What Is Ethereum?
Ethereum is a cryptocurrency that operates on a Blockchain, in certain ways, not very unlike Bitcoin. However, the main difference between Bitcoin and Ethereum is Ethereum’s use of Smart Contracts. While Bitcoin is anonymous, Ethereum’s Smart Contracts application creates a living document transmitted via code between merchants. In doing so, Ethereum can better prevent crime or other problems, since all transactions are inherently tracked. The Ethereum website states it nicely: “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.”
Since Ethereum has this Smart Contract aspect, it is a good currency to use in business and among major institutions. Embedded in the contract can be agreement about both past and future payments, as well as other conditions and uses yet to be imagined.
History of Ethereum
The person who is credited with conceiving of the initial Ethereum concept is Vitalik Buterin. He also worked with Bitcoin.
When it came to Bitcoin, Buterin was interested in adopting a code or method of communication along the blockchain. However, Bitcoiners didn’t agree. So he came up with the idea of another crypto with this kind of communication. Those who were first on board included Vitalik, Mihai Alisie, Anthony Di Lorio, and Charles Hoskinson.
In 2014, the project began. Amazingly, that’s only a few years ago, and yet today, Ethereum is worth about 250 USD per piece. The summer of 2014 saw an online sale of the item. That’s when things started to kick off.
Various models were generated as the product came into being. Finally, there was a public release under the name of “Olympic.” 25,000 pieces of ether were tested. Next was the Frontier release phrase in in 2015.
Naturally, upgrades have occurred since the release in order to ensure its ongoing success. They call these “milestones.” The most recent took care of processing, pricing, and security enhancements. There will be more upgrades like this in the future. IT is possible that either will change from hardware mining to virtual mining.
The project was developed by a Swiss company, and later, a non-profit foundation was developed to carry on the project.
Why Invest in Ethereum?
- Ethereum holds promise for use among institutions. Thus, the potential utility is global and widespread
- The Smart Contract ensures a degree of security and traceability
- Other cryptos also use the ether blockchain
- These factors mean promise for future use and value
Ethereum Cost
Ethereum has gone up tremendously in value. While it’s nowhere near Bitcoin, it’s averages about 250 USD.
|
Date |
Value in USD |
|
January 2016 |
0.95 |
|
July 2016 |
12.04 |
|
January 2017 |
8.24 |
|
July 2017 |
269.76 |
Ethereum Clients
How To Invest in Ethereum
It’s possible to invest in Ethereum at all major exchanges, Check our compare broker page.
