what is Ethereum?
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether (ETH). It works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts. It was founded in 2014 by Vitalik Buterin and has since become one of the largest and most widely-used blockchain platforms in the world.
Core values of Ethereum
These core values guide the development and growth of the Ethereum ecosystem, ensuring that it remains a decentralized, open, and inclusive platform for innovation and progress.
- Long-term thinking: Ethereum has a long-term mindset, thinking about how it will affect the future and the community.
- Subtraction: Ethereum tries to subtract power and resist the natural tendency of organizations to grow and accumulate power.
- Stewardship of values: Ethereum is committed to decentralization, open access, and many more values that have guided its development since the beginning.
- Decentralized: Ethereum is a decentralized blockchain and development platform that allows developers to build and deploy applications and smart contracts.
- Open internet: Ethereum is an open internet that allows anyone to interact with the Ethereum network or build applications on it.
- Peer-to-peer network: Ethereum allows you to coordinate, make agreements, or transfer digital assets directly with other people.
- Censorship-resistant: No government or company has control over Ethereum, and decentralization makes it nearly impossible for anyone to stop you from receiving payments or using services on Ethereum.
How to Trade Ethereum?
- Staking Ethereum: Lock up your Ethereum in a staking contract to earn additional Ethereum over time.
- Ethereum Lending: Lend your Ethereum to other users on lending platforms, earning interest in return.
- Ethereum Trading: Engage in algorithmic trading strategies to capitalize on market fluctuations and earn Ethereum passively.
- Ethereum Bot Trading: Engage in algorithmic trading strategies to capitalize on market fluctuations and earn Ethereum passively.
- Ethereum Faucets: Discover platforms that distribute small amounts of free Ethereum, often through simple tasks or captcha challenges.
How do Ethereum works
- Ethereum consists of several key components: smart contracts, the Ethereum blockchain, consensus mechanism, the Ethereum Virtual Machine (EVM) and ether.
- A smart contract is a programmable agreement that runs on a blockchain. It allows users to digitize conditions governing the relationship and interactions between the two parties involved in a transaction.
- Ethereum shares some similarities with Bitcoin in that it relies on a blockchain to store and secure transactions.
- Ethereum and Bitcoin used to use the same consensus protocol for validating data and adding it to the blockchain – known as proof-of-work (PoW). However, in 2022, Ethereum underwent a major transition known as "The Merge" which migrated the network to a proof-of-stake blockchain (PoS).
- The EVM is Ethereum’s native processing system that allows developers to create smart contracts and lets nodes seamlessly interact with them.
- Ether is needed for doing just about anything on Ethereum, and when it’s used to execute smart contracts on the network it’s often referred to as “gas.”
Where to get free Ethereum?
- Ethereum Faucets: Discover platforms that distribute small amounts of free Ethereum, often through simple tasks or captcha challenges.
- Online Games: Explore blockchain-based games that offer in-game rewards like Ethereum.
- Ethereum Staking: Lock up your Ethereum in a staking contract to earn additional Ethereum over time.
- Airdrops: Participate in airdrop campaigns where projects distribute free Ethereum to holders of a specific cryptocurrency.
- Bot Trading: Engage in algorithmic trading strategies to capitalize on market fluctuations and earn Ethereum passively.
- Lending Ethereum: Lend your Ethereum to other users on lending platforms, earning interest in return.
- Bounty Programs: Contribute to projects through bug bounties, marketing, or content creation to earn Ethereum rewards.
- Liquidity Pools: Provide liquidity to decentralized exchanges and earn a share of transaction fees and additional tokens.
Keep in mind that earning free Ethereum can be a time-consuming task, and it is important to consider the time investment, upfront capital requirement and level of risk involved in each method. Additionally, be cautious of scams and always prioritize security and due diligence in your crypto endeavors.
