Useful Tips

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

2024 Wrapped: a Year of Achievement with CryptoTab

As we say goodbye to 2024 and welcome 2025, the festive season reminds us to celebrate what we achieved. Together, we reached new goals and unlocked more opportunities. So, let's go through the top news this year.

Prepare for the legendary festive giveaway

This winter, we are having the most exciting event of the season: giveaway №4. The grand prize? The most powerful Pool Miner to maximize your mining. But only the top-100 participants will make it to the giveaway, and the #1 will claim the ultimate reward.

Festive Season: the gifts you can’t miss!

The magic of the Festive Season with CryptoTab is in full swing, and it’s time to reveal the dazzling gifts waiting for you. Every snowflake you’ve collected brings you closer to festive prizes—and they’re worth the effort.

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.