This article suggests you a breakdown of the popular Ethereum coin, a summary of what the coin is about, its mechanism, future, and many more. Dig in!
What is Ethereum?
Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Ethereum was founded by a programmer called Vitalik Buterin. Ethereum’s whitepaper was published by Vitalik in November 2013. Then after development with funds received from an online crowd sale, the system went online on the 30th of July 2015. Ethereum Classic forked away from the original Ethereum protocol in October 2016.
Today, all eyes are on the Ethereum 2.0 project announced by Ethereum founder Vitalik, as well as the long-term plan for the project. Transition to Eth2 implies the simplification of the system, switching to Proof of Stake algorithm of consensus, and widening the functionality of the network.
Project Name — Ethereum
Stock Symbol — ETH
Platform — X86–64, ARM
Network Type — Blockchain
Market Cap — $14.956B
Current Price — $135.65
All-Time High — $1,402
Launch Date — 30th July 2015
Official Website — ethereum.org
Circulating Supply — 110 259 306 ETH
How To Mine Ethereum?
Let’s figure out what mining is first. Mining is a computationally rigorous work that requires an advanced computer with a lot of processing power and also a lot of time invested. This is done in order to verify the transactions, put them in blocks, and add these blocks to the blockchain. This is done by putting the computer’s hardware to use with mining applications.
Ethereum Mining is a complex process where you get new Ether coins in the end. Ether is an absolute essential in the operation of the Ethereum platform. It is basically the fuel of Ethereum, an incentive used to motivate developers to create top-notch applications. Every developer seeking to engage and make use of smart contracts (a computer protocol that can facilitate the exchange of money, property or anything of value) on the Ethereum blockchain needs Ether to proceed.
To mine Ether, you need some knowledge in scriptwriting and some knowledge of the command prompt. Ethereum mining could be done on your personal computer whether Mac or Windows operating system. To start mining Ethereum, you need to install your GPUs and set up your computer, get an Eth wallet, and join a mining pool like Nanopool or Etheremine.
If you’d prefer to buy Ethereum instead of or in addition to mining, here’s how.
Where To Buy Ethereum?
Coinbase is an easy way to buy Ethereum with a credit card or debit card instantly. The best locations to use them from would be across Europe, the USA, Canada, and the UK. The signup process is fast and they have an easily maneuverable website. Coinbase is one of the most popular and trusted cryptocurrency exchanges. The fees will amount to 3.75% and you can buy instantly.
ChangeNOW is an instant non-custodial limitless cryptocurrency exchange service that works without registration and limits. With us, you can buy over 190 currencies including Ether with the best exchange rates available on the market. No registration is needed, and no hidden fees included in the exchange. And of course, your safety is a priority for us.
CEX.io is a worldwide cryptocurrency exchange that works in almost all countries. Here, you can also buy other coins such as Bitcoin, Litecoin, Ripple, DASH, and a couple more.
The countries where you cannot buy BCH with a credit card are Iceland, Bahrain, Vietnam, Afghanistan, Algeria, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.
What Is The Best Ethereum Wallet?
Before buying Ethereum, you should be sure that you have a safe place to store the coins in. There are various types of wallets, including desktop and hardware. Let us show you three Ethereum wallets with the most advantages for you.
Ledger Nano S — a hardware wallet
One of the most secure ways to store your Bitcoin is a hardware wallet like Ledger Nano S. This wallet saves your private keys offline on a device thereby making your wallet immune to hacking.
- Ledger Nano S supports a vast variety of coins
- Integrated with a large number of software wallets
- It has an unsuspicious look since it resembles a simple pen-drive. Plus, it is pretty lightweight, so can be easily carried around.
- The recovery sheet can be stolen or replicated if enough care isn’t taken.
Trezor One — a hardware wallet
Trezor One offers everything needed to protect cryptocurrency funds together with advanced features like Password manager or U2F two-factor authorization.
- Never exposes your private key
- Can be used on all devices provided the platforms are compatible (Windows, Mac OS X or Linux)
- Very sleek design
- It doesn’t have an inconspicuous look
Exodus — a desktop wallet
Exodus Wallet is a desktop client or software wallet that allows users to not only store but also exchange blockchain based assets as it has a built-in exchange.
- Good privacy and security
- Engineered for beginners, therefore easy to use
- Friendly interface with powerful charting tool at your disposal
- Supports multiple cryptocurrencies
- Has built-in trading and portfolio functions
- Offers automatic fee adjustment
- No fees for sending or receiving crypto
- Not 100% open-source.
Benefits of Ethereum
Ethereum platform benefits from all the benefits of blockchain technology that it runs on. It is not controlled by any single governing entity, which means that all the decentralized apps deployed within the network can’t be controlled by anyone at all.
The cryptographic security makes the Ethereum network well protected against possible hacking attacks and fraudulent activities.
Overall, opinions on the future of Ethereum among experts are positive. However, there are many old-school financial experts who, despite the extraordinary success and relative stability of both Bitcoin and Ether, as well as the undeniable importance of technologies behind the projects, still believe it won’t be around for long.
Currently, Ethereum uses the Proof of Work system which has been the arm supporting blockchain technologies like bitcoin and Ethereum. Proof-of-work refers to the solving of complex equations, which is a basic requirement for a miner to clear for their block to be added to the blockchain. PoW is a system that has been deemed inconvenient because of the electric cost it generates.
The developers behind the Ethereum blockchain are working on an upgrade called ‘Serenity’ which will shift the mining algorithm from Proof of Work to Proof of Stake (PoS) which will take out the concept of mining and replace it with a system powered by a consensus algorithm. PoS allows the creation of new blocks without the expensive process of PoW mining. This innovation, along with the other features announced in the long-term plan for Ethereum 2.0, will define the future of the platform.
Check out what Ethereum price we are expecting in 2020 and on.