Total Market Cap 🛈

24h Volume (Global) 🛈

Circulating Supply 🛈

118,567,231 ETH
Max Supply
Circulating Supply 118,567,231
Total Supply 118,567,231
Issue Date 2014-07-24
Cryptographic Algo PoW
Consensus Protocol Ethash
White Paper
What is Ethereum (ETH) and how does it work?

Ethereum (ETH) ranks only second to Bitcoin when it comes to popularity amongst cryptocurrencies. However, Ethereum (ETH) is very much different from Bitcoin. Vitalik Buterin, the then co-founder of Bitcoin Magazine first proposed the idea of developing Ethereum (ETH) in 2013 and by the end of 2014; Ethereum (ETH) had been brought to life. Buterin developed Ethereum (ETH) as a Do It Yourself (DIY) platform for decentralized programs. The nature of Ethereum (ETH) therefore means that if anyone creates a decentralized application, also known as Dapps, no single person including the inventor will be able to control it. Essentially, this feature makes it possible for Ethereum (ETH) to truly decentralize the internet. Ethereum’s ability to decentralize the internet means that anyone can start their own site without the need to go through 3rd parties. In practice, this will mean that people can buy cryptocurrencies straight from one another without the need to go through an exchange; guests can pay directly at hotels without going through booking sites while drivers can offer their services to passengers without going through Uber. Ethereum is known to some as the 'world computer' which is exactly what it tries to be.

The above explains the beauty that is Ethereum (ETH). Now, let’s get to appreciate in detail how Ethereum (ETH) actually works. When transacting using Ethereum (ETH), people enter ‘Smart Contracts’. Solidity is Ethereum’s coding language and it is this coding language that’s responsible for writing the ‘Smart Contracts’. A ‘Smart Contract’ is basically a set of (virtual) ‘ifs’ and ‘thens’ (if X happens then y results). The developers/users write the conditions for their program and then the network executes it. To put this into perspective, if a tenant and a landlord have a smart contract, the landlord does not necessarily have to collect the money from the tenant. Once the tenant has set the condition for rent payment, the network will process everything and the ‘money’ is sent to the landlord. However, if the tenant fails of his part to set the conditions, then the landlord receives nothing and can at any point in time lock out the tenant. The smart contract therefore to a larger extent is a great contract which helps in maintaining the cordial relations of two parties. However, as can be denoted from its operations, a smart contract is rigid thereby lacks flexibility. In case of extenuating circumstances that may lead the tenant to set the conditions for rent payment as taken from the example above, the tenant will be locked out of the lodgings even if there are valid reasons why he couldn’t proceed in setting the conditions. As running the process of executing code (set conditions) to power decentralized apps is too costly and also time-consuming as well as energy-consuming, Ethereum (ETH) created Ether, a cryptocurrency meant at rewarding or rather incentivizing programmers. Just as Bitcoin rewards miners for solving computational problems, Ethereum (ETH) rewards programmers for launching smart contracts on the Ethereum (ETH) platform.

Purchase Ethereum (ETH) with GBP safe, legal and instantly on Cryptomate

While Ether originally is earned from mining, programmers who would have mined Ether can also sell it to those in need. Cryptomate is an exchange platform that allows one to purchase Ether using conventional money including the British Sterling Pound. Purchasing Ether on Cryptomate is 100 percent safe, secure, legal and it’s also instant. Cryptomate the best place to buy Ethereum (ETH) in UK. Individuals and even corporate looking for Ether in the UK can easily purchase this digital currency on Cryptomate. Cryptomate is the best exchange to purchase Ether due to three main reasons. First, the exchange platform is fast allowing purchasers to receive their coin within one hour of placing an order! Second, purchasing coin on Cryptomate is secure as the exchange platform does not store any payment information on its servers as payments are made through online banking service and not through 3rd parties. All communication on the platform is secured through 256-bit SSL. Lastly, it’s easy to purchase Ether as all one needs is access to online banking in the UK.

Why is Cryptomate the best UK digital currency gateway?

We aim to deliver your coins within one hour of your order being placed and payment being received. Thanks to UK Faster Payments, you are now able to purchase in no time using just your online banking account.

We do not store any payment information on our servers. You make your payments through your online banking service, not through a 3rd party processor.

Our service couldn't be easier to use. The only thing required from you to use Cryptomate is access to online banking and an approved Cryptomate account. Joining the cryptocurrency revolution has never been simpler! More info here.

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