What is the Ethereum system (what is Ethereum used for)
The Ethereum system is a blockchain-based database that is able to record and st
The Ethereum system is a blockchain-based database that is able to record and store data. Ethereum is maintained using infrastructure based on digital currencies like Bitcoin (BTC), and its Proof of Work consensus mechanism is calculated using the PoW algorithm. Through this approach, block producers, validators, and transaction packagers are connected to form an efficient network. Due to the different structure design compared to other public chains, each participant has different rules for decentralization. In such a network, its own nodes and smart contract codes run. Ether can also be used on this platform to charge fees to users, making Ethereum more prone to hacking and being used for illegal activities.
What is Ethereum used for
Ethereum is a decentralized cryptocurrency that can be stored on the blockchain. It is used as an electronic record system to manage digital assets and value, and is also known as a “smart contract platform” for running Ethereum-based applications.
When using an application, you will see various use cases such as sending, receiving, and exchanging tokens. These can be downloaded from a wallet or exchange, or directly run on it. Then, you can create your own ERC-20 token (e.g. USDT) and exchange it for a stablecoin priced in USD without any intermediaries.
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