ETH Price $88.51 Change (24H) -3.39% Volume (24H) $1.65B Market Cap $9.18B

Ethereum

What is Ethereum?

Ethereum is a highly decentralized, public, open-source blockchain-based platform that is wholly autonomous and runs smart contracts. Ethereum comes with very powerful infrastructure, which enables its robust decentralized applications (dApps) ecosystem.

Developers can build markets, complete transactions, store various information on the Ethereum blockchain. The cryptocurrency that is used with Ethereum is known as Ether, and this is stored in the Ethereum Wallet.

Ethereum wallets also allow you to store other crypto-based assets, and at the same time create, deploy and utilize your smart contracts.

Ethereum is a very powerful and popular blockchain technology on which many other exciting new technologies are being built in the cryptocurrency space.

The Inception and History of Ethereum

The idea of Ethereum was first described by a programmer named Vitalik Buterin in a white paper in late 2013, and his goal was to build decentralized applications. His white paper was thus shared among some of his friends, and then it spread further.

His idea gained the favor of a few individuals, and subsequently, it was announced publicly in January of 2014. The core members of Ethereum were Vitalik Buterin, Anthony Di Iorio, Gavin Wood, Mihai Alisie, Charles Hoskinson and Joe Lubin.

Ethereum was thus able to raise a little over $18 million, and since its launch, the platform has been used by many, and it continues to grow at a rapid pace.

How to Use Ethereum

Using Ethereum is relatively easy, and all you need to use this platform is either a computer or a smart device such as your smartphone or tablet. The first requisite for you to use Ethereum is called Ether, which is the native cryptocurrency or gas that is used for updating the blockchain in Ethereum.

After you have acquired Ether, you need to store them securely in a safe place, and this is known as Ether Wallets. Each Ether wallet has its own unique address. After your Ether has been stored in your Ethereum wallets, you can now create or join smart contracts which will automatically finish the agreement so that there is no need for a third party.

While using Ethereum there is no third party involved to facilitate the transfer or transaction of money, as such the system is decentralized and no additional fees have to be paid to any other party.

The Features and Benefits of Ethereum

Since its inception, Ethereum has grown on to become one of the most popular Cryptocurrency platforms in use today, and as such some of the best features of Ethereum are as follows:

  1. Smart Contracts:  The first feature of Ethereum is known as Smart Contracts which is a tool which helps its users while trading values amongst themselves. Smart contracts are programs run on the blockchain which set up certain actions that must be taken when specific criteria are met. This allows contracts between two or more parties to be enforced without any third-party involvement, a core feature of the Ethereum blockchain.
  2. Decentralized Applications: Another feature of Ethereum is decentralized applications (dApps) which are applications that are run on the blockchain. This mean that they don’t have to rely on a single set of computers for their processing power and their data doesn’t have to be stored on a single backend structure.
  3. Decentralized Autonomous Organisations: Just like with Decentralised Applications, Ethereum also has a decentralized organization known as Decentralised Autonomous Organisations. Ethereum's DAOs operate on Smart contracts as well, and its goal is to eliminate the necessity of third parties while performing various types of tasks. As such in such an organization there is no need for human intervention making it a fully autonomous and Decentralised Organisation.

There are many benefits which Ethereum brings to the table, and some of its benefits are as follows:

  1. No Censorship: Ethereum uses its blockchain technology to store and record data which is hosted on nodes all over the world. And as such it is impossible to censor or change data on Ethereum, making it highly decentralized.
  2. No Downtime: With Ethereum there are no issues of facing downtimes because Ethereum is not held in a single server; instead it is hosted over thousands of nodes across different parts of the world. As such chances of all the nodes failing are highly unlikely.
  3. Faster Transaction Speeds: Compared to other cryptocurrency companies such as Bitcoin, Ethereum has very fast transaction speeds on their Blockchain. Transfers tokens in Bitcoin can take up to ten minutes whilst, Ethereum does it in a matter of seconds.

These are some of the benefits of Ethereum, and if you want to know How to buy Ethereum, Ethereum price and Ethereum Price Prediction continue reading below.

How to Buy Ethereum

Ethereum, as we all know, is a platform, and the cryptocurrency used in Ethereum is known as Ether. For you to buy Ethereum, you need to have an Ethereum wallet to store your Ether, after which the next step is to purchase Ether from an Ethereum exchange by using your credit card or debit card. Some of the best and most popular exchanges for buying Ethereum are Coinmama, Cex.io, Coinbase and BitPanda.

Technical Stats

Supply -
Genesis Date July 30, 2015 (over 2 years)
Hashing Algoritm Ethash
Block Time 0.2 Minute
Hashrate N/A

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