Ethereum - an open source system
Ethereum - an open source decentralized blockchain system that has its own cryptocurrency, Ether. ETH works as a platform for many other cryptocurrencies, as well as decentralized smart contracts.
What is Ethereum (ETH)?
Ethereum was first described in a white paper in 2013. The project team has managed to raise $18.3 million in bitcoin, and the price of Ethereum in the initial coin offering was $0.311, with over 60 million sold ether. Ethereum's goal - to become a global platform for decentralized applications, allowing users from all over the world to write and run software.
Ethereum has a total of eight co-founders, an unusually high number for a crypto project:
|Vitalik Buterin||He is the author of the White Paper that described Ethereum in 2013 and is still working on improving the coin defi platform. Prior to ETH, Buterin co-founded and wrote for the Bitcoin magazine news website.|
|British programmer Gavin Wood||He is the second most important co-founder of ETH, as he coded the first technical implementation of Ethereum in the C++ programming language. Prior to Ethereum, Wood was a research scientist at Microsoft. After that, he founded the Web3 Foundation.|
ETH smart contracts have been designed to reduce the need for reliable intermediate metrics between contractors, lowering transaction costs as well as increasing the reliability of transactions.
Uniqueness of ETH
Ethereum's main innovation was the design of a platform that allowed it to execute smart contracts, using the blockchain. The ETH blockchain was like “one computer for the whole planet”, theoretically able to make any program more reliable, censorship resistant and less prone to fraud by running it on a globally distributed network of public nodes.
In addition to smart contracts, the ETH blockchain is capable of staking other cryptocurrencies, called tokens, through the ERC-20 interoperability standard. In fact, so far this has been the most common usage for the ETH platform:
- over 280,000 ERC-20 compliant tokens have been launched to date;
- more than 40 of them are in the top 100 cryptocurrencies by market capitalization, such as USDT, LINK and BNB.
Since the advent of Play2Earn games, a significant increase has been in interest in the price of ETH to PHP.
Buying a token
Considering the fact that Ethereum is the second largest cryptocurrency after Bitcoin, you can buy Ether or use ETH trading pairs on almost all major crypto exchanges. Some of the largest markets include:
- Coinbase Pro;
- Huobi Global.
Popular Ethereum price pairs include: ETH/USD, ETH/GBP, ETH/AUD and ETH/JPY.