Convert 0.001 ETH to USD today

Ethereum is “a global, decentralized platform for currency and next-generation applications.” Ethereum is the leading blockchain network with a total value locked (TVL) of USD 51.482 billion, accounting for 57.68% of the entire crypto market's TVL.

Ethereum's technological advancements make this platform a fertile ground for developers and the home of over 1,000 DeFi projects.

The unique aspect of Ethereum compared to its "big brother," Bitcoin, is ETH, the native coin of this network. ETH is not only used for transactions or as a store of value but also serves as the "key" to unlocking countless innovative decentralized applications (dApps).

What is ETH?

ETH is the official coin operating on the Ethereum network and can be used for the following purposes:

• Payment: Similar to BTC, ETH can be used for payments. Users can send ETH to other users, and like cash, these transactions do not require third-party processing or approval.
• Supporting Decentralized Applications: ETH must use decentralized applications (dApps) built on Ethereum, from staking ERC-20 tokens to earn profits to performing activities like governance voting.
• Transaction Fees: Every activity on Ethereum, from payments to using dapps, requires users to pay a fee in ETH tokens.

Etherscan

Etherscan is an Ethereum block Explorer and Analytics Platform that allows users to access detailed information about any transaction on the Ethereum blockchain.

Etherscan allows users to view any public Ethereum wallet address's current balance and transaction history. Etherscan also displays all gas fees and intelligent contracts associated with that address.

Users can use Etherscan to:

• Calculate Ethereum gas fees using the Etherscan gas tracker tool
• Look up and verify smart contracts
• View crypto assets held or linked to a public wallet address
• Observe real-time transactions occurring on the Ethereum blockchain
• Look up a transaction made from any Ethereum wallet
• Discover which smart contracts have verified source code and undergone security audits
• Track the number of intelligent contracts a user has authorized with their wallet
• Review and revoke wallet access to any decentralized applications (DApps)

ETH Gas

Gas fees are transaction fees that users must pay on the Ethereum blockchain to perform transactions (such as sending or swapping ETH) and execute smart contracts. Users pay this fee in ETH, and nodes on the network earn a portion of the fees for validating transactions through the Proof of Stake (PoS) mechanism.

Ethereum gas fees exist to compensate network validators for their work securing the network. Without gas fees, there would be no incentive for anyone to participate in staking ETH to become a validator and help ensure the network.

What is an Ethereum Address?

An Ethereum address is a random string of 42 characters starting with "0x". An Ethereum address is a "public" address to receive funds from another party through the Ethereum network.

Ethereum ETF (ETH ETF)

Ethereum ETF (ETH ETF) is a financial product designed to track the price of Ethereum, allowing investors to buy and sell shares on traditional stock exchanges.

Like Bitcoin ETFs, ETH ETFs enable investors to indirectly invest in ETH without purchasing the cryptocurrency directly. Crypto ETFs are often considered a way for traditional investors to participate in the digital asset market while avoiding some risks related to high volatility, security, and technical aspects of the crypto market.