We use cookies. This helps us run our website and give you a better experience. By using our site, you agree to our cookie policy.

Useful Tips

View all

The bases of the NFT world

CT_School: What is Ethereum?

The world of non-fungible tokens (NFT) is not easy and requires a lot of extensive research. But do not worry, CryptoTab is here to help and guide you through this learning process!

As you might have heard, the word NFT is often used alongside the word Ethereum, which might raise some questions for you. So, let’s see what it is and how it works.

What is Ethereum?

Ethereum is a second-generation blockchain that carried forward the ideas and concepts introduced by Bitcoin, making them more advanced and adding more functionality than just payments.

The main and most important feature of Ethereum is smart contracts. In a nutshell, with the Ethereum network, you can write your own smart contracts in which a transaction is automatically executed if all conditions are met. The entire process is verified by the blockchain, so if any of the conditions are not fulfilled — the contract will not be carried out.

That is the main advantage of Ethereum: it makes the whole process of executing the contract automated — less time-consuming, costly and no third party has to be involved. And what’s more, personal data is more protected as it’s not stored on a central server like in a traditional marketplace.

What is ETH?

The token used in Ethereum is called — Ether (ETH). It is the native cryptocurrency of the blockchain, which is second only to Bitcoin (BTC) in market capitalization.

What is ETH used for?

Nowadays, Ether can be stored, traded, or used to interact with decentralized applications, such as smart contracts.

But what’s more, they can be used for purchasing NFTs on platforms like OpenSea. The purchasing process itself is a contract. For instance, when you buy NFT Mining Master Token with ETH, you deposit a particular amount of currency, and if you meet the agreed-upon conditions (you transfer the right amount from your balance) — you receive the desired token. And the same goes for all NFTs from CryptoTab collections.

Now you know what Ethereum is — and if you have any questions left, ask them on our NFT Twitter.

ASK QUESTION

Trouble seeing this email? View it as a web page.

If you wish to no longer receive Email Updates from us, simply Unsubscribe. This email was sent because you are subscribed to CryptoTab service. We do not sell any information to third parties. Privacy Policy

Published: 31.05.2022

#ETH #CryptoTabNFT #CT_NFT #NFT #CT_School #theory

Recently Added

USEFUL TIPS

Earning in CT Pool is even easier!

It’s time for some pleasant updates in CT Pool! Now CT Pool Affiliate Program is available for Android and on Telegram! This means that you can now create your own referral network. Each invited user will bring you % of their mining income. And if they also invite new users, you will get your % of their mining too. Up to 10 levels of your referral network! Just a few well-placed links could potentially expand your network to thousands of users!

USEFUL TIPS

Step-by-step guide: earning Bitcoin without mining

Interesting fact: there is a user in the ecosystem who has earned 2.7 BTC since the beginning of 2024 without mining.

USEFUL TIPS

Pool Mining for free: try CT Pool with a new gift!

You have already heard about CT Pool! The innovative Pool Mining technology makes it possible to mine major cryptocurrencies at a speed of tens of millions H/s. And all this without using the power of your device!