Ethereum (ETH) - Coin of the Week
Ethereum (ETH) is one of the most ambitious blockchain projects. In addition to applicability in decentralized finance (DeFi), the platform aims to decentralize a series of products and services. The ETH cryptocurrency is built as a connection point between the many decentralized assets and applications that users of this blockchain can develop.
The term Ethereum is often used as the name of the cryptocurrency, but this reference is incorrect. Ethereum is the platform on which the Ether cryptocurrency works.
In the presentation, we use the term Ethereum instead of Ether, as most do, to be consistent with the current terminology used in the world of cryptocurrencies.
History of Ethereum
The ETH cryptocurrency was developed by the Russian-Canadian entrepreneur Vitalik Buterin. According to Buterin, the Ethereum cryptocurrency represents a development of the blockchain capabilities offered by Bitcoin. The entrepreneur received a grant for the project and developed a non-profit organization for the launch of Ethereum. At the beginning of 2014, the Ethereum Foundation sold 72 million ETH, generating approximately 18 million USD. Ethereum cryptocurrency was officially launched in 2015.
Ethereum has taken a different approach than Bitcoin, offering users a platform that allows the development of decentralized programs and applications. In addition, Ethereum technology tracks confirmed transactions on the blockchain and potential changes that will appear in the future.
These functionalities are implemented through smart contracts, automatic programs that are behind decentralized applications (dApps). Smart contracts are the way in which the Ethereum ecosystem tries to develop competitive markets that are not governed by centralized entities.
How does Ethereum work?
Ethereum was launched as a cryptocurrency based on the proof-of-work protocol (where miners solve mathematical problems to generate crypto). At the same time, Ethereum developers program smart contracts and implement them in the blockchain to support the network.
All nodes in the network include a copy of the Ethereum Virtual Machine (EVM), which translates the programming language and executes it on the blockchain. In September 2022, Ethereum made the transition to the Proof-of-stake protocol.
In the case of the new Ethereum, any user who owns at least 32 ETH can block the funds in a contract, to earn passive income (a process called staking).
Ethereum Use-Cases
- Development of the financial ecosystem
- Initial Coin Offerings (ICO)
- Decentralized Finance (DeFi)
For more information on ETH, go to the Ethereum (ETH) Price page.
Ethereum Advantages
- Sustainability
- Applicability
- Constant innovation
For more information on ETH, go to the Ethereum (ETH) Price page.
Ethereum in 2023
The founder of Ethereum, Vitalik Buterin, said that in 2023, Ethereum is turning its attention to an important challenge in the crypto ecosystem - privacy. Buterin recognized the need to come up with a solution for confidentiality, because by default, all information that enters a blockchain is public. He proposes a concept of "hidden addresses" - a blockchain solution that could anonymize peer-to-peer transactions and transfers of NFTs, thus protecting users.
Ethereum Financial Indicators
Market Cap: 176 billion EURO
Ethereum price today: 1442 EURO
Ethereum trading volume (24 hours): 9 billion EURO
Ethereum Community
Latest Ethereum News
- Tinyverse Games, the developer of the blockchain game Tiny Colony, announced that its game NFT, a construction and management simulator, will migrate from the Solana blockchain to the Ethereum scaling network, called Immutable X.
- National Australia Bank (NAB) will launch a stablecoin, called AUDN, on the Ethereum and Algorand blockchains.
How to buy Ethereum
On our platform you can buy and sell the Ethereum cryptocurrency or other types of cryptocurrencies, such as Bitcoin (BTC) and Solana (SOL).