After the success of Bitcoin, several other cryptocurrencies were created. While most were unsuccessful projects, Ethereum soared high with promising rates. Ethereum is one of the few cryptocurrencies that have tried to imitate Bitcoin regarding rates, utility, and blockchain workability and succeeded. So many crypto traders have called Ethereum the bitcoin of the next decade, and we cannot wait to see.
Although the current bear might make it seem like all hope is lost, the current exchange rates of Ethereum are still very promising. In this article, you will learn all about Ethereum, where to buy it in Nigeria, and the value of 1 Ethereum in naira.
What is Ethereum?
Ethereum is a blockchain-based system where anyone can build and securely deploy any digital service without going through a formal, centralized approval process from a governing body. The blockchain network exploits a set of processes and standards for creating tokens that allow their value to be transferred from one application to another on Ethereum.
On the 15th of September, 2022, Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS), The Beacon Chain, in an event known as the “The Merge.” The Merge eliminates energy-intensive mining and enables the network to be secured using staked ETH. It was a truly exciting step in realizing the Ethereum vision. This Merge translates to more scalability, security, and sustainability.
Read also: Everything you need to know about The Merge
Who invented Ethereum?
A Russian/Canadian computer programmer invented Ethereum called Vitalik Buterin. He wrote the white paper Ethereum is based on. Still, the Ethereum community was built by some co-founders: Anthony Di Loria, Charles Hoskinson, Miha Alisie, Amir Chetrit, Joseph Lubin and Gavin Wood.
Important features of Ethereum
More often than not, the reasons why cryptocurrencies are more popular are embedded in their features and use cases. Here are a few features of Ethereum you should know.
- Smart contracts: Ethereum allows you to create and execute smart contracts on its blockchain. Smart contracts are produced mainly using a programming language called solidity. Solidity is an Object Oriented Programming language that is comparatively easy to learn.
- Ethereum Virtual Machine (EVM): It is designed to operate as a runtime environment for compiling and deploying Ethereum-based smart contracts.
- Ether: Ether is the cryptocurrency of the Ethereum network. It is the only acceptable form of payment for transaction fees on the Ethereum network.
- Decentralized applications (Daaps): Dapp’s backend code runs on a decentralized peer-to-peer network. It can have a frontend and user interface written in any language to make calls and query data from its backend. They operate on Ethereum and perform the same function irrespective of the environment in which they get executed.
- Decentralized autonomous organizations (DAOs): It is a decentralized organization that works in a democratic and decentralized fashion. DAO relies on smart contracts for decision-making or decentralized voting systems within the organization.
How much is one Ethereum in Naira?
The current price of one Ethereum in Naira depends on the exchange platform you intend to patronize. Some exchange platforms sell Ethereum at a higher exchange than others. If you want to profit from your transactions, find good exchange platforms like Astro Africa that sell Ethereum at the best rates. According to the Astro Africa rates calculator, the current price of 1 Ethereum in Naira is 1.2 million naira.
Benefits of Ethereum as a blockchain
Here are a few benefits of the Ethereum blockchain.
- Availability: As the Ethereum network is decentralized, there is no downtime. Even if one node goes down, other computing nodes are available.
- Security and Privacy: Ethereum is designed to be unhackable, as the hackers have to get control of the majority of the network nodes to exploit the network. Also, users don’t need to enter their credentials while using the network for exchanges, thus allowing them to remain anonymous.
- Robust Contracts: The smart contracts used as a basis for trade and agreement on Ethereum ensure more robust contracts that differ from the standard traditional contracts that require follow-through and interpretation.
- Fast deployment: On Ethereum decentralized networks, enterprises can quickly deploy and manage private blockchain networks instead of coding blockchain implementation from scratch.
- Size of the network: The Ethereum network can work with hundreds of nodes and millions of users.
- Effective coordination: Ethereum’s decentralized architecture better allocates information so the network participants don’t have to rely on a central entity to manage the system and mediate transactions.
Where to buy Ethereum in Nigeria
As mentioned, the best place to buy Ethereum in Nigeria is on a good exchange platform like Astro Africa. Astro Africa is a user-friendly and intuitive exchange platform that allows traders to buy and sell cryptocurrencies at reasonable prices. Our customer service is top-notch and super responsive. Astro Africa employed some of the best security experts in the country to ensure that the firewall is impenetrable to unauthorized third parties.
What are you waiting for? Hurry now; download the Astro Africa app to get started.