What is Ethereum
WHAT IS ETHER (ETH)?
ETH is digital, global money and ETH is a cryptocurrency. It is scarce digital money that you can use on the internet – similar to Bitcoin. If you’re new to crypto, here’s how ETH is different from traditional money.
ETH fuels and secures Ethereum
ETH is the lifeblood of Ethereum. When you send ETH or use an Ethereum application, you’ll pay a small fee in ETH to use the Ethereum network. This fee is an incentive for a miner to process and verify what you’re trying to do.
Miners are like the record-keepers of Ethereum – they check and prove that no one is cheating. Miners who do this work are also rewarded with small amounts of newly-issued ETH.
The work miners do keeps Ethereum secure and free of centralized control. In other words, ETH powers Ethereum.
ETH will become even more important with staking. When you stake your ETH you’ll be able to help secure Ethereum and earn rewards. In this system, the threat of losing your ETH disincentivises attacks.
Source : ethereum.org
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