Ethereum is a blockchain that lets users mint tokens. It’s known for its rock-solid security and is one of the most popular blockchains out there, minting around 500,000 ERC-20 crypto tokens and over 10’s of millions of smart contracts. This gives it a hefty slice of the crypto pie, estimated at 1/10th to 1/8th of the total crypto market. Ethereum even houses Moneybrain’s very own BiPS Token, and you can hold ETH securely on Moneybrain’s platform.
What is Ether?
Ether (ETH) is the cryptocurrency powering the Ethereum network, showing faith in its world of smart contracts and tokens. It’s like owning a stake in a digital platform, betting on its future growth and use. Ether’s price swings with market buying and selling, but also network activity like tonnes of transactions or big upgrades, lifting its value over time. Gas fees are paid in ETH to make transactions and exchanges, further boosting its worth by burning some of the supply, a protocol built into the blockchain via smart contracts to keep it in demand.
Tokens, Smart Contracts, What Does It All Mean?
Ethereum, with its many sides, isn’t the simplest to explain, so let’s break it down into a simple list outlining what it all means:
- Tokens: ERC-20 tokens are cryptocurrencies minted on the Ethereum blockchain, each with its own value. They can be tied to real stuff, like Moneybrain’s BiPS token, which is backed by real-world assets. These assets are secured loan units, commodity tokens such as gold, and the top 10 cryptos including Bitcoin (read more about BiPS). Others have a set supply and link to dApps, like Chainlink’s LINK, which helps smart contracts grab outside data to stay useful. Meme coins, such as Shiba Inu (SHIB), an ERC-20 token with a huge supply, shotbroker up after Dogecoin’s success, riding community hype.
- NFTs: Non-fungible tokens (NFTs) on Ethereum, usually ERC-721, are one-of-a-kind digital items like art or collectables. Take CryptoKitties: each cat is a unique ERC-721 token, totally different from swappable ERC-20s.
- dApps: Decentralised applications (dApps) are programmes running on Ethereum smart contracts, powering everything from finance to gaming. An easy example is CryptoKitties, a game where users buy and breed unique digital cats using ETH, with each cat stored as an ERC-721 token by smart contracts.
Ethereum isn’t only one of the big players in crypto, it’s the player building the crypto hotel and renting out rooms left, right, and centre! Holding Ethereum on the Moneybrain app can be a great additional asset for your portfolio and has already been endorsed by Eric Trump the son of Crypto President Donald J. Trump.
You can securely hold ETH on the Moneybrain app, home to the BiPS Token, and easily cash out whenever you’re ready to sell. With Ethereum powering a vast ecosystem of tokens, smart contracts, and dApps, buying ETH during market dips can be a savvy way to boost your portfolio’s potential in the long run!