Question 1

What is Ethereum and how does it differ from Bitcoin?

Accepted Answer

Ethereum is a blockchain platform that goes beyond just being a digital currency like Bitcoin. While Bitcoin primarily focuses on peer-to-peer payments, Ethereum enables the creation of decentralized applications and smart contracts, offering a more versatile and programmable blockchain.

Question 2

What are smart contracts and how do they work on Ethereum?

Accepted Answer

Smart contracts are self-executing agreements written in code and stored on the Ethereum blockchain. They automatically enforce the terms of a contract when predetermined conditions are met, eliminating the need for intermediaries and ensuring transparency.

Question 3

What is Ether (ETH) and what is its purpose?

Accepted Answer

Ether (ETH) is the native cryptocurrency of the Ethereum network. It's used to pay for transaction fees (known as 'gas') and computational services on the network, incentivizing miners to validate transactions and secure the blockchain.

Question 4

How secure is the Ethereum network?

Accepted Answer

Ethereum employs robust cryptographic techniques and a decentralized network of nodes to ensure security. While not immune to all risks, Ethereum's architecture makes it highly resistant to censorship and single points of failure. Regular audits and ongoing development contribute to its security.

Question 5

What are gas fees and how are they calculated?

Accepted Answer

Gas fees are the costs associated with executing transactions or smart contracts on the Ethereum network. They are calculated based on the complexity of the operation and the current network congestion. Higher demand leads to higher gas fees.

Question 6

What are dApps and how can I access them?

Accepted Answer

dApps (decentralized applications) are applications built on the Ethereum blockchain. You can access them through web browsers with extensions like MetaMask, which allow you to connect your Ethereum wallet and interact with dApps.

Question 7

Can I use Ethereum anonymously?

Accepted Answer

While Ethereum transactions are pseudonymous (not directly linked to your real identity), they are publicly recorded on the blockchain.  Complete anonymity is difficult to achieve, and regulatory compliance may require identity verification in certain cases.

Etherium

Description

Use Cases

Key Features

Made For

Industries

Customer Segments

Supported Platforms

Pros

Cons

No reviews yet

Frequently Asked Questions