Mastering Ethereum, 2nd Edition

Chapter 2. Ethereum Basics

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In this chapter we will start exploring Ethereum, learning how to use wallets, how to create transactions, and also how to run a basic smart contract.

Ether Currency Units

Ethereum’s currency unit is called ether, identified also as “ETH” or with the symbols Ξ (from the Greek letter “Xi” that looks like a stylized capital E) or, less often, ♦: for example, 1 ether, or 1 ETH, or Ξ1, or ♦1.

Tip

Use Unicode character U+039E for Ξ and U+2666 for ♦.

Ether is subdivided into smaller units, down to the smallest unit possible, which is named wei. One ether is 1 quintillion wei (1 * 10¹⁸ or 1,000,000,000,000,000,000). You may hear people refer to the currency “Ethereum” too, but this is a common beginner’s mistake. Ethereum is the system, ether is the currency.

The value of ether is always represented internally in Ethereum as an unsigned integer value denominated in wei. When you transact 1 ether, the transaction ...