A Very Brief History of Ethereum
Even people who are not familiar with the functions of cryptocurrencies, they must be aware of the two most influential coins in the crypto world Bitcoin and Ethereum. While Bitcoin is the most popular digital currency, experts predict that Ethereum may soon take a jerk up in its coin price from today’s USD 200.61. Leading crypto exchanges like CoinSwitch, Bittrex, Changelly, ShapeShift and Kukoin may be used to gather any details about Ethereum and its competitors by using Ethereum price prediction and convert ETH to BTC.
Functions of Ethereum
Ethereum is a digital currency which works on a decentralised platform using a blockchain technology. Ethereum enables its platform members to create and access decentralised applications (DApps) in the Ethereum ecosystem. Ethereum helps its members to build their own smart contracts using its platform. The processing power required to perform such decentralised applications and smart contracts are purchased using Ether token. Ethereum is a user-friendly approach that allows its users to draft and execute smart contracts through simple codes stored in the blockchain.
Emergence of Ethereum
Ethereum was launched in 2015 by a multi-talented lad named Vitalik Buterin. He is a Russian programmer who was formerly associated with the development of Bitcoin. After immense research and trial and errors, Buterin emerged as a successful personality after the Ethereum platform’s launch. In 2014 at an extravagant North American Bitcoin Conference in Miami, Buterin announced the launch of Ethereum platform and its attributes.
The development of the Ethereum platform was backed up by a non -profit organisation Ethereum Foundation. The crowd sale of Ethereum tokens was kick-started in 2014, and that was the initial coin offering of Ether tokens. Ethereum rose to popularity with many nodes running in its platform. This gave the developers an edge to make Ethereum better than Bitcoin’s blockchain.
Ethereum uses proof of stake protocol as opposed to Bitcoin’s proof of work protocol. Ethereum’s development and technical upfront made it a faster network than the famous Bitcoin. Because Ethereum takes nearly 12 seconds to process a single block, whereas Bitcoin takes more than 10 minutes for the same. This allows miners to complete more blocks and earn Ether tokens. It is analysed that less than 40% of Ether has been mined so far and till 2021 not more than half od Ether tokens will be mined. Thereby, allowing more credibility to the Etherum network.
A major hack in 2016 witnessed a loss of USD 50 million in Ethereum network. This raised concerns over the security of the Ethereum network. As a result, two divisions of Ethereum tokens emerged in the form of Ethereum (ETH) and Ethereum Classic (ETC).
Bright future of Ethereum
In 2017 the Ethereum price increased by 13000% making it a viable option for the investors to buy Ethereum with credit card. But one cannot deny the extremely volatile nature of the cryptocurrencies. Bitcoin’s controversies and the speculations about the dominance of few organisations in Bitcoin’s development led way for the growth of Ethereum. Nevertheless, Ethereum may soon be the most influential coin in the world of cryptocurrencies.