Ether (ETH) is the cryptocurrency generated by the Ethereum protocol as a reward to miners in a proof-of-work system for adding blocks to the blockchain.

Ethereum-based apps are built using “smart contracts.” Smart contracts, like regular paper contracts, establish the terms of an arrangement between parties. But unlike an old-fashioned contract, smart contracts automatically execute when the terms are met without the need for either participating party to know who is on the other side of the deal — and without the need for any kind of intermediary.

Top 10 FAQs About Ethereum Blockchain

FAQs About Ethereum

01) What exactly is ethereum?

Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity. As a blockchain network, Ethereum is a decentralized public ledger for verifying and recording transactions. Its cryptocurrency is now second only to Bitcoin in market value.

02) What is Ethereum 2.0?

Ethereum 2.0, also known as “Serenity,” is a major upgrade that aims to make the world’s second-largest crypto project faster, more efficient and more scalable by migrating the network from a Proof-of-Work to a Proof-of-Stake system.

03) What is Ether?

Ether (ETH) is the cryptocurrency generated by the Ethereum protocol as a reward to miners in a proof-of-work system for adding blocks to the blockchain.

04) How Ethereum works?

Ethereum-based apps are built using “smart contracts.” Smart contracts, like regular paper contracts, establish the terms of an arrangement between parties. But unlike an old-fashioned contract, smart contracts automatically execute when the terms are met without the need for either participating party to know who is on the other side of the deal — and without the need for any kind of intermediary.

05) How long does it take to mine 1 ethereum?

One Ethereum - or 1 ETH - does not, theoretically, take long to mine. Ethereum has a block time of around 13 to 15 seconds, with each block rewarding 2 ETH.

06) How many Ethereum can you mine a day?

Based the mining hardware inputs provided, 0.01415194 Ethereum can be mined per day with a Ethereum mining hashrate of 750.00 MH/s, a block reward of 2 ETH, and a Ethereum difficulty of 9,157,756,781,963,651.00.

07) Is it hard to mine Ethereum?

Ethereum is requires mining just like Bitcoin. The only way to update a new block of Ethereum transactions is by mining that block. Moreover, it's a memory-hard algorithm; meaning it's designed to resist the development of Ethereum-mining ASICs. Instead, Ethash is deliberately best-suited to GPU-mining.

08) Is it worth it to mine Ethereum?

In general, mining Ethereum is still profitable as long as your electricity cost is somewhere around $0.15 and your GPU has a decent hash rate, think GTX 1070 or better. A GTX 1080 can generate a profit of roughly $1.91 worth of ETH per day, which is starting to get pretty low.

09) What is Ethereum in layman's terms?

Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum, and its own programming language, called Solidity. As a blockchain network, Ethereum is a decentralized public ledger for verifying and recording transactions. Its cryptocurrency is now second only to Bitcoin in market value.

10) How does Ethereum work technically?

Like Bitcoin, Ethereum works via a public blockchain network; while Bitcoin is used to track ownership of currency, the Ethereum blockchain focuses on running the programming code of any decentralized application. These applications can include security programs, voting systems and methods of payment.