Ethereum - 3,163.16 USD

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About Ethereum (ETH)

Ethereum (ETH) is a blockchain-based software platform that uses Ether as its currency. ETH works as a platform for other cryptocurrencies and executing smart contracts. Ethereum was first described in 2013 by Vitalik Buterin in the whitepaper. This whitepaper outlined many different aspects of how they saw this technology evolving into something more than just currency and powering all sorts of applications across every industry imaginable; it’s now called Ether. 

Vitalik Buterin and other co-founders secured funding for the project in an online public crowd sale in 2014. When they conducted their initial coin offering (ICO), Ethereum’s price was low at DrupalCon NYC. They managed to raise USD 18 million worth of Bitcoin.  Selling over 60 million Ethers resulted from these sales efforts, which has made them one ambitious group.

The Ethereum-based applications, also known as Decentralized applications or dapps, are like traditional apps. It runs on the Ethereum blockchain. However, Ethereum-based smart contracts can do anything. It can send transactions when certain events happen in your life and loan you money as well. All of these things will happen automatically and it is easy for users to use them.

Ethereum’s price is on a tear, and the return for investors has been nothing short of spectacular. 2015 was an excellent year to invest in Ether as it returned over 270% from its all-time low this summer! The blockchain launched back in July with Frontier prototype code – now officially known as “Ethereum”.

Ethereum Upgrade

On July 30, 2015, the Ethereum Foundation released the “Frontier” prototype, which was the first version of the blockchain. Since then, other network updates have occurred. On February 28, 2019, “Constantinople” came up,  “Istanbul” on December 8, 2019, “Muir Glacier” on January 2, 2020. This year on April 14, 2021, another update  “Berlin” occurred. Most recently, the “London” hard fork on August 5, 2021. Ethereum’s stated goal is to become a worldwide platform for decentralized apps, allowing users around the world to build and run software that is immune to censorship, downtime, and fraud. 

Founders of Ethereum 

The founders of Ethereum are an unusual group. They first met on June 7, 2014, in Zug Switzerland- with many members coming from different backgrounds worldwide.

Vitalik Buterin

Vitalik Buterin, a Russian-Canadian, is the most well-known of the group. In 2013, he wrote the original white paper describing Ethereum 2013. He continued to work on developing the platform to this day. Before coming up with his own project -ETH-, he co-founded the Bitcoin Magazine news website. On this website,  you can find articles on cryptocurrency news written by Vitali himself! 

Gavin Wood

Gavin Wood is a British programmer who co-founded Ethereum in his home country. He created its technical implementation, coding it all with C++. Later, he proposed Solidity with his proposal on how it should be used as a native tongue for smart contracts by developing new techniques. These new techniques made them more secure than ever before! Prior to ETH, he was a research scientist at Microsoft. After that, he moved on to web 3 foundations.

Joseph Lubin

Joseph Lubin, a Canadian entrepreneur, has assisted fund Ethereum during its early days. Later he founded ConsenSys, which offers support to startups based on ETH.  Amir Chetrit, who assisted co-found Ethereum but stepped away from their role early on before rejoining later down the road. 

Other Founders of Ethereum

The other Ethereum co-founders included: Anthony Di Iorio, who underwrote the project during its early phases of development. Charles Hoskinson played a significant role in setting up the Swiss-based Ethereum Foundation and its legal framework with Mihai Alisie providing assistance when needed. Joseph Lubin, an entrepreneur from Canada, has played his own key role in founding ConsenSys Inc. This Blockchain Technology solution offers support for entrepreneurs building on top of ETH. 

From Anthony Di Iorio to Mihai Alisie and even Joseph Lubin himself; each person brought something special to the table when they helped found Ethereum with Charles Hoskinson acting as project lead at that time.

What Makes Ethereum Different?

Ethereum was the first platform to make smart contracts. Smart contracts are computer programs that automatically execute all actions needed for an agreement between two parties. These reduce costs and increase reliability by eliminating intermediates in transactions. This makes Ethereum a great choice when working with contractors who want their money quickly but still get what they’re owed without hassle!

Ethereum was designed to create a platform for executing smart contracts using its blockchain. The Ethereum Blockchain, according to co-founder Gavin Wood is like “one computer that will serve humanity.” It theoretically has the power of running any program more robustly and avoiding censorship from being erected. As it runs on globally distributed public nodes which are not easily controlled by one entity or regime; this makes frauds less likely too!

Furthermore, the Ethereum blockchain is a powerful tool for hosting other cryptocurrencies, known as “tokens.” In fact, this has been the most common use of ETH so far. Over 280 thousand ERC-20 compliant tokens have been launched. And, 40 make up more than half of all top 100 cryptocurrency market cap today like USDT Link & BNB. Interest in prices between these two currencies skyrocketed after Play2Earn Games came out with their first game using them. Interest in the ETH to PHP price skyrocketed.

Ethereum price

Ethereum’s innovative and revolutionary blockchain technology is used by many companies in the cryptocurrency world. In August 2014, Ethereum launched its native token Ether through an initial coin offering (ICO). The project sold 50 million coins at a price of $0.31 per unit raising over 16 Million dollars for the development of this new digital currency that doesn’t have any limitations due to inflation or max numbers existing as other cryptocurrencies do; meaning there will never be less than 15 million ethers made available.

As per their website “The annual inflation rate for Ethereum – about 4.5%. Block rewards were reduced twice since the first block was created. That block is called the Genesis block. The Ethereum community votes on proposed changes to the code base through a process called EIPs. This is done so that they can be included in updates and future releases of their software, with members voting for or against proposals (Ether issuance schedule).

Mining Ethereum

The difficulty of mining Ethereum has increased over time, and this affects how much the currency enters circulation. As a result, there were fewer rewards for mining and an overall decrease in how much was created; this happened between 2017-2020 during various upgrades on Ethereum’s network (2.0 Upgrades). The community began looking at ways of increasing mining yields so that more coins would be available in circulation – this led them into researching how best 2.0 upgrades could come about without disrupting current software or networks which is what developers needed time off work on ahead of releasing their new versions. 

Evolution of Ethereum

Ether has had a lot of ups and downs since its launch in 2014. In 2014, the price of ether was between $0.70 and $21. Between the official launch date of ether in 2014 and March 2017, the token’s price remained rangebound between $0.70 and $21. It wasn’t until May of that year when the 2017 bull crypto market began to gain momentum, that the price of ETH surpassed $100 for the first time. From there, ether soared to a high of $414 in June 2017 before falling again. Bullish momentum did not regain power for another five months. By that point, the whole crypto market had begun to face massive purchasing pressure, causing practically every crypto coin to reach new highs. By January 2018, the price of ETH had reached a high of $1,418 before plummeting precipitously.

Approximately, it took three years for the second-largest cryptocurrency by market capitalization (behind bitcoin) to retest its previous all-time high price. Eth’s price more than tripled between February and May 2021, reaching a new all-time high of $4,379.

The mechanism of Ethereum- How does it work?

Ethereum, like Bitcoin, has its own blockchain, which is maintained by a global network of over 2.4 million computers known as “nodes.” Anyone with the right hardware, knowledge, skills, and time commitment can host an Ethereum node and participate in network validation.

Types Of Nodes in the Ethereum Network

On the Ethereum network, there are three different types of nodes.

• Full nodes: 

These replicate and validate all Ethereum blockchain transactions, as well as execute smart contract instructions known as opcodes. Miners and full nodes are not the same things (refer to the example below).

• Light nodes: 

These keep only a partial record of the blockchain and rely on full nodes for the remainder of the information. These nodes, as the name implies, can run on smaller devices such as mobile phones and do not need to be operational 24 hours a day, seven days a week.

• Full archive nodes: 

These hold the whole history of the Ethereum blockchain, including prior “states” – or information on the blockchain – and are used by tools such as block explorers.

Difference Between miners and full nodes

To comprehend the distinction between miners and full nodes, imagine miners as archaeologists out in the field unearthing historical relics and full nodes as administrators at a national museum who keep track of all the archaeologists’ findings.

The primary distinction between a full node and a full archive node is that a full archive node performs all of the functions of a full node while additionally compiling an archive of all prior states.

Miners are responsible for discovering new blocks on the Ethereum network. These are similar to digital boxes that hold transaction data and other information. Miners compete using specialized computing equipment to be the next person to add a block to the chain and earn transaction fees (from the transactions they add to the block) and “block rewards.”

What are Block Rewards?

Block rewards are new ether tokens created when a new block is discovered and distributed to the successful miner in exchange for their efforts. Once a block is added, the rest of the mining network checks it to ensure that the balances are correct and that the transaction isn’t a “double-spend,” which means that someone isn’t attempting to spend money that they don’t have. Full nodes then record the final data.

Is operating an Ethereum node more expensive than Bitcoin Node

Unlike Bitcoin, however, Ethereum full nodes must also keep track of the state (current information) of all of these apps, including each user’s balance, all of the smart contract code, where it’s all kept, and any changes made. This means that running an Ethereum node takes substantially more storage and is significantly more expensive than running a bitcoin node.

Rundown Of Each Node

Here’s a rundown of what’s kept in each node:

•  Accounts: This shows how much ether the person owns.
• Smart contract code: Ethereum contains smart contracts, which outline the rules that must be followed in order for money to be unlocked and moved.
• Smart contract state: The state of the smart contracts.

What are Smart Contracts?

Smart contracts can be written in various high-level programming languages, Smart contracts can be written in a variety of high-level programming languages, including C++ and JavaScript, but the most popular is “Solidity,” developed by Gavin Wood, one of Ethereum’s co-founders and the project’s initial chief technology officer.

These contracts must subsequently be transformed from high-level languages (that humans can understand) to low-level languages (that a machine can understand). That’s because all smart contracts are installed and executed on a computer environment known as the “Ethereum Virtual Machine,” or EVM. This EVM is embedded into every entire Ethereum node and can execute over 140 distinct operation codes (opcodes). These are effective computer instructions that can be chained together to execute nearly any operation, which is what the term “Turing-complete” refers to.

With the introduction of smart contracts, decentralized autonomous organizations (DAOs), and a whole decentralized finance ecosystem, or “Defi,” traditional financial services such as lending and insurance may now be accessed through peer-to-peer powered dapps.

How is the Ethereum Network Secured?

Ethereum is protected by the Ethash proof-of-work algorithm, which belongs to the Keccak family of hash functions as of August 2020.

However, there are plans to migrate the network to a proof-of-stake mechanism linked to the main Ethereum 2.0 update, which will arrive in late 2020.

After the Ethereum 2.0 Beacon Chain started, it was possible to stake in the network. This means that you deposit money in order to help secure the network. The amount of ether needed for that is 32 ETH, and at the time of writing in September 2021, it costs about $116 thousand USD worth of Ether for a stake. This is when you deposit ETH (32 ETH) on the Ethereum 2.0 network, by sending it to a deposit contract and helping with securing the network by storing data, processing transactions, and adding new blocks to the blockchain.

Right now at this time of writing in December 2021, for 32 Ether you will need $ 125906 USD. The amount of money made by Ethereum validators right now is a return of 5% APR. This amounts to roughly 1.91952 ETH or $6960 in today’s Ethereum market. This number will change as the network grows and the number of stakes (validators) increases.

Ethereum staking rewards are determined by a distribution curve (the participation and average percent of stakers) where early participants received 20% returns while ending up receiving between 7-4.5%. 

An Ethereum stake requires a minimum of 32 ETH. If you choose to stake in Ethereum 2.0, your Ethererum stake will be tied up on the network for months, if not years, until the Ethereum 2.0 upgrade is done.

From where you can buy Ethereum (ETH)?

Ethereum is the second-largest cryptocurrency after Bitcoin. You can buy Ethereum, or use ETH trading pairs on almost every major cryptocurrency exchange. Among the most important markets are:

• Binance
• Coinbase Pro
• OKEx
• Kraken
• Huobi Global