Everything you need to know about Ethereum

Cryptocurrency is a term that everyone who spends any amount of time online has already heard about. Decentralized digital currencies, such as Bitcoin, have made cryptocurrencies, and by extension blockchain, a very popular topic of conversation. Ethereum is one of the most well-known technologies.

But Ethereum is not just a cryptocurrency; is a completely decentralized computer network run by Ether, a cryptocurrency. Ether is more than just a substitute for the dollar, euro or pound; has a specialized use.

History of Ethereum

Following the introduction of Bitcoin, blockchain immediately captured the attention of developers around the world. This provoked Vitalik Buterin, a Canadian developer. Who introduced a new platform in 2013, which would allow decentralized applications to bring a new era of online transactions.

Ethereum was launched in 2015, with 72 million coins produced. These first coins were given to people who supported the initial project.

Developers can use the platform to create permanent and irreversible decentralized applications that customers can engage with. Decentralized Finance (DeFi) applications provide a variety of financial services without the need for traditional financial intermediaries, such as brokerage houses, exchange houses, or banks. Enabling crypto owners to borrow or lend their investments for interest. Ethereum also supports the creation and exchange of non-transferable tokens (NFTs). NFTs are tokens linked to digital works of art or other real-world items and traded as unique digital property.

Ethereum evolution

The Hard Fork

A blockchain may be immune to hacker operations but this is not for lack of effort. A threat hacker took over $50 million of generated Ether for a project called DAO. DAO is a collection of small contracts established by a third party and started from the Ethereum software platform in 2016.

The Ethereum community chose to counter the theft by implementing a hard fork. Made the current network inoperable and established a new Ethereum blockchain. The initial one is recognized as Ethereum Classic.

Ethereum 2.0

As of May 2021, Ethereum has been the second largest cryptocurrency, after Bitcoin. Ethereum's stock volume exceeded 100 million in 2018. Ethereum is now receiving a long-awaited upgrade known as "Ethereum 2.0." Which is designed to allow the network to grow rapidly while resolving congestion issues that previously slowed it down.

Is Ethereum better than Bitcoin?

The Ethereum blockchain, unlike the Bitcoin network, was not designed to host cryptocurrencies. The Ether currency was designed to serve as an international currency for Ethereum blockchain applications.

In other words, Ethereum has bigger goals. It aspires to be a platform for all kinds of applications that can store information securely.

In addition to their differences, the two are founders of cryptocurrencies that have become competition in the investment world. Virtual currencies are exactly that: currencies without physical existence but are symbolized by a series of codes that can be negotiated at a predetermined price by the buyer and seller.

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