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

Mining farm with no investments

From this day on, you will no longer need a subscription to connect your hardware to the farm — now easily earn money on mining without investments!

USEFUL TIPS

Half Price for the Pool Miner

We’re constantly trying to make our products available to everyone so that all our users get acquainted with the world of cryptocurrency easily as well as at a minimal cost. And due to the Bitcoin price fluctuation, we decided to make everything even more accessible: we minimized the Pool Miner prices so you can maximize your profit! Yes, now our prices for Pool Miners have been reduced and your discount will reach –50%! This is the best time to learn how to mine and of course, introduce Pool Miners to your friends!

USEFUL TIPS

Start earning with Pool Miners

We have already started to update our Pool Miner feature and extend its functionality! We know that many of you have tried it and liked it. But we also receive many questions from you. So let's take a closer look at what Pool Miners are and how to start working with them and earning from day one.