What is Ether in Ethereum?

12 Jan 2018

 

Ether is the internal network currency for Ethereum. Just like Bitcoin has Satoshi and Millibits and the USD has dollars and cents, Ethereum has its own denominations and naming terminology. Ether is also used to pay for various transaction and computational tasks performed on the Ethereum network – and this is confusingly called GAS. There is a GAS limit on each block (i.e. how many computational transactions can be performed per block) which limits the block size and determines the cost of executing a contract immediately. A table below shows the different Wei denominations:

 

WEI 1
Ada 1000
Fentoether 1000
Kwei 1000
Mwei 1000000
Babbage 1000000
Pictoether 1000000
Shannon 1000000000
Gwei 1000000000
Nano 1000000000
Szabo 1000000000000
Micro 1000000000000
Microether 1000000000000
Finney 1000000000000000
Milli 1000000000000000
Milliether 1000000000000000
Ether 1000000000000000000
Einstein 1000000000000000000000
Kether 1000000000000000000000
Grand 1000000000000000000000
Mether 1000000000000000000000000
Gether 1000000000000000000000000000
Tether 1000000000000000000000000000000

 

All the small denominations are named after pioneers in the Cryptographic space in a nod to Bitcoin’s naming terminology. A Finney is named after Hal Finney and a Szabo after Nick Szabo, some of the usual suspects for the face behind the eponymous Satoshi Nakomoto.

You can mine Ether with a GPU or buy a cloud mining contract with Hashflare or Genesis Mining.

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