Ethereum (ETH)

What is Ethereum?

Here are 5 key points about the Ethereum Blockchain:

• Ethereum was proposed by Vitalik Buterin in late 2013 and development began in early 2014. The network went live on July 30, 2015.

• Ethereum introduced the concept of self-executing contracts directly written into code. These contracts automatically execute when predefined conditions are met, without the need for intermediaries.

• Ethereum provides a platform for developers to build decentralized applications that run on the blockchain, enabling censorship-resistant and trustless interactions.

• Ether (ETH) is the native cryptocurrency of the Ethereum network, used to compensate participants who perform computations and validate transactions. Additionally, it serves as a digital currency for transactions and payments within the Ethereum ecosystem.

• The Ethereum Virtual Machine is the runtime environment for smart contracts in Ethereum. It executes bytecode and facilitates the operation of smart contracts across the network.

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Learn more about Ethereum by reading the Gem Wallet Learn article:
What Is The Ethereum Blockchain?

Ethereum on Gem Wallet

Gem Wallet provides a user-friendly interface for interacting with the Ethereum blockchain.

Gem Wallet can be used to:

• Buy Ether (ETH) with fiat using debit/credit cards.
• Store Ether and ERC20 tokens securely. Private keys are encrypted, giving you full control over your assets.
• Send and Receive Ether (ETH). Customize transactions fees based on your preference.
• Interact with smart contracts on the Ethereum blockchain, like Staking and Swapping of ERC20 tokens.

What are ERC20 tokens?

• ERC20 tokens are a type of digital assets issued via smart contracts on the Ethereum network.
• They are widely used for various purposes, including crowdfunding through Initial Coin Offerings (ICOs), decentralized finance (DeFi) trading or staking, gaming assets, and more.
• They enable developers to easily create and deploy their own digital assets on the Ethereum blockchain, fostering innovation and tokenization of assets.

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Learn more about ERC20 tokens from this Gem Wallet Learn article: What Is ERC20 and What You Need to Know About Tokens on the Ethereum Blockchain

How to Get Ether (ETH)?

Here are some ways to acquire some Ether (ETH):

• Buy Ether (ETH) directly on the Gem Wallet app.
• Receive ETH with the unique Ethereum address on the Gem Wallet app.
• Swap ERC20 tokens to ETH. This requires that you already have ETH on your wallet to pay for fees.

Transaction Fees on the Ethereum Network

The fees on the Ethereum network are summarized as follows:

• Ethereum transactions require gas fees in Ether to be paid by the sender. Gas fees are used to compensate miners for including transactions in blocks and executing smart contracts.
• Gas price refers to the amount of Ether paid per unit of gas. Higher gas prices result in faster transaction confirmation. Gas limit is the maximum amount of gas that a user is willing to spend on a transaction.
• Gas fees will differ depending on the transaction. Swaps require more fees compared to just sending a token.
• During periods of high demand, gas prices tend to increase, while they decrease during periods of low demand.

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You can check the current transaction fees on the Ethereum Network on the Ethereum Gas Tracker. Fees can be adjusted by tapping "Network Fee" and selecting your preferred option.

How to Check ETH Balance?

Gem Wallet app connects to the ETH blockchain to show the ETH balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on Etherscan.

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Etherscan is the default ETH explorer of Gem Wallet. You can manually check balances and transactions by going to Etherscan and search for your ETH address.