“Arising from its usefulness as gasoline, ether has become a unit of account and the most common pairing on DEX (decentralized exchanges)” — Paul Ebeling
Ethereum is a smart-contract blockchain focused on building a secure, decentralized environment to host applications of all types. The past year, DeFi (decentralized finance) and NFT (non-fungible tokens) have taken center stage to show the world the possibilities that can arise from blockchain technology.
Scalability products that can increase performance in response to changes in processing demands are starting to unlock the vast potential Ethereum holds, and its co-creator has eyes on decentralizing social media, gaming, governance plus..
Ethereum has largely become host to marketplaces for trading and lending crypto assets and buying or selling digital art.
The introduction of 2nd-layer platforms built on Top of Ethereum will push down transaction fees and open Ethereum to decentralized social media platforms like Reddit and beyond.
The common theme among all use cases will be the need for users to own and spend Ethereum’s native asset, ether.
Ether is the Key to unlocking blockspace on the Ethereum network, whether that includes deploying new applications, using existing applications or sending tokens between different wallets. The native asset is to the network what gasoline is to a car, as blockspace consumers buy and burn the asset to participate in the digital economy. In the near future, ether will also be used to stake and secure the network.
The use of ether as money does not discredit fiat (paper), stablecoins and other stores of value, it complements and potentially could become a currency of the metaverse.
Have a prosperous day, Keep the Faith!