Ether is the second-largest cryptocurrency by market capitalization. ETH is used as the transaction currency of the Ethereum network.
The ethereum digital currency is bitcoin’s main competitor and the second most popular cryptocurrency in the world. Its success makes it one of the coins that can replace FIAT currencies in the future. ETH cryptocurrencies are commonly known as Ethereum, but this is the name of a blockchain-based project. The very name of the digital currency is ether.
The native currency of the Ethereum network was introduced to the global cryptocurrency markets in 2014. Initially, the currency was valued at around EUR 1.20. This means that during the 8 years of its existence, at its best, it has recorded an over 1000-fold increase in valuation. Historical analyzes and development prospects for the Ethereum project are very positive.
Ethereum (ETH) – a cryptocurrency with practical applications
Ether (ETH) is the native currency of the Ethereum platform blockchain – a cryptocurrency with many practical uses. Ethereum allows you to run secure, decentralized applications. Its value is evidenced not only by the interest of investors but also by the possibility of application in innovative IT projects. The cryptocurrency and the related project significantly impact the development of the dApps market and the global DeFi sector.
It is worth mentioning that dAppy are open-source applications that use blockchain technology. They are created using smart contracts – code scripts run using EVM, i.e., Ethereum Virtual Machine. It is enough for a smart contract to be in the blockchain to start working. The abovementioned possibilities positively impact the growth prospects of the ethereum cryptocurrency rate.