Ethereum Explained! 🚀 (Ultimate Beginners’ Guide! 📚) How Ethereum Works 💻 & Why it's Undervalued 🤑
Summary
TLDRThe video script delves into the distinctions between Ethereum and Bitcoin, clarifying that while both are applications of blockchain technology, they serve different purposes. Ethereum, proposed by Vitalik Buterin, is a blockchain-based software platform that allows for the creation of decentralized applications (DApps) and smart contracts, which can automate and execute agreements without intermediaries. Ether, the native cryptocurrency of Ethereum, is used to pay for computational services on the network, with its supply designed to be deflationary. The script also explains the concept of 'gas' as transaction fees on the Ethereum network and touches on the Ethereum Virtual Machine (EVM), which enables a global decentralized supercomputer. Additionally, it covers ERC20 tokens, a standard for creating new tokens on the Ethereum blockchain, and the shift from Proof of Work to Proof of Stake for network validation, emphasizing the latter's energy efficiency. The summary encourages viewers to explore the potential of Ethereum and consider its place in their investment portfolio, while highlighting the importance of secure storage with hardware wallets like Tangem.
Takeaways
- 📘 Ethereum is a blockchain-based software platform created by Vitalik Buterin, distinct from Bitcoin.
- 🔑 Blockchain technology is founded on three pillars: decentralization, transparency, and immutability.
- 🌐 Decentralization in blockchain means data is stored across multiple locations and no single entity controls it.
- 🔍 Transparency ensures that all transactions are recorded on a public ledger, visible to everyone and resistant to alteration.
- 🔒 Immutability refers to the unchangeable nature of data once recorded on the blockchain, secured by cryptographic processes.
- 💡 Bitcoin functions as digital currency for transactions and value storage, whereas Ethereum serves as a programmable platform for decentralized applications (dApps).
- 🛢️ Ether, the native cryptocurrency of the Ethereum network, is used to pay for computational services and execution of smart contracts, likened to 'digital oil'.
- 💰 Gas is the term for the fee required to perform operations on the Ethereum network, with prices fluctuating based on network demand and complexity of transactions.
- ⛓️ Ethereum has transitioned from a Proof of Work consensus mechanism to a Proof of Stake, aiming to be more energy-efficient and secure.
- 💼 Smart contracts are self-executing contracts with the terms directly written into code on the blockchain, enabling trustless transactions without intermediaries.
- 📈 ERC20 is a token standard on the Ethereum network that defines rules for creating and issuing tokens, ensuring compatibility and functionality within the ecosystem.
- 🚀 Ethereum is an evolving technology with ongoing development aimed at improving efficiency, security, and user experience for future growth and adoption.
Q & A
What is the primary distinction between Ethereum and Bitcoin?
-Ethereum is a blockchain-based software platform that allows for the creation of decentralized applications (dApps), while Bitcoin is a digital currency used for peer-to-peer transactions and as a store of value.
Who is the creator of Ethereum and when was it launched?
-Ethereum was created by Russian-Canadian programmer Vitalik Buterin, and it went live in 2015.
What are the three pillars of blockchain technology?
-The three pillars of blockchain technology are decentralization, transparency, and immutability.
How does decentralization in blockchain work?
-Decentralization in blockchain means that data is recorded and stored on multiple devices in various locations worldwide, and no single person, company, or government controls the data.
What role does Ether play in the Ethereum network?
-Ether is the native cryptocurrency of the Ethereum blockchain, used to pay for the computational services required to build and run decentralized applications on the network.
What is the concept of 'gas' in the context of Ethereum transactions?
-Gas in Ethereum is a measure of the computational effort required to execute a contract or a transaction. It determines the transaction fees, which are paid in Ether to the network validators.
How does the proof of stake protocol work in Ethereum?
-Proof of stake is a consensus mechanism where validators 'stake' their Ether as collateral to propose and validate new blocks. Validators are chosen based on the amount of Ether they have staked and the length of time it has been staked. Validating a block successfully earns them a reward, while proposing an invalid block results in a penalty.
What is an ERC20 token and how does it relate to the Ethereum network?
-An ERC20 token is a type of cryptocurrency that adheres to a specific set of rules defined by the ERC20 standard on the Ethereum blockchain. These tokens can represent various assets or utilities and are used for specific purposes within the Ethereum ecosystem.
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How does the Ethereum Virtual Machine (EVM) function within the Ethereum network?
-The EVM is a global decentralized supercomputer that allows for the execution of smart contracts. It improves the flexibility of the software and ensures the separation of each software host and application on the Ethereum network.
What are smart contracts and how do they operate on the Ethereum platform?
-Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They operate on the Ethereum platform by automatically enforcing and carrying out the terms of a contract within a trusted environment, eliminating the need for a central authority.
Why is Ethereum considered a more programmable blockchain compared to Bitcoin?
-Ethereum is considered more programmable because it allows users to build and deploy decentralized applications (dApps) and execute smart contracts, which are not possible on the Bitcoin blockchain that is primarily designed for transactions.
How does the issuance and burning of Ether affect its supply and potential value over time?
-As the Ethereum network is used more, Ether is burned or taken out of circulation, making it deflationary. If the supply of Ether continues to decrease while demand increases, the price of Ether is likely to rise substantially over time.
Outlines
😀 Introduction to Ethereum and Blockchain
The video script begins by addressing the common misconception of equating Ethereum with Bitcoin and blockchain technology. It outlines the intention to clarify the distinctions among them. Ethereum, proposed by Vitalik Buterin in 2013 and launched in 2015, is described as a blockchain-based software platform. The script delves into the fundamental concepts of blockchain, emphasizing its three key features: decentralization, transparency, and immutability. Decentralization ensures data is stored across multiple locations and not controlled by a single entity. Transparency allows for a public ledger that records transactions in a tamper-proof manner. Immutability guarantees that once data is recorded, it cannot be altered. The script also touches on the importance of understanding these features before exploring Ethereum's role within the blockchain ecosystem.
💡 Ethereum as a Programmable Blockchain
The second paragraph explains the unique use cases of blockchain technology for both Bitcoin and Ethereum. Bitcoin is presented as a digital currency for transactions and as a store of value, while Ethereum is characterized as a programmable blockchain that enables the creation of decentralized applications (dApps). The Ethereum network is likened to an app store where developers can build and deploy applications. The concept of decentralized finance (DeFi) is introduced as a movement to create a more transparent and trustworthy financial system. The paragraph also distinguishes between Ether, the cryptocurrency of the Ethereum network, and the network itself. Ether serves as a means of payment for the computational resources required to build and run applications on Ethereum, known as 'gas.' The script highlights the deflationary nature of Ether, as its supply growth is decreasing over time due to 'burning' in network transactions.
📊 Understanding Ethereum's Gas Fees and Validators
This section of the script discusses the intricacies of Ethereum's transaction fees, known as 'gas.' Gas prices are determined by the computational resources a transaction requires, and they fluctuate based on network demand. The script explains that gas prices are denoted in Gwei, a denomination of Ether, and that users can set a gas limit for their transactions. The concept of 'proof of stake' is introduced as the consensus mechanism that Ethereum currently uses. Validators, who are network participants that verify transactions, are required to stake Ether as collateral. The more Ether a validator stakes and the longer it is staked, the higher the chances of being selected to validate the next block. Validators are rewarded for successful block verification, but face penalties for proposing blocks with fraudulent transactions. The script also mentions the potential regulatory considerations regarding proof-of-stake assets.
💻 The Structure of the Ethereum Network
The script breaks down the Ethereum network into three layers: the hardware layer consisting of nodes that validate transactions, the software layer where smart contracts are written in languages like Solidity, and the application layer where dApps are built and run. Smart contracts are self-executing contracts with terms directly written into code. The Ethereum Virtual Machine (EVM) is described as a global decentralized supercomputer that allows for the execution of these contracts. The application layer is where developers can create and launch dApps, which are decentralized applications that operate on the Ethereum blockchain. The script also introduces ERC20 tokens, a token standard that dictates the rules for creating new tokens on the Ethereum network, ensuring compatibility and functionality within the ecosystem.
🚀 Ethereum's Development and Investment Considerations
The final paragraph focuses on Ethereum's ongoing development and the potential for investment in Ether. It advises investors to use reputable cryptocurrency exchanges and to store their assets in secure cold storage hardware wallets, specifically recommending the Tangem wallet. The script emphasizes the wallet's ease of use, high security standard, and affordability. It also provides a cautionary note on Ethereum's speculative nature and the importance of being aware of its developmental phase and future roadmap. The video concludes with an invitation to learn more about cryptocurrency wallets, private keys, and seed phrases, and to explore the potential of Bitcoin for wealth management.
Mindmap
Keywords
💡Ethereum
💡Blockchain
💡Decentralization
💡Transparency
💡Immutability
💡Ether
💡Gas
💡Smart Contracts
💡ERC20 Tokens
💡Proof of Stake (PoS)
💡Decentralized Applications (dApps)
Highlights
Ethereum was created by Vitalik Buterin in 2013 and went live in 2015 as a blockchain-based software platform.
Blockchain is a record of data stored on a network of computers with three unique features: decentralization, transparency, and immutability.
Decentralization in blockchain means data is stored on multiple devices worldwide and no single entity controls it.
Blockchain's transparency ensures that transactions are recorded on a public ledger, making data impossible to alter.
Immutability refers to the inability to change, forge, or alter data once recorded on the blockchain.
Bitcoin is a digital currency for payment and value storage, while Ethereum is a programmable blockchain for building software and applications.
Ether is the native cryptocurrency of the Ethereum blockchain, used to pay for computing power and space required for Ethereum network transactions.
Gas in Ethereum represents the computational steps required to execute a contract or a transaction, with its price denoted in Gwei.
Ethereum's transition from Proof of Work to Proof of Stake makes it more energy-efficient and secure.
Smart contracts are self-executing contracts with the terms of the agreement directly written into code on the blockchain.
ERC20 is a token standard that defines a set of rules for creating and issuing tokens on the Ethereum blockchain.
There are over 350,000 different ERC20 tokens issued on the Ethereum network, each with a unique function or utility.
Ethereum's development roadmap includes improvements for cheaper transactions, enhanced security, and better user experience.
Tether (USDT) is an example of a stablecoin, a type of ERC20 token that maintains a stable value equivalent to the US dollar.
Basic Attention Token (BAT) is an ERC20 token used within the Brave browser ecosystem to facilitate transactions between users, advertisers, and publishers.
Ethereum's network operates on a three-layer model: the base layer of nodes, a software layer for smart contracts, and an application layer for decentralized apps (dApps).
The Ethereum Virtual Machine (EVM) is a global decentralized supercomputer that executes smart contracts and separates software applications.
Over 2800 dApps cover a wide range of categories, from gaming to finance, operating on Ethereum's blockchain platform.
Transcripts
many people associate ethereum with
Bitcoin and some people use the words
ethereum Bitcoin and blockchain
interchangeably by the end of this video
we will understand the key differences
between ethereum and Bitcoin and their
relationship with blockchain technology
so what is ethereum metallic buterin is
a Russian Canadian programmer and
cryptocurrency researcher who came up
with the idea for ethereum in 2013 which
finally went live in 2015. the most
plain and simple explanation of ethereum
can be broken down into two words
software platform now it makes ethereum
different from other software platforms
is that it is a blockchain based
software platform so before breaking
down what ethereum is we must first
understand its underlying technological
Foundation what is blockchain the most
plain and simple explanation of
blockchain is that it's a record of data
stored on a network of computers and
there are three pillars of blockchain
that make it unique decentralization
transparency and immutability so let's
break down these three pillars star
starting with pillar 1 decentralization
the word decentralization with regard to
blockchain is twofold one it means that
the data is recorded and stored on
multiple devices in multiple locations
around the world as opposed to one
central place in two decentralization
also means that no one person company
government Authority or entity controls
the data in record storage process so
instead of traditional centralized
entities like the IRS JPMorgan or MIT
recording storing managing and
controlling their data by following
their own protocols deciding which
service to use and where the servers are
located and using their own proprietary
software and security systems to protect
their data blockchain allows for
decentralized record keeping where data
is recorded stored and managed on a
network of computers with open source
software around the world any changes to
the blockchain protocol go through a
consensus process that no one person or
entity has control over so that is the
essence of the decentralization pillar
cool pillar two transparency the word
transparency with regard to blockchain
relates to the way in which transactions
are recorded on a ledger that is
available for everyone to see and that
is saved on a network of computers
around the world making the data
impossible to change or alter so the
best way to see the value of
transparency and data recording storage
and management is by comparing these two
scenarios one currently common citizens
of the United States are not privy to
where and how every tax dollar is spent
by the United States government we just
have to take their word for it and even
if the government had to show us their
records it would be very easy for them
to create Forge or manipulate any data
they chose to share with us since they
control their own data you can see how
this scenario has not exactly
transparent or trustworthy so let's
imagine another scenario if everyone in
the United States had the ability to see
a live running Ledger of wherever every
single tax dollar was spent by the
United States government at any moment
in time basically all U.S citizens could
see a full disclosure of how the
government is managing our money and in
this scenario there is more trust and
transparency the second pillar of
blockchain Technology nice pillar three
immutability immutability simply means
that the data recorded and stored on the
blockchain cannot be changed forged or
altered and this is achieved through
cryptography and blockchain hashing
processes if you would like to watch a
more in-depth video explaining what
blockchain is and why it was developed
please check out my video guide by
clicking in the link above so to
summarize the three pillars of
blockchain Technology blockchain's
recording and storage protocols make it
such that once new data is verified it
is unmodifiable it's distributed across
a vast network of computers around the
world so it's hard to destroy and no one
person or entity controls the data or
network creating a transparent
environment amazing now that we are
familiar with some of blockchain's
important features let's talk about the
role blockchain plays in Bitcoin and
ethereum hello I'm crypto Casey and in
this video we will explore what ethereum
is what ether is how transaction fees
work and what the future holds for this
exciting new speculative technology
let's hit it
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us sweet Bitcoin and ethereum are both
use cases of blockchain Technology with
different purposes Bitcoin is simply a
digital currency that people can use as
a form of payment to send to and from
each other or hold as a store of value
while ethereum is basically a
programmable blockchain that people can
build software on to create valuable
products and services or just for fun
Imagine the ethereum network similar to
the Apple App Store a platform where
people can build and deploy apps and due
to the decentralized properties of
blockchain Technology the software
people can build on ethereum are called
decentralized applications or dapped for
short in the nature and potential of
these decentralized applications or
dapps has inspired the idea and desire
for a crusade towards decentralized
Finance or D5 for short the D5 movement
aims to transform The Current financial
system into a more transparent and
trustworthy system like we discussed
about the scenario in the transparency
blockchain pillar segment so how is
ethereum's blockchain based software
application able to operate if it's not
owned or controlled by a central entity
or authority this leads us to the next
section what is ether
many people commonly use the word ether
in ethereum interchangeably when they
actually represent two different things
ether is the ethereum blockchains native
cryptocurrency it operates similarly to
Bitcoin in that it's a digital currency
that can be transferred to people all
around the world used as a form of
payment or act as a store of value
however ether was created for an
entirely different purpose so why does
ether exist in previous videos we
explore the similarities between Bitcoin
and gold so if Bitcoin is digital gold
ether could be described as digital oil
ether was designed with the intention of
fueling the ethereum network thinking
back to the decentralized pillar of
blockchain Technology we discussed how
open source software is distributed
across a vast network of computers
around the world so to incentivize
people to host and maintain the data on
The blockchain Ether was created as a
form of payment to fuel the ethereum
network so anyone who wants to build a
software application on the ethereum
network has to pay for the computing
power and space required using ether and
the amount of ether required for Network
fees is determined by a built-in pricing
system known as gas other key
differences between Bitcoin and ether is
that Bitcoin has a fixed Supply and
having events while ether Works
differently and is actually deflationary
see bitcoin's fixed price and having
events keep its rate of inflation low
and predictable over time until it
eventually reaches zero and if you want
to learn more about how Bitcoin halvings
work check out this video guide for
beginners by clicking on the link above
since its Inception back in 2015
ethereum has gone through a series of
changes and upgrades and at the time of
this video the amount of new eth
entering into circulation slows over
time so while Bitcoin is slightly
inflationary as more Bitcoin will
continue to enter into circulation until
the last Bitcoin is mined ether is
actually deflationary because less ether
will enter into circulation over time
because the more the network is used the
more ether that is burned or taken out
of circulation and if we check out this
free informative website at
ultrasound.money we can see how much eth
has been issued versus burned over time
so at the time of this video over the
past year the supply growth of eth is
negative and when we consider how supply
and demand of an asset affects its price
if the supply beef continues to go down
while demand for Eid continues to go up
with more people adopting crypto and big
traditional financial institutions
piling in the price of eth is likely
going to increase substantially over
time
bullish next let's talk about how
ethereum Network fees are calculated
what is gas gas considers the bandwidth
and space requirements as well as the
computational difficulty of each
transaction to calculate the amount of
fees it will take to complete the term
gas was created to differentiate the
cost of Performing transactions on
ethereum from the actual value of The
Ether cryptocurrency so in executing
transactions on ethereum we will see gas
prices denoted in guay which stands for
gigaway gigaway which is also referred
to as Nano ether or just Nano simply
represents a fraction of ether to the
ninth power so we can think of gateways
to ether as pennies to the US dollar
similar to how the US dollar has pennies
nickels dimes and quarters that
represent fractions of one US dollar
ether has multiple denominations of
fractional values the smallest
denomination being way here's a chart
showing all the different denominations
of ether so if we look at one giga way
of ether it's depicted as a decimal
point followed by eight zeros and a one
in the ninth place so you can see how it
would be difficult to determine how much
transaction fees will cost with all of
the decimal places so instead of a gas
price for the transaction being let's
say
0.0003 you can simply say three Giga way
and since the most common unit of ether
reflected in gas prices is gigaway
that's what denomination of ether is
used to represent gas prices so when
initiating a transaction on the ethereum
network you will see what's called a gas
limit in this field we can choose to
increase or decrease the amount of ether
we are willing to spend to complete the
transaction the more gas the faster the
transaction will be processed and if
there is not enough ether in our wallet
or account to complete the transaction
we desire we will receive an
insufficient funds for gas notification
or similar this is why it's so important
as crypto investors to be aware of
transaction fees and how they work so we
are always prepared when trans acting
and carrying out our investment and
training strategies cool moving right
along
proof of stake what is proof of stake
currently Network processes on ethereum
are completed by validators using a
proof of stake protocol which is a
consensus mechanism and a consensus
mechanism is simply a way that all
computers within a network can come to
an agreement on things like the validity
of a transaction we can see how
consensus mechanisms are a key aspect of
blockchain Technology's Foundation
because of multiple computers all around
the world are maintaining a Global
Network then a consensus mechanism that
keeps them all in agreement is extremely
crucial computers that participate in
the proof of stake consensus are known
as validators and proof of stake
requires validators to State
cryptocurrency on the network basically
as a form of collateral staking with
regard to cryptocurrency Simply means
holding cryptocurrency in a wallet or
smart contract for an extended period of
time in exchange for interest Rewards or
similar so the proof of stake algorithm
that selects which validators will
verify the next block can consider
variables like the amount of
cryptocurrency the validator has stated
on the network the amount of time the
cryptocurrency has been staked on the
network and it can randomly select
validators to ensure decentralization of
the validation process so in most cases
the more cryptocurrency a particular
validator has staked and the longer the
cryptocurrency has been staked the more
likely that validator will be selected
by the algorithm to validate blocks and
if the block the validator verifies is
approved by the rest of the network and
ultimately add it to the blockchain then
the validator earns a reward for
verifying the Block in proof of stake
people describe a newly verified block
being added to the blockchain as having
been forged by the validator as opposed
to mined by The Miner like in the case
of Bitcoin however if the block proposed
to the network has some inconsistencies
or fraudulent transactions the validator
is penalized by losing some of their
staked cryptocurrency so we can start to
see how proof of stake's virtual
verification process is much more more
energy efficient than proof of work
where computers use a lot of electricity
to compete with each other to be the
first to verify a block of data and it's
important to note that each blockchain
project that uses proof-of-stake
protocols has their own unique algorithm
with different rules and methods that
dictate their particular Network's
functionality it's interesting to know
that ethereum used to use a proof of
work protocol like Bitcoin to secure and
maintain its Network and unfortunately
since the switch to proof of stake SEC
chair Gary Gensler says proof-of-stake
assets could be Securities and as we've
been discussing on the channel it's
likely that Gensler is withholding
Clarity and crypto to allow for his Wall
Street corporate cronies to get into a
position to be the first to Market with
their ETFs and other Financial products
before finally giving green light we
shall see though let me know what you
think in the comments below cool now
that we have a basic concept of what
ethereum is in the roles ether and gas
play in the network let's get into more
detail about how the ethereum software
our platform Works how the ethereum
network works let's break down the
ethereum network into three simple
layers so that we can understand how it
works in a nutshell conceptually imagine
the base layer of ethereum consists of a
vast network of computers called nodes
these nodes are connected to the
internet with software installed on them
that runs the ethereum blockchain in
this base layer of nodes is where
transaction data is processed validated
broadcasted and stored and as these
nodes use the proof of stake protocol
required to process transaction data
they are rewarded with ether dictated by
the gas prices we discussed earlier
these rewards incentivize nodes to
maintain the ethereum network by
processing transaction data transaction
data can contain value in the form of
ether and information in the form of
code and these codes can transmit data
and Trigger actions in the next layer of
the ethereum network now imagine another
layer on top of the Base Hardware layer
that is a software layer this soft
software layer supports a programming
language library that consists of
languages like solidity Viper bamboo and
more using these computer languages
developers can write what are called
smart contracts the term smart contract
was actually coined back in 1998 by an
American Computer scientist named Nick
Zabo who invented the digital currency
called bit gold 10 years before Bitcoin
was created and smart contracts are just
lines of code that dictate the terms of
a contract and control the execution of
the contract and with the nature of
ethereum's Hardware layer in its
blockchain based software this creates
the perfect trustworthy digital
environment for building and executing
smart contracts smart contracts have the
unique ability to authorize transactions
and Carry Out terms of contracts within
a trusted environment which eliminates
the need for a central Authority like a
government bank or legal system so smart
contracts make transactions trackable
transparent and permanent amazing so we
have the hardware layer and the software
layer of ethereum which combined
basically creates a global decentralized
supercomputer known as the ethereum
virtual machine or evm in Computing
virtual machines or VMS are simulations
of computer networks that can be used
for many different cases in the case of
the ethereum virtual machine or evm a
very basic and general idea of its role
in the ecosystem is to improve
flexibility of the software and ensure
separation of each software host and
each software application and software
applications bring us to the final layer
of ethereum the application layer the
application layer is where developers
can build and launch third-party
decentralized applications or dapps for
short the applications are decentralized
because they operate on ethereum's
decentralized blockchain-based platform
popular examples of adapts that have
been created are uni swap which is a
decentralized crypto exchange and openc
an nft Marketplace and at the time of
this video a total of over 2800 adapts
are running on the ethereum network that
cover a wide range of categories
including gaming exchanges lending yield
identity property and more nice now
another popular element of the ethereum
ecosystem in dapps brings us to the next
section what are erc20 tokens you've
probably heard the term erc20b4 and
before we talk about erc20 let's talk
about what ERC means ERC is simply an
acronym that stands for ethereum request
for comments and it's similar to bip
which stands for Bitcoin Improvement
proposal so since ethereum and Bitcoin
are blockchain based Technologies there
is no one person or entity that is in
charge of deciding what new features to
add changes to make or fixes to
implement to the protocols so ERC is a
process that was created as a way for
people to contribute information about
ethereum and introduce new features to
the ethereum network ercs or ethereum
requests for comments are basically how
developers can propose improvements to
the network so the number 20 of erc20
represents the unique ID number of that
particular proposal so erc20 is a token
standard which is simply a list of rules
that any tokens issued on the ethereum
blockchain must follow so what are
tokens in the context of ethereum tokens
are types of cryptocurrencies with
different functions that represent an
asset or are intended for a specific use
that operate on the ethereum blockchain
so the ethereum ecosystem allows for the
creation deployment and circulation of
virtual currencies or tokens an erc20
proposed the implementation of rules and
regulations developers must follow when
creating tokens to issue on the ethereum
network these rules dictate how tokens
can be transferred transaction approval
methods user access to tokens and the
total Supply or number of tokens
available so erc20 basically ensures
compatibility of new tokens issued on
the ethereum network tokens that
currently run on the ethereum blockchain
are referred to as erc20 tokens
currently over 350 000 different tokens
have been issued on the ethereum network
some of the more popular erc20 tokens
include tether chain link Matic and Udi
Swap and each token has a different
function or utility for example tether
is a token that is Tethered to the US
dollar and that it maintains the same
value as the US dollar this makes the
token price stable staying at one dollar
per tether which is why tokens with this
function are called stable coins and
another example of another token with
different utility is bat bat stands for
basic attention token and it was created
to be used as the currency for a web
browsing dab called Brave that was
designed as a form of payment to be
traded between users advertisers and
Publishers in exchange for users
attention to advertisements and content
amazing so it's important to understand
as crypto investors that ethereum is
still new speculative technology that is
still in the development phase where
they constantly evolving road map
changes on the horizon are aimed at
making transactions cheaper making the
network more secure creating a better
user experience and readying the network
for future Generations so if you haven't
dipped your toes into crypto and are
interested in diversifying your
Investment Portfolio into eth you can
use the links in the description area
below to access the correct and official
sites of my recommended reputable crypto
exchanges like coinbase Kraken and more
and make sure when we are investing in
crypto we are transferring them off of
exchanges to hold in our own Cold
Storage Hardware wallets like tangent
wallet tangent wall is extremely simple
and easy to set up literally just taking
a few minutes and friends and family
I've onboarded into crypto love it there
is a wait for the next batch of wallets
so make sure to get your spawn line
earlier rather than later it looks like
a credit card uses the highest standard
of security among crypto wallets known
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protection used by NASA and in passports
the source code for tangem's mobile app
is all open and available for review on
GitHub which is important for full
transparency to ensure there are no back
doors built in and that funds can be
accessed if the company shut down for
any reason instead of a seed phrase as
the only way to back up our crypto
wallets backup copies of the wallet are
created and used on other tantrum cards
that we equipped with our own unique
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