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Ethereum - the history of one cryptocurrency

2019-12-23

Ethereum is a cryptocurrency that is founded as a platform for the even distribution of blockchain services based on smart contracts. Each participant in the process can independently launch a project to introduce a new token or currency. Open source allows you to create a standalone decentralized application that will be interesting to many users and bring significant profits.

About Ethereum

The Ethereum blockchain is required to create applications with a decentralized system of work. The functionality of the platform allows you to guarantee a high level of security for all participants in the process. Specially developed technology protects against any type of hacker attacks. Additionally, a kind of "immunity" has been developed from outside interference, since the conditions of a created or active contract cannot be modified.

Regular new technical implementations allow Ethereum to take a leading position in the crypto market. On the platform, several applications are launched simultaneously, without failures, using different programming languages. As a result, it is now technically much easier to issue tokens and other types of blockchain-based crypts.

The entire application process is based on using the Ethereum cryptocurrency within the network, which has no restrictions on the emission of coins.

In the digital economy, this is an opportunity to conduct transactions, invest assets of different values and directions without legal red tape. In the financial world, Ethereum electronic coins occupy a special place in cryptocurrency transactions, which take about thirty seconds.

Cryptocurrency can be mined, digital coins are issued by solving certain problems and opening blocks. Sale and other types of transactions are carried out on exchange resources, in online exchangers.

How is Ethereum created?

The idea of founding a decentralized platform Ethereum belongs to V. Buterin. The first publication describing the process of creating a universal product was published in 2013, while the development of the crypto model began in 2011. From the moment of the public presentation of the project to its release, it took about one and a half years to develop the concept.

A team of four people was involved in the development and implementation of Ethereum: V. Buterin himself, as well as M. Alize, E. di Loriot, Ch. Hoskinson. The company was founded in Switzerland, where the legislation is quite liberal in relation to electronic means and blockchain technology.

In 2014, fundraising began - crowdfunding. The financial sector appreciated the capabilities of the virtual platform, with particular attention drawn to smart contracts and transactions.

In 2015, in the summer, the Ethereum platform began to work in an active mode, attracting investors of different levels.

Despite the huge variety of crypts, it is Ethereum that stands out as a multifunctional system that allows you to create, implement, and use the entire range of opportunities in the cryptocurrency market.

Ethereum features

On the basis of the Ethereum platform, an increasing number of applications are being created every year, which are the basis for creating additional branches that help improve and develop the service. Today, you can buy goods and get some services by paying with Ethereum crypto. Due to the growing popularity of the project, the rate increases accordingly, the scope of application of Ethereum expands, the currency ranks second in terms of capitalization, which indicates an increase in the popularity of the use of crypto in the world market.

Ethereum cost for the period 2015-2019 taking into account the trading volume fluctuated from $ 1.34 in August 2015 and reached $ 149.51 by December 2019. Ethereum prospects can be seen in the annual profitability, the current growth in the value of the cryptocurrency is about 9999.99 since its release.

Ethereum price fluctuates regularly, losses and increases in value are visible, although in general, the popularity of this crypto is not radically reduced. Today, the introduction of new projects on the Ethereum platform is visible; in the future, this crypt will completely change the financial world, remove the influence of an intermediary on the economic system.

Is Ethereum Infinite?

The Ethereum network structure itself allows not only using, but also transferring information to store certain data. Smart contracts operate within the system, grouping information into a single channel. The flexible infrastructure of the blockchain helps to conduct experiments as it interacts with almost all programming languages. A simple code and an open system make the crypt accessible to users of various fields. The speed of data processing takes the crypt to a leading position. Applications that interact with other types of cryptocurrency work perfectly on the platform.

As a result, Ethereum can be said to have brought together computer applications and helped products effectively interact with each other. The crypt used within the network helps the project to develop, improving the technological process and increasing the security of transactions.

In fact, the Ethereum coin operates inside a virtual mechanism, where each participant painlessly uses existing resources and exchanges the necessary funds.

If you look at the global financial system, you can see how the dollar bill affects the economies of almost all countries. No one can refuse to use fiat money, as this will practically close all trade routes on the world stage. Ethereum is the solution to this kind of problem. The transaction is not affected by any external or internal blockade. Here you can trade absolutely safely with minimal commission fees, which significantly affects the final cost of the product as a whole.

Security is one of the main aspects of using the cryptocurrency sphere. Network storage of stocks, bonds and other securities in various virtual, one might say, "banks" will minimize financial losses of companies, organizations and individuals.

Today Ethereum is participating in the formation of a digital economy that would ensure the security of deposits and transactions. Developing on a global scale, the cryptocurrency market has already been able to reduce user costs by removing the intermediary system itself.

Ethereum transactions are fully encrypted. The principle of operation of the mechanism is based on calculating a payment to the miner who opened the block. Each transfer is confirmed by an individual key of the participant in the process. The information about the completed transaction is stored in the blockchain.

Ethereum price changes depending on the number of transactions carried out over a certain period. To conduct a transaction, the user must have not only a crypt on the account, but also a special currency that displays the cost of the commission - Gas. Upon completion of transactions, Gas is returned back as it is closely related to Ethereum coins.

For a successful transaction, you need to have and offer a high amount of Gas in order to attract a miner, who in the end also receives a good reward.

In the Ethereum system, certain requirements are imposed on transactions:

RLP only format;
digital signature;
full compliance of the record in the registered account with the data of the person making the transfer.
In the network of this crypt, logs (logs) are always kept, by which the transaction is monitored or viewed. Operations are recorded in the general directory, where you can also get information about the actions taken on the transfer, exchange of funds.

All transactions in Ethereum begin when the contract is launched by external accounts that have a personal key and account. When implementing operations, a virtual service starts automatically to transfer information about the transaction being performed. This algorithm allows you to see where and when coins are transferred. If necessary, the participant can cancel the transaction if the transaction takes longer than an hour. It is best to restart the service and raise the Gas amount in order to attract buyers, since transactions are primarily carried out with large players.

Strengths of Ethereum

Today, you can buy or exchange Ethereum on all exchanges and cryptocurrency exchangers. On the basis of Ethereum, several types of tokens have been formed and are being actively developed to work within a certain service. According to stock exchanges, the payback of a digital coin is about 2600% and is constantly growing. As of November 2019, the weighted average cryptocurrency rate is at around $ 150.09.

The schedule of loss and increase in value in November 2019 is intermittent. Ethereum 2.0 updates are expected to be released in early 2020. This step will allow the participants of transactions to conduct several thousand transactions in one second, create productive technologies to increase the level of security of transactions in the network. At the same time, the implementation of transactions will become cheaper, which will lead to a decrease in the commission for using tokens. It is also expected to switch the algorithm of the platform from PoW to PoS, which will lead to lower electricity costs when mining coins.

The introduction of new updates will help Ethereum continue to actively develop. As a result, blockchain tokens can become equivalent to securities, guaranteeing income to investors. The only condition for greater growth in popularity is the introduction of legislative regulations that allow the full-scale development of the digital economy in the global market arena.

It is impossible to predict the 100% growth of any cryptocurrency, since the electronic market cannot boast of stable characteristics. Basically, the prospect of a rise or fall in the value of coins depends on the optimization of the introduction of technological innovations that will positively affect the exchange rate. Demand depends on the efficiency of the platform as a whole.

Ethereum in TOP currencies

Having analyzed the crypto market, in principle, it is better to buy Ethereum in order to generate an asset now. If in 2020 new technologies are introduced with the promised prospects of turnover, then the rate for the crypto will already be about 700-1500 dollars, and this is already a good indicator for the acquisition of Ethereum in December 2019 at the rate of 142 dollars. The cryptocurrency is in second place in the list of the most popular tokens, and the capitalization is 15 445 080 685 dollars. Although here, one should not forget about the possibility of technical problems arising when introducing innovations of the blockchain system, which can negatively affect the popularity of the crypt and lead to a change in pricing policy.