Ethereum is a decentralized platform that allows smart contracts to be implemented. It’s similar to an operating system that can be used to develop software apps. Smart contracts are self-executing contracts or apps that execute exactly as planned with no censorship, fraud, delay, or third-party influence. Given that Ethereum is not a cryptocurrency platform, it, like other open and permissionless blockchains, needs a form of value on the chain to encourage transaction confirmation within the network.
Ether, the native cryptocurrency of Ethereum serves as a medium of exchange as well as a way of developing smart contracts on the Ethereum platform. Ethereum, like Bitcoin, uses a Proof-of-work consensus method for now, but it is progressively heading toward a Proof-of-stake protocol.
Did you know that $KROM, Kromatika’s native token is an ERC20 utility token needed for paying the service fee? This fee is paid by users and covers the cost of processing services.