What is Ethereum?
Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed."Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
What is Ethereum Faucet?
Ethereum faucet is a reward system, in the form of a web site or online apps, that give away free Ethereum in the form of a gwei, which is a hundredth of a millionth ETH, for visitors to claim in exchange for complete a captcha or task as described by the web site. There are also other faucets that dispense alternative cryptocurrencies. Rewards are dispensed at various intervals of time. Ethereum faucets usually give away fractions of a Ethereum, but the amount will typically fluctuate according to the value of Ethereum.
Ethereum Faucet is a great way to help introduce new people to Ethereum, or to your favourite cryptocurrency. Many faucets provide information to newbies as well as offering them some free gwei so that they can try before they buy, experimenting with a test transaction before put real money on the road. Since this whole area is so new and a bit scary to some people, who perhaps don't quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.
It is important to note that faucets are not a get rich quick scheme, as the reward amounts are typically quite small and change according on the value of ETH/USD at any given time. Because of this, many users who join a Ethereum faucet allow their total earnings to build up over time until they are ready to have a larger payment sent to their wallet. Typically, users get involved with faucets because they have a desire to understand more about the cryptocurrency niche and are excited at the prospect of earning free Ethereum. It’s also a no stress, no-risk way to get started in the crypto industry without have to spend any of your own money on high risk investments.