Ethereum Price (ETH INR)

About Ethereum

Ether was one of the first altcoins that was launched after Bitcoin and is a key part of the Ethereum network. Ethereum is a platform and it describes Ether as "gas" that fuels the network. Like Bitcoin, Ether (and Ethereum) is based on blockchain technology, but one of the advancements that its creators brought was the ability to build smart contracts into the blockchain.

As a result of this Ethererum was able to create Non-Fungible Tokens (NFTs), which are a unique class of digital assets, related to cryptocurrency but distinct from it. NFTs 'fingerprint' digital documents, so that you can authenticate them and record ownership — which has created a huge market for digital art. NFTs made waves when one particular artwork, by the artist Mike Winkelmann (Beeple) was sold in auction by Christie's for $69 million.

Aside from this innovation, Ethereum has also been working to reduce the energy requirements for transactions and mining to make it more environmentally friendly, which is one of the criticisms of cryptocurrency. It is the second largest cryptocurrency by market capitalisation, and continues to grow.