Ether

The Ethereum blockchain’s native coin, Ether (ETH), is used to power transactions and smart contracts on the system. It serves as a financial incentive for miners to verify transactions by being used to pay for computational services and transaction fees.

Ether is a key component of the Ethereum ecosystem and is traded on a number of cryptocurrency exchanges.

More Definitions

Escrow

Escrow is a term used to describe a financial arrangement in which a dependable third party keeps and manages money or other assets on behalf of two parties involved in a transaction. To provide security and lower risks for both parties, the monies are held in escrow until particular criteria or requirements are satisfied.

Encryption

Encryption transforms plaintext or readable data into ciphertext using cryptographic techniques. This makes sure that the original data is rendered incomprehensible and protected from unauthorized access while being sent or stored. The procedure can be reversed and the original data can be retrieved only by authorized persons who have the corresponding decryption key.