and the community, and they introduce new features or changes to the protocol.
Ethereum’s smart contracts allow money to be “programmed” with specific rules, enabling automated transfers, conditional payments, and DeFi applications. Programmable money facilitates new financial products and more flexible financial interactions.
Gas wars occur when multiple users compete to pay higher gas fees to prioritize their transactions. This competition can significantly raise gas prices, especially during NFT drops or popular DeFi events, making transactions costly.
Synthetic assets are blockchain-based tokens that represent real-world assets like stocks, commodities, or currencies. DeFi projects on Ethereum, such as Synthetix, allow users to create and trade these assets, expanding investment opportunities.