Ether (ETH) is the cryptocurrency used on the Ethereum platform. Ether (ETH) is the cryptocurrency used to incentivize the Ethereum network. Every Ethereum account holds a balance of Ether (ETH), and it can be transferred between user accounts on Ethereum.
ETH is also used to compensate miners in the process of creating new coins. Ethereum was the first blockchain-based smart contract platform that offered developers the ability to design and build decentralized applications (known as dApps).
Ethereum gives developers the tools to create any decentralized application all one platform, making it more efficient than building an entirely new blockchain for each new application. To run a smart contract on the Ethereum platform, its creator must pay to do so. Payments on Ethereum is made in the form of Ether (ETH).
Ethereum requires developers to pay Ether (ETH) to run their decentralized applications to help ensure that the developers will write efficient and optimized code that will not waste the Ethereum network computing power on unnecessary tasks.
For Ethereum market information, click here