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Ethereum

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Ethereum is a decentralized platform that runs smart contracts or applications that run exactly as programmed without the possibility of downtime, censorship, fraud or third-party interference. Ether is a cryptocurrency or token that runs on the Ethereum network. The Ethereum network differs from other cryptocurrencies, as it uses a blockchain-based distributed computing platform and operating system as opposed to just the blockchain. This configuration helps mitigate spam and evenly distribute resources on the network. Ethereum is the commonly used name but refers to the entire platform while the currency itself is named Ether (ETH). While not quite as popular as the trailblazer Bitcoin, Ethereum does offer a number of advantages such as lower transaction fees which are known as gas. These fees tend to be lower as they are based off the computational complexity of the transactions as opposed to a transaction size and priority reward system. Another advantage is shorter block times (approximately 1 minute or less as opposed to 10 minutes for other blockchains) help ensure quicker confirmations on transactions. Ethereum also has no currently known hard-cap unlike other crypto currencies which helps prevent deflation of the currency.

Ethereum is available on the NetCents exchange for trading along with Bitcoin, Litecoin and NCCO. NetCents users are also able to transfer their Ethereum into and out of their external wallets as well as transferring to other users within the NetCents platform. Please note that NetCents currently only supports normal Ethereum wallets and not Smart-Contract wallets.

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