According to the definition on the Ethereum website, “Ether 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 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)”. Developers who intend to build DApps that will use the Ethereum blockchain require Ether, as do users interacting with its smart contracts. Using the platform, transaction fees are measured based on the gas limit and gas price, ultimately paid for in Ether.
Created by: Sam Feintech
Modified on: Wed, 25 Apr, 2018 at 5:33 PM
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