Ethereum
Quick Answer
Ethereum is the most widely used blockchain for DeFi, NFTs, and crypto payments, supporting smart contracts and decentralised applications with its native token Ether (ETH).
Full Definition
Ethereum is a decentralised, open-source blockchain platform that supports smart contracts and decentralised applications. It is the most widely used blockchain for DeFi, NFTs, and crypto payments. Ethereum transitioned from Proof of Work to Proof of Stake in September 2022 (The Merge), reducing energy consumption by over 99%. Ethereum's native token is Ether (ETH). Most crypto payment gateways including SpacePay support Ethereum and its Layer 2 networks as primary payment rails.
Related Terms
ERC-20
ERC-20 is the standard for creating fungible tokens on Ethereum. Most stablecoins (USDT, USDC, DAI) are ERC-20 tokens, ensuring compatibility with any ERC-20-compatible wallet or payment gateway.
Exchange Rate
In crypto payments, the exchange rate is the conversion price between cryptocurrency and fiat at the moment of transaction, typically locked for 60-120 seconds to protect both parties.