What is Ethereum? Table of Contents
What is Ethereum?
Ethereum is proving to be one of the most successful technology investments ever.
The cryptocurrency was created in 2015 and has grown by more than 1000% since then.
Basically, Ethereum is an open-source network, and much more than just a digital currency.
Also known as “ether”, Ethereum’s digital currency could speed up the process of decentralization of the world economy, with the possibility of influencing various other industries.
Ethereum is backed by several Fortune 500 companies that came together in 2016 to discuss how to join forces to develop Ethereum’s network technology.
Ethereum currency can be volatile and represents a potential asset to be introduced into one’s trading portfolio.
The Ethereum cryptocurrency was created and introduced to the world in 2013 by Vitalik Buterin, and then went into circulation in July 2015.
The developers were looking for a solution that would differentiate it from the Bitcoin currency, and offer new properties for a distinct market.
For this, a new approach has been developed with a new platform and a more common script language.
The software allows customers to run any program, making the Ethereum blockchain and applications more efficient than ever before.
With Ethereum, developers can build a new type of software called a “decentralized application”.
This code technology is not controlled by a central entity or system.
What are the features of Ethereum technology?
The Mist browser is the interface and digital wallet for Ethereum users.
Users can save, negotiate and manage contracts from the browser.
Mist and MetaMask (another browser) make blockchain-based applications accessible.
- The app can never be deactivated;
- Applications are protected from fraud and hacker attacks thanks to secure encryption;
- Not subject to censorship, as the apps are based on the principle of group decision making;
- The data cannot be modified by third parties;
- Ethereum has more applications than Bitcoin.
Ethereum is making strides with its easy-to-use platform, which allows people to take advantage of blockchain technology.
Price of Ethereum and market factors
As indicated, Ethereum can be much more than just a digital asset.
Its value lies in the powerful programming language of the blockchain, called Solidity.
The goal is to totally stand out from all other cryptocurrencies.
With the growth of possible applications, more and more developers have shown their interest in “Ether”.
The price of Ethereum has advanced recently, reaching historic highs.
Bitcoin has also grown in turn and this leads to an increase in investor interest in other cryptocurrencies where it is possible to earn thanks to Forex.
Since Ethereum and Bitcoin are not in competition, each of the two can benefit from the upsides of the other.
Occasionally there may be random events affecting the price of Ether, such as the flash crash that affected the value of Ethereum in June 2017.
The news related to Ethereum and the consequent crash occurred in a very short time, in the order of a few seconds later the strong selloff that led other traders to liquidate the digital currency.
However, on that occasion, within seconds the computer algorithms started buying, causing the price to recover.
As can be understood from this example, the volatility of digital currencies leads to strong price changes within a few seconds.
The public and investors have questioned what causes such a rebound, and above all how does it happen with such timing.
Whenever there is a sharp rise in the price, a correction can occur, since in the cryptocurrency market, but not only, the momentum can slow down at some point.
30 major banks, tech giants, and other organizations including JP Morgan Chase, Microsoft, and Intel are teaming up to build enterprise-ready versions of Ethereum-regulating software.
The ability to record and execute transactions without an intermediary is making blockchain technology increasingly popular with businesses.
Please check Evolve Markets official website or contact the customer support with regard to the latest information and more accurate details.
Evolve Markets official website is here.
Please click "Introduction of Evolve Markets", if you want to know the details and the company information of Evolve Markets.