Ethereum blockchain was launched by Vitalik Buterin in 2015. Its design is quite similar to that of Bitcoin. One of the biggest differences is that the cryptocurrency (which is actually called Ether, whereas Ethereum is the name of the whole platform) is inflationary in nature compared to the deflationary essence of Bitcoin. Another important aspect of Ethereum is that it provides smart contract functionality via its Ethereum Virtual Machine. Proponents of Ethereum consider it a great advantage and a step ahead compared to Bitcoin.
The Ether currency does not have its own ISO code, but a common trading symbol for it is ETH.
Ethereum is proving to be one of the most favorable technology investments of all time. It was created in 2015 and since then has grown by over 1000%. To better understand what it is, Ethereum is an open source network, much more than just a digital currency. Therefore, when you purchase Ethereum you are investing in the network, and placing money into a unique transformational platform, with many of its greatest applications still to come.
The digital coin of Ethereum, known as “ether”, could be speeding up the decentralisation of the world economy, and has the potential to influence many other industries. Ethereum is backed by a variety of Fortune 500 companies, who met in 2016 to discuss and join forces on developing Ethereum’s network technology. The Ether trading coin can be volatile, which can serve as an asset for traders.
Ethereum Classic is the original version of the Ethereum blockchain from which the newer version was created. The newer version adopted the name Ethereum. The blockchains are not compatible, and updates on one will not affect the other. These changes led the way for the creation of the new crypto coin with a different name, leger, price and market cap.
What is Ethereum (ETH)
Ethereum was created and introduced to the world in 2013 by Vitalik Buterin, and went live in July 2015. Developers were looking for a way to differentiate from the Bitcoin currency, and make it to be exclusive with properties stand out in a market of its own.
They developed a new approach with a new platform and a more common script language. Their software allows customers to run any programme, which makes the Ethereum blockchain process and applications much more efficient than before. With Ethereum, developers can build a new type of software called “decentralised application”. This codes technology is not controlled by any individual or central system.
Advantages of Ethereum Technology
- The app can never be turned off
- Applications are protected against fraud and hackers due to the secured cryptography
- It cannot be censored, since the apps are based on the principle of a group decision making process
- A third party cannot make changes to any of the data
- Ethereum has more applications than Bitcoin
Mist browser is the interface and digital wallet for Ethereum users. With it people can store, trade, and manage their contracts. Mist and MetaMask (another browser) help making blockchain-based applications easily accessible.
Ethereum is moving forward with its user-friendly platform, which enables people to make use of the blockchain technology.
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Ethereum Price and Market Factors
It has been noted that Ethereum can be far more than a digital asset. Its value is in the powerful blockchain programming language called Solidity. Its goal is to be something totally different from all other coins. With its increased application, there is a rise in demand by developers for “Ether”.
The price of Ethereum has soared recently and has been reaching all-time highs. Bitcoin has also been surging, and when that happens it does boost investors desire for other cryptocurrencies where gains can be acquired. Since Ethereum and Bitcoin are not competing, both can benefit when one rises.
Random events can happen to affect the ether price rise or fall, such as the flash crash of Ethereum’s value overall, which took place in June 2017. The Ethereum news and crash happened within a very short span of time, literally seconds after a major sell off prompted other traders to liquidate their digital currency. However, in that situation within seconds computer algorithms were buying again and the price was recovering.
As you can see the volatility of the digital currencies alters prices within second. The general public and investors all had the same questions when this happened as to how the rebound can take place and its timeline. Any strong value increase can eventually lead to a price correction. As with the cryptocurrency market or any market in general, the momentum can slow down at some point.
Thirty big banks, tech giants, and other organizations including J.P. Morgan Chase, Microsoft, and Intel are uniting to build business ready versions of the software behind Ethereum. Its ability to record and execute transactions without the need of a middleman is making this blockchain technology more popular amongst businesses.