ETH is an application platform. It is decentralized and its main purpose is to run smart contracts. Smart contracts are applications that run exactly as programmed. On the ethereum platform, there is no possibility of downtime. No possibility of censorship of any kind. No possibility of fraud, and NO possibility for 3rd party interference.
The Ethereum token is called Ether ( ETH | Ξ )
It is the value token of the ETH blockchain. It is listed under the code ETH and traded on internet currency exchanges such as ICE³X. It can also be used to pay for transaction fees and computational services on the ETH network. Ξ
Ethereum is an application platform. It is decentralised and its main purpose is to run smart contracts. Smart contracts are applications that run exactly as programmed. On the ethereum platform there is no possibility of downtime. No possibility of censorship of any kind. No possibility of fraud, and NO possibility for 3rd party interference.
These smart contract “applications” run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of assets. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or any counter party risk.
Ether Tokens is a necessary element, a fuel, for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, Ether (ETH) is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources). These Ether Tokens are a valuable commodity and is traded all over the world on exchanges and is used by applications on the decentralised Ethereum Network.
Vitalik Buterin is the creator of Ethereum. He first discovered blockchain and cryptocurrency technologies through Bitcoin in 2011, and was immediately excited by the technology and its potential. He co-founded Bitcoin Magazine in September 2011, and after two and a half years looking at what the existing blockchain technology and applications had to offer, wrote the Ethereum white paper in November 2013. He now leads Ethereum’s research team, working on future versions of the Ethereum protocol.
The beauty of the internet and internet currency is that you can trade the markets all the time 24/7 365 days of the year. Buying or Selling Ether is very easy and simple on the iceCUBED Exchange. Simply select the ETH/ZAR trading pair and place your BUY and Sell orders.
The best way to store Ethereum, Bitcoin or Litecoin is by using a Hardware Wallet. This way, you and you only have control over your coins and they can not be hacked or scammed. Never store your coins on an exchange or web based wallet where you do not control the private keys. Only keep coins on an exchange that you intend to trade with, there is no reason not to.
Trading Ether Tokens like a commodity is very much the same as trading gold, the difference being, Ether Tokens in this instance are like digital gold. Just like gold is traded on stock markets all over the world, Ether (ETH) can also be traded on exchanges all over the world. The price at which Ether is trading, is purely down to supply and demand. We do not get involved in any trading (i.e. We do not sell or buy on the exchange). The local market price for Ether in South Africa is down to the users trading on the exchange.