Vitalik Buterin and Joe Lubin, Ethereum’s co-founders, unveiled the cryptocurrency on July 30, 2015. After three years, it overtook Bitcoin as the second-largest cryptocurrency in the world and expanded the blockchain landscape for all newcomers.
Ethereum is currently the blockchain network with the largest community and the most support from businesses worldwide, making it the most sought-after for creating decentralized applications.
More than 200,000 developers are currently using it to create applications, and the new One Million Devs initiative is meant to increase that number even further. Why is it so well-liked, and how does it continue to rule the market in the face of so many rivals? The creators’ methodology and end goal are the keys. We must examine Ethereum’s past in order to comprehend it.
History Of Ethereum:
Because all networks at the time were emulating different aspects of Bitcoin, at first, Ethereum was similar to Bitcoin. Additionally, it included a Proof-of-Work algorithm that used miners and their hardware resources to create blocks using the algorithm.
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The distinctive feature was its own scripting language called Solidity, which allowed for the creation and decentralized execution of applications. Before starting actual development, Gavin Wood wrote the Yellow Paper, which contained all the specifications for this language.
The term “smart contract” refers to the idea of decentralized program execution upon the fulfillment of a predetermined condition. Ethereum subsequently emerged as the first decentralized blockchain for smart contracts.
At a launch price of $0.75 per token, Ethereum was introduced in July 2015. Ethereum dropped to $0.42, its all-time low, in just three months. Tokens briefly surpassed $1,360 in January 2018, fell back to below $1,000, and stayed there until January 2021.
The price of the cryptocurrency rose to a record high of almost $4,170 in May 2021 before falling by roughly 60% to just under $1,700 in July of that same year. When tokens surpassed $4,890 in value in November 2021, this cryptocurrency asset had its highest value ever. This shows that since Ethereum’s initial launch, there has been an increase of nearly 652,000%.
Ethereum is the most widely used blockchain for creating decentralized applications, even without any upgrades, and many businesses support it. The board of the Enterprise Ethereum Alliance includes industry heavyweights like Microsoft, Intel, AMD, Baidu, JP Morgan, and a plethora of others. They promote blockchain technologies and use them in their business operations, advancing the sector.
The most popular blockchain network and cryptocurrency are Ethereum. ETH tokens are currently a reasonably secure investment, and many cryptocurrency investors have some in their portfolios. If you fall into this category, you are able to use your cryptocurrency funds on
to make deposits and obtain fiat loans backed by any cryptocurrency, including ETH.
TRON, NEO, EOS, Cosmos, Polkadot, Zilliqa, and Cardano are just a few of the platforms that compete with Ethereum for the title of best smart contracts platform. However, none of them have so far attracted the attention of developers, and none of them are as decentralized as Ethereum.
Since most smart contract platforms are built on DPoS algorithms, decentralization is foregone in favor of scalability. Differently, the Ethereum team created a new PoS version called Ethereum 2.0 that will take the place of the current PoW-based network in 2021.
The new version will be decentralized and address all of Ethereum’s current issues, including network congestion. Any node with sufficient ETH tokens will be able to participate in creating new blocks.
With the new version, the blockchain will be made simpler, sharding will be used, and Ethereum will become quantum secure. Additionally, it will lower the entry barrier, allowing nodes to run on laptops.
Is Ethereum Worth Investing In?
Peer-to-peer transactions are supported by Ethereum, which also provides a framework for the creation of smart contracts and distributed applications. Actually, Ethereum is a pioneer in the field of smart contracts.
As a result, it is the preferred blockchain network for the top NFTs, crypto-based games, and a large number of decentralized finance applications. But is buying Ethereum a wise investment and you can get Crypto Tips about it?
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Ethereum’s flexibility, which enables it to adjust to shifting demands as they arise, is another key selling point in addition to its declining transaction fees. With its most recent upgrade, Ethereum appears to be on track to achieve that, which is how a network can remain valuable and relevant for decades.
Adding Ethereum to your portfolio has many advantages, including the upcoming update that will increase scalability and make the cryptocurrency more environmentally friendly, as well as the fact that it has practical applications and should be able to withstand the test of time. After all, the 24-hour trading volume of Ethereum is 18.37 billion USD, which is saying something.