$ETH is a public platform and an open-source, decentralized cryptocurrency based on block chain technology that performs a smart contract function through which it facilitates the conclusion of a contract on the Internet that mimics traditional contracts in reality while providing an element of security and trust. Ether is second only to Bitcoin in terms of market capitalization.

Ether (ETH) is a cryptocurrency created according to the Ethereum protocol as a reward for miners in the proof-of-work system for adding blocks to block chains. Each new ether block is created by adding a specific amount of the protocol to the balance of any account chosen by the miner, which is known as a block reward, where Ether is the only currency that the Ethereum protocol accepts to pay its transaction fees, which also go to miners. A block reward combined with transaction fees provides an incentive for miners to keep blockchains growing (i.e. keep processing new transactions), so Ether is an essential part of running Ethereum network.

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