What is Ether? How does the ether work? Etherchain is an irreplaceable token or ANFTs market that provides certification for digital art. Ethernet is built on Ethernet to create the largest authenticated ANFT library, reward creators and raise funds for charities and organizations. The platform is community oriented and allows its token holder, ERN, to use a unique decentralized financial application. ERN holders can also vote on their tokens and Ethernet chain governance proposals. Ether chain is often traded on OpenSea in NFT market. There is an official account called "Ether chain".
Before delving into what Ethernet is, it is important to first understand the irreplaceable tokens, usually called NFTs.
NFT is the only coin for encryption, which means that every token on the blockchain is recognizable and cannot be divided into smaller parts. For example, each coin Bitcoin blockchain is the same as other coins, and BTC can be divided into units as small as 1/100 million of the whole coin. On the other hand, NFT represents a whole unit and cannot be divided into smaller units.
The irreplaceable nature of NFT makes it very suitable for digital works of art or digital collections, which have recently entered the mainstream consciousness. NBA Top Shot is an officially authorized digital collection platform of the National Basketball Association, allowing users to own and trade "moments" in the form of NFT on the traffic blockchain. Artists like Grimes created and auctioned NFT digital works of art, as did other music artists. The popularity of irreplaceable tokens has also aroused strong interest from Tesla CEO Elon Musk, Twitter CEO Jack Dorsey and Dallas Mavericks boss Mark Cuban.
Unfortunately, whenever a new trend becomes the mainstream, there will always be fraudsters and outlaws who want to take advantage of it. When tokens cannot be replaced, individuals may accidentally purchase counterfeit tokens generated by illegal accounts. This is the source of the ether. This relatively new platform aims to ensure that buyers always receive legitimate NFT properly certified by blockchain technology companies. In this process, the acronym is renamed ANFT (certified irreplaceable token).
The Ethernet chain generates a limited edition of irreplaceable tokens, which are authenticated on the blockchain. However, the mechanism behind the ether is not particularly complex: first, artists create digital works of art. Then, the digital artwork is authenticated on Ethernet and displayed through icons. Then auction to buy a limited number of works of art. The account that wins the auction mints irreplaceable tokens. A portion of the auction revenue - and future sales revenue - will go to charity. Because the owners of digital artworks own ANFT on the blockchain, they can auction their own works.
Ethernet operates in a profit model to continue to develop and expand its services. However, its focus is to support philanthropy very firmly. Users may donate 90% of the funds they use to purchase a digital art work to charity, while the remaining 10% will be allocated between the market/gasoline fee and ether fee.
The token of Ethernity Chain will be released through the initial decentralized exchange on March 8, 2021. The Ito was held on the Polkastarter platform, and the tickets sold out in a few minutes, raising 275000 dollars in the process.
The Ethernet chain token carries the ERM in the cryptocurrency exchange to provide liquidity to the ERM pool, where the holder can plant a unique and authenticated irreplaceable token. The income from agriculture can be used for profit and charitable transactions.
ERN is also a governance token, because it allows users to vote on proposals in a decentralized manner, which may fundamentally change the platform.
ERN is currently outside the 250 coins or tokens with the highest market value. Its circulation supply is currently less than 4.5 million - far from its maximum supply of 30 million tokens. This means that although its market value is only a relatively small $165 million, its theoretically fully diluted market value is more than $1.1 billion.
Ether chain is the idea of environmentalist and Bitcoin investor Nick Rose, who is the executive officer of global wildlife protection.
At present, the details of the team behind Ethernity have not been published on the official website of the project.
Shortly after its launch in March 2021, Ethernet began its first "community launch" with Australian born graphic artist BossLogic (known for its cooperation with Disney and Marvel Pictures), known as the Ethernet chain x BossLogic series. This digital art collection is characterized by 2501 certified irreplaceable tokens.
As time goes by, it is expected that more well-known communities featuring well-known digital artists will emerge.
The irreplaceable token has really become the mainstream. Today, it is hard to find a person who has not heard of it, at least the abbreviation "NFT" used in TV or dialogue. Due to this rapid growth, the demand for NFT identity authentication arises at the historic moment, and Ethernity is the pioneer in this field. Although Ethernity is a new project. The details of its team are not as easy to obtain as many other encryption related projects, but cooperation with well-known artists may greatly help further legalize the platform. Some people may be skeptical about the necessity of the token, because OpenSea in the NFT market does not have its own token, but the Ethernet ERNToken allows the holder to participate in the decentralized governance of the platform, while betting on creating rare assets.
In general, after going deep into the mainstream consciousness, NFT space will become very competitive in 2021. Ethernity is positioned as a solid leader in the ANFT field, but it needs to maintain this momentum by establishing high-profile partnerships with leading digital artists.