Ethereum was conceived by Vitalik Buterin in 2015, along with a few other crypto enthusiasts.It is an open-source program based on blockchain with a native cryptocurrency called Ether (ETH). The ecosystem of Ethereum works on Smart contract technology through which anyone can create their tokens, coins, and contracts. Ethereum allows the building of entertainment applications and financial services, ruling out centralized financial institutions and banks. Additionally, Ethereum also provides installation and exchange of NFTs.

Ethereum initially worked on a proof-of-work algorithm until it underwent a significant upgrade on September 15, 2022, that changed its consensus algorithm to PoS (Proof-of-Stake). The Upgrade is popular as 'Ethereum 2.0' and 'The Merge'. It took place to limit the energy consumption of Ethereum by more than 99%. Ethereum is currently the second-ranked cryptocurrency after Bitcoin in market cap with no limit to supply cap.

How does Ethereum Works?

Before shifting to the PoS consensus mechanism, Ethereum used to work like Bitcoin, where new ETH tokens used to be generated through mining and computational lending power.

However, Ethereum now works on a Proof of Stake algorithm where validators stake ETH tokens as collateral in a smart contract of Ethereum. The validator then checks the validity of the new blocks and their transactions. As soon as the transaction takes place from person A to B, it is validated by these validators and inserted in a partnership. A block consists of multiple transactions as soon as the transactions are compiled in a block and get verified by the validator. These validators get the remaining gas fee and a base reward for validating after the required base gas fee gets burnt.

How to buy Ethereum in India?

There are many platforms where you can invest and trade ETH in India. One such platform is Flitpay. To buy ETH in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Through the linked bank account, deposit the amount of which you want to buy ETH and execute the ETH purchase.

You can instantly convert your INR to ETH and ETH to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

FAQ

What is Ethereum?

Ethereum is a cryptocurrency built on its blockchain technology. It is the second most famous cryptocurrency after Bitcoin, which works on smart contract technology. It permits people to create tokens, coins, and smart contracts over the Ethereum blockchain.

How to buy Ethereum in India?

To buy Ethereum at real-time prices in India, sign-up to the Flitpay app or web and follow the below-mentioned steps:

1. Click on the Quick/buy-sell option on the App or Trade