To enable monetary transfers on the Ethereum network, Ether is used as the transactional currency. In order for the Ethereum network to function correctly, all applications and services require processing power (and that computing power is not free). In return for the services provided by the network, users can pay with Ether.

Website https://ethereum.org

Ether (ETH) is the native cryptocurrency of the Ethereum blockchain, a decentralized platform designed for building and deploying smart contracts and decentralized applications (dApps). Created by Vitalik Buterin and launched in 2015, Ethereum has become the second-largest cryptocurrency by market capitalization after Bitcoin. Unlike Bitcoin, which primarily functions as digital gold, Ether serves multiple purposes within the Ethereum ecosystem.

Ether is used to pay for transaction fees and computational services on the Ethereum network, often referred to as "gas." Developers use Ether to build and run dApps, while users need it to interact with these applications. Additionally, Ether can be traded on various cryptocurrency exchanges, used in decentralized finance (DeFi) applications, and staked in Ethereum 2.0 to help secure the network and earn rewards. Its versatility and integral role in the Ethereum ecosystem make Ether a crucial cryptocurrency in the blockchain space.