Ethereum cryptocurrency
Ethereum cryptocurrency, which has a ticker symbol ETH, is a digital asset that has long been the second most popular cryptocurrency in the world. Information about this currency first appeared in 2013, at that time it was called “Bitcoin 2.0. Ethereum itself was launched only in 2015 after a successful ICO.
The developers of this Blockchain project are Gavin Wood and Vitalik Buterin, it was them who first thought of creating not a copy of the Bitcoin cryptocurrency, but a unique platform for creating decentralized p2p applications, which uses the technology of “smart contracts”, which is a computer algorithm that performs a certain action only after the predetermined conditions of the transaction.
In Ethereum, any user who knows the Solidity programming language (analogous to JavaScript) is free to create their own decentralized tokenized platform of the ERC-20 standard and immediately launch it into the global network.
Transactions on the Ethereum platform take place using two coins – ETH and GAS. ETH is the main valuable asset for transmission between users, while GAS is a special intranet coin, which is necessarily used for a successful transaction. The larger the transaction and the faster it must be completed, the more GAS must be “burned”.
The system algorithm of Ethereum cryptocurrency is called Ethash (based on Proof-of-Work technology). This asset can be mined using special mining equipment, the issue of Ethereum – is not limited, at the time of writing the article has already produced more than 100 million coins.
In the near future, the developers plan to switch to a special Casper algorithm (based on Proof-of-Stake), which will help improve network bandwidth and security.
Depositing Ethereum account on Cryptex.net
To make a deposit of Ethereum cryptocurrency on Cryptex.net exchange, please go to the main page of the site to the “Balance” section, after that the system will transfer you to your personal cabinet, where there will be an information block labeled “Other cryptocurrencies”. Using the “Select a currency” function, find the “Ethereum” coin ticker in the list that appears (3rd position from the top). If you have done everything correctly, a new block with the corresponding name “ETH” will appear in front of you, and at the bottom there are two buttons “Deposit” and “Withdraw”.
Press “Deposit”, the exchange system will generate a unique ETH address for you, which you will need to use to fund your deposit. To simplify the task of copying the e-mail address of ETH, and not to make a mistake, use the “Copy” button (the address will be automatically copied to the clipboard of your PC).
Perform the transfer to the specified address given by the exchange. Some time after the transfer you will be able to see full information about your account replenishment in the “Deposits” section.
Withdrawing Ethereum cryptocurrency from the exchange
In order to withdraw ETH digital coin from Cryptex.net to a third-party account, go to “Balance” section on the main page of the exchange, open “Other Cryptocurrencies” block, select “ETH” in the drop-down list and click “Withdraw” button. Just below, you will see two boxes “Address” and “Amount to withdraw” of Ethereum cryptocurrency.
- In the “Address” line, use the ETH address to which you would like to withdraw funds from the exchange.
- In the “Withdrawal Amount” section specify the necessary amount of funds in ETH equivalent that you want to transfer from your personal Cryptex.net account.
After filling necessary fields correctly, pay attention to the fee that will have to be paid for the cryptocurrency transfer. The commission of the exchange for Ethereum withdrawal is fixed – 0.01 ETH per transaction, the withdrawal limit is not limited.
More details about all Cryptex.net transaction, deposit and withdrawal fees can be found in the “Fees” section.
If you agree with all terms of transfer, click “Withdraw”. The system will start forming a transaction to send Ethereum cryptocurrency from the exchange. After successful completion of the transaction the detailed history of withdrawals from Cryptex.net can be found in the “Withdrawals” section.
