Ethereum (ETH) Amount: 0.05 ETH
The auction timer counts down to the end of the auction.
When the auction timer reaches 00:00:00, the auction ends and the winner is the user who placed the last bid.
1. Bidding is placing an offer.
2. Each bid on the previous offer extends the auction time by the time specified in the auction card. Depending on the auction, this can be from 5 to 60 seconds.
3. Each bid increases the item price by a few symbolic cents. Depending on the auction, this can be equivalent to 1 to 10 cents.
You need Bids to place a bid. BIDs are the currency of the service that allows you to participate in all auctions and buy items for pennies. To purchase BIDs, click here.
You can approach the auction yourself using the "Bid" button or use a special Auto-bidder that will help you participate in the auction when you are not at your computer. (read more).
Ethereum (ETH) is a decentralized, open-source blockchain platform that enables the creation and execution of smart contracts and decentralized applications (DApps). Launched in 2015 by programmer Vitalik Buterin, Ethereum has become the second-largest cryptocurrency by market capitalization, after Bitcoin.
While Ethereum shares some similarities with Bitcoin, such as utilizing a decentralized ledger to record transactions, its primary focus is on enabling developers to build and deploy DApps and smart contracts. Smart contracts are self-executing contracts with the terms of the agreement directly written into code, allowing for trustless and automated transactions.
Ethereum uses a native cryptocurrency called Ether (ETH) as the fuel for executing smart contracts and for conducting transactions within the network. Users pay transaction fees in Ether, known as "gas," to compensate miners for validating transactions and adding them to the blockchain.
In its early days, Ethereum utilized a Proof-of-Work (PoW) consensus mechanism similar to Bitcoin. However, Ethereum is transitioning to a more energy-efficient Proof-of-Stake (PoS) mechanism called Ethereum 2.0, which aims to improve scalability, security, and sustainability. The Ethereum platform has given rise to numerous decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other innovative use cases, making it a popular choice for developers and investors alike.