What is Ethereum? Why you should Tap into the future of Blockchain.
This open-source blockchain system allows developers from around the globe to create smart contracts, decentralized applications (dApps) and new cryptocurrencies using the platform. Ethereum is fueled by its native token, Ether (ETH), which is popular with both developers and traders alike. Created in 2015, Ethereum is currently the 2nd largest cryptocurrency based on market capitalization.
Ethereum at a glance
One of Bitcoin’s greatest assets is that it is decentralized. Instead of relying on governments and financial institutions, the cryptocurrency is operated by a network of nodes (operators) around the world that split and verify the work evenly. With no single authority in charge, users have more control over their assets and do not need to worry about Global Recessions and the Fed skyrocketing inflation.
Bitcoin was designed to be a peer-to-peer electronic cash system, meaning that one individual could send money to another without incurring costly road bumps along the way. When sending fiat currencies across borders the funds go through various posts, changing currencies and incurring forex charges. Bitcoin can be sent from one side of the world to another for a fraction of the price and time, and is a direct transfer from sender to receiver.
Ethereum first introduced smart contract functionality to the blockchain world. Smart contracts are digital agreements that don’t require a third party and can execute automatically once the predetermined conditions are met.
Where did Ethereum come from? A brief history.
First conceptualized in a whitepaper by Vitalik Buterin in 2013, the Ethereum platform was only officially launched in 2015 following a successful crowd sale in 2014. In 2016, the platform experienced an attempted hacking of $50 million and subsequently split into two. The hard fork resulted in two separate networks, Ethereum Classic (the original) and Ethereum, the new blockchain and the one we commonly refer to. Ethereum managed to hold onto the majority of the community, and remains the second largest cryptocurrency to date.
What is Ethereum worth?
What purpose does it serve?
Value of Ehtereum
Since Ethereum launched in 2015 the value is believed to have increased by 9,000%. As the platform has firmly established itself in the blockchain industry as a foundation for developers to create and run software, it has created an irreplaceable use case.
Ethereum provides developers with a platform on which decentralized applications can be created. This means that developers can use the blockchain technology to create their own networks, right down to their own cryptocurrencies (more on this below). There are currently over 3,000 dApps that have been created using the Ethereum network.
ETH Based Tokens
Developers can use the platform to create a number of different blockchain tokens. Ethereum has a number of different token standards available, each differing slightly in their functionality. The platform offers a range of tokens such as ERC-20, ERC-223, ERC-721, ERC-777, and ERC-820 token standards. Tether, a top 5 cryptocurrency, is an ERC-20 token.
Ethereum vs Bitcoin: Battle of The Top Two
While Bitcoin was the first cryptocurrency created, Ethereum was launched roughly 6 years later and was originally designed to compliment Bitcoin.These cryptocurrencies are currently in the top two positions in terms of largest market capitalization, although there is a vast difference between the two: Bitcoin’s market cap sits at around $213b while Ethereum’s sits at around $42b. Despite Bitcoin having a larger market cap, following Ethereum’s continuous and innovative development, the platform has far surpassed its functionality in the blockchain industry and relevance in blockchain development. Ethereum is a popular option when looking to start a blockchain-based business, no matter the industry, while Bitcoin remains a store and exchange of value.
ETH Trading Pairs
As Ethereum’s native token ETH is used for a wide range of trading, ETH trading pairs can be found on most cryptocurrency trading platforms. ETH is also used by developers to make use of the platform (known as gas fees) so remains a high demand cryptocurrency. If you’re ready to buy Ethereum, you can simply and conveniently do so with Tap Global. What Are Smart Contracts? Smart contracts are digitized agreements that work off of an If-This-Then-That protocol. When creating a smart contract, the parties involved agree on the criteria needed to execute the smart contract, as well as the outcome. Much like blockchain technology itself, smart contracts are immutable and cannot be edited or erased. They are also self executing, meaning that once the criteria has been met, they will automatically follow through with the agreed outcome.
Why Tap Global is the best for buying Ethereum
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