Ethereum is among the most often traded and most popular cryptocurrencies, as of date. It is based on blockchain technology and is a decentralized computer system, featuring smart contracts. Functioning as an open source platform for developers and users, it holds the second rank in the list of world’s top cryptocurrencies, first being Bitcoin. Ethereum is an altcoin and it has gained tremendous value over the past 2 years making it the fastest growing cryptocurrencies in history. Ethereum price has jumped nearly 2500% since its creation and release, many years ago. If you are new to the world of crypto and are just beginning to invest here are some super interesting facts about Ethereum that will blow your mind.
- Ethereum Was Initially A Crowd Funded Project
Vitalik Buterin, the founder of Ethereum, was merely a teenager when he conceived the idea in 2013. However, back then, he lacked the means to make it a reality. His strategy of turning to crowdsourcing proved to be highly successful and in 2015, he was able to build and launch Ethereum, which was well accepted by the public. The next year, Dr. Gavin Wood purchased his vision and co-founded the network. Buterin was born in 1994, which makes Ethereum a creation of a millennial.
- Ethereum Is More Than Just A Cryptocurrency
While ethereum is a cryptocurrency that has increased exponentially in market value, going from about $1,385 to over $3,700 (ETH to INR) in the last year, it is not only a cryptocurrency. It is a complete platform that allows decentralized apps and has its own coins. What’s more, it enables developers and consumers to create and distribute their own digital objects inside the network. To be clear, Ethereum is both a cryptocurrency platform and a programming tool. It has a dedicated team of developers and users that provide input to the system in order for it to improve. Despite the fact that it is completely decentralized, it has kept its developers and employees to maintain and build the network.
- Benefits Of Ethereum’s Open Source Platform
Ethereum’s programming language, Solidarity, allows users to work for it or build on it. Using this language, developers may design their own cryptocurrencies and Dapps without third-party intervention. The Ethereum community is eager to help. The Ethereum Alliance allegedly works on open-source reference standards. The guidelines are expected to span the automobile, consulting, management, healthcare, entertainment, and technology industries. Open source functionality has enabled developers and crypto enthusiasts to create smart apps.
- Smart Contracts Have Boosted Ethereum’s Popularity
Ethereum’s services were designed to make smart contract transactions easier. The smart contract removes intermediaries, enhancing the system. Smart contracts have enabled the renewal and closure of disability certificates and the prescription of medications. First cryptocurrency to enable price correlation without third parties, ERC-20. It is one of two cryptocurrencies that govern the market according to ERC contract rules. Then there’s bitcoin. Staking is a great way to earn passive income. You may stake ETH all year and earn passive income. You can withdraw your ETH at any time.
- It Is Well Liked By Financial Institutions
Bitcoin has been around for a longer period of time than Ethereum. It would seem logical that it would be the first to be accepted by financial institutions and enterprises. Banks, on the other hand, have supported and showed huge backing for Ethereum. In the midst of prominent IT businesses, a company, R3, on the Ethereum platform, was recently employed to fix a blockchain problem. Ethereum has gained the trust of financial institutions through it’s smart contracts. It is said that the R3 initiative has the backing of 84 financial firms.
These interesting facts about Ethereum will help you to make better decisions while investing in cryptocurrency.