Convert Ethereum to Dollar
What is Ethereum?
Convert Ethereum to Dollar: Ethereum is a free platform based on Blockchain technology that enables developers to implement their decentralized applications on it.
The bitcoin blockchain is used to track the ownership of digital money – Bitcoin.
But the Ethereum blockchain is designed to execute decentralized programming code.
Like Bitcoin, Ethereum is a publicly distributed blockchain.
Although there are many technical differences between the two, their goals and capabilities are essential differences.
Bitcoin is a particular application of Blockchain technology.
Bitcoin created a global, peer-to-peer, and decentralized payment system.
In the Ethereum blockchain, instead of working to extract Bitcoins, miners work for an encrypted Cryptocurrency called ether, which supplies the network.
Ether is a commercial and portable Cryptocurrency used by software developers to pay for transaction costs.
What is Blockchain?
Blockchain is a type of database.
But what is a database? A database is a collection of information that is stored electronically in a computer system.
But blockchain stores data and information in a new way.
A blockchain collects information as a group, called blocks, that contain a collection of information.
These blocks have a limited capacity and can store a certain amount of information.
When the capacity of a block is full and that block is filled, it is added and attached to the previous filled block, thus forming a chain of blocks containing information called a blockchain.
And smart contracts are implemented on the blockchain.
Blockchain consists of the two words Block and Chain, which means blockchain.
But why did they choose this name for this technology? Information in Blockchain technology is placed inside a series of blocks connected in a chain, so this blockchain technology is named precisely according to the type of function that this technology has.
What is a smart contract?
A smart contract is a protocol used to set up contracts.
In fact, a smart contract is a particular protocol that is activated to participate in, approve or implement the provisions of a specific contract.
Smart contracts carry out transactions and processes in a fully guaranteed manner and without the presence of third parties.
Smart contract activities and records are trackable and non-refundable.
These contracts automatically include all information about the contract terms and the implementation of all targeted actions.
How Do Smart Contracts Work?
Let’s give a simple example to understand smart contracts better.
Smart contracts can be thought of as vending machines.
When you want to buy a drink from these machines, you first put money into the machine.
The machine then automatically processes your money and delivers the drink.
If we consider technical issues, smart contracts work almost like vending machines.
Smart contracts process a contract’s payment or execution process without the need for individuals or intermediary organizations and perform the activity if the specified contract terms are correct.
All these devices do is automatically execute the instructions given to them.
The information is encrypted and then stored in the blockchain, which increases information security.
The hash issues are also about increasing security.
Another exciting feature of blockchain is that the information in the blockchain cannot be changed or deleted.
If information is recorded, it is all over. Firstly, all members can see it. Secondly, it cannot be deleted and changed; thirdly, it has an extremely high level of security.
It is better to give an example for this, imagine David wants to send some money to Joe.
First, David announces his request, and this request is sent to the network, and it becomes a transaction.
After that, the network servers (network members) receive this message from David, check this transaction’s accuracy, and put it in the storage block.
It is possible. Does Amir have this amount of property or not? Did he ride a trick? Is there Joe with those specifications?
If this request is correct, the transaction will be done, and David’s money will be transferred to Joe in blockchain, without the need for a bank or an intermediary.
How to convert Ethereum to dollar on Flashinft?
First of all, you should go to Flashift website.
Then, select Ethereum from the pull-down menu above and enter the amount of Ethereum we want to convert.
Next select to USDC from pull-down menu below that then click on view all offers like the image below.
In this step select the exchange service which meets your requirements and click on next.
After that step, you should enter your destination address(recipient) and MEMO (extra ID) then click on next.
In this step review everything before conforming and click on next.
And final step you will get your coins in a few minutes.
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