The boom of cryptocurrency industry in the last two decades has led to the creation of various networks of digital currency, most of which make the usage of blockchains for providing trading solutions and easy means of storing financial resources with security. The pioneer cryptocurrency, Bitcoin, was followed by introduction of several others. The Ethereum, created in 2015, followed the concept of blockchains and introduced open source computer programs that acted like a virtual computational machine that could run computational operations that were calculated in “Gas” units, and were to be held in units of cryptographic currency known as “ether”. The ether cryptocurrency “ESR tokens” and “coins” could be kept in online stores termed as “ESR Wallets”, making their storage and trading possible.
An ESR is actually a unit of cryptocurrency that operates on the Ethereum network and can be used for storage of investments and trading purposes. For a lay person, ESR coins can be regarded as the banknotes or coins issued for any currency that can be used for financial purposes on the Ethereum network. ESR coins can be obtained via various methods: just like any other currency in the physical or virtual world, ESR coins can be bought and sold on the internet exchange markets and stored in cryptocurrency wallets. Also, ESR coins and tokens are generated by the process of cryptocurrency mining, an operation in which the logging of transactions occurring on the Ethereum network in the blockchain leads to generation of rewards in ESR units. Other methods of obtaining ESR are earning by staking which uses the Proof of Stake (PoS) to choose the miner for blockchain instead of the regular PoW (Proof of Work) method that is based on the working capability of the mining system. Airdrops and Bounty have become popular fields that employ ESR coins as form of payments for online jobs and projects.
ESR coins can be stored in crypto wallets both in physical and virtual forms. ESR coins are a unique form of storage of financial resources because of the security offered by them: all ESR tokens are protected by public and private “keys”, without which no unit of ether can be accessed. Also, each ERS coin transaction requires a digital signature by the user himself without which the transaction does not take place.
ESR coins have become a popular source of cryptocurrency investments for volumes usually smaller than required for suitable investments in Bitcoins or types of cryptocurrency units. With the current value of ESR being <0.04 USD, the ESR is an Ethereum transaction unit that falls within minimal rates for starting cryptography trading and online payments. ESR has been recommended by various online financing mentors because of its potential of stability and security. In conclusion, ESR coins are a form of cryptocurrency valid on the Ethereum network that, unlike the conventional financial entities like Visa and PayPal, can operate without a centralized governing authority, is open as a software for the public, maintain safe transactions with specialized keys and signatures and can maintain anonymity of the peers involved in the transactions.