- Complete crypto platform
- High speed exchange with competitive fees
- Frequent promotions
- Lets you earn returns on deposits
- Crypto-powered rewards card
Refreshing in: 60s | Tue, Nov 24, 02:46PM GMT
Ethereum was first proposed in 2013 by programmer and writer Vitalik Buterin. To fund development costs, a crowdsale was hosted during a two-month period in 2014 in which the digital currency “Ether” was allocated to user wallets in exchange for a monetary contribution.
It was the first example of an ICO, or initial coin offering. (“Initial coin offering” is a word play on the term “initial public offering”.) The Ethereum platform went live in July 2015 with a 13% pre-mine, allowing the public to mine the remaining 87% of all tokens.
According to CoinMarketCap, the value of Ether saw a 662% price increase in 2016 and a 13,000% price increase in 2017.
The creation of smart contracts on Ethereum’s platform also allows for inclusive virtual escrow systems.
Ethereum’s price increase will depend entirely on the demand for it in the future. Ethereum’s blockchain is widely used to distribute new cryptocurrencies, which many people consider to be a promising factor.
Many startups have shifted their platform to Ethereum and its smart contracts for a safer ecosystem for their applications.
On 18 Oct 2017, J.P. Morgan revealed that a permissioned ledger, titled Quorum, is in development and is being built off the Ethereum blockchain. The purpose of the ledger is to accelerate processing and payment times in addition to ensuring immutable, safe transactions.
Solidity marked the first time a team allowed programmers and developers to integrate a blockchain into their systems and applications. They named the process “decentralising your application” and then named these newly formed apps “dapps”.
Ethereum was the second currency added to the most popular US crypto exchange, Coinbase, reaching a partnership on 21 July 2016. This allowed new users to test out Ether with just a debit or credit card.
On 17 Oct 2017, the Ethereum blockchain executed a hard fork in order to establish faster block confirmation times. The fork was named Byzantium. This was following bitcoin’s August hard fork which created Bitcoin Cash.
The team states their core beliefs in the following excerpt from the Ethereum website:
“The Ethereum Foundation’s mission is to promote and support Ethereum platform and base layer research, development and education to bring decentralised protocols and tools to the world that empower developers to produce next generation decentralised applications (dapps), and together build a more globally accessible, more free and more trustworthy Internet.”
Cryptokitties, the world’s first blockchain game, was launched in early December 2017 on the Ethereum blockchain. The game involves the breeding, buying, selling and nurturing of virtual kittens. These kittens could then be sold from the blockchain in exchange for Ether. The launch of Cryptokitties was so successful the Ethereum network became congested and sometimes unusable for days at a time. The influx of users created network delays and transaction errors. Some virtual kittens have reportedly been sold for over $240,000, and at the time of writing, some have even been bid on for higher amounts.
In March 2017, a group of collective blockchain companies, Fortune 500 companies and banking affiliates joined together to start the Ethereum Enterprise Alliance. The alliance has the goal of implementing the Ethereum blockchain to instigate easier, faster and seamless technological usage. J.P. Morgan, Microsoft and UBS are among some companies partnered in the alliance.
Stay tuned to see what’s on Ethereum’s roadmap into the future.
|Ethereum (ETH)||New Zealand Dollars (NZD)|
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.