Right after Bitcoin, Ethereum happens to be next in line when it comes to the most popular cryptocurrencies that are traded on the crypto market. Therefore, it’s not surprising to have traders and the world at large know quite a lot about Ethereum, its features, the fact that it’s based on blockchain technology and is an open-source platform for computer scientists and developers, and more.
It’s a worthy Bitcoin competitor and continues to grow in value on the market that today, it runs decentralized applications. The public mainly knows Ethereum to be a regular cryptocurrency, but there’s far more to it that most people don’t know. Therefore, here are some facts many people don’t know about Ethereum that are just as interesting as trending sports news.
10 Interesting Facts
It Was A Crowdfunded Project
In 2013, when Ethereum was still an idea in the pipeline, its co-founder, Vitalik, didn’t have enough resources to launch the crypto and make it a success. So, he considered crowdfunding as an option and in 2015, he created and launched Ethereum to the public. After which, it became a huge success.
A Millenial Co-Founded It
Ethereum’s co-founder was born in 1994. When he’d initially come up with the idea to create Ethereum, he was still a teenager. Therefore, Dr. Gavin Wood ended up buying his vision, and together, they co-founded the network in 2014.
Tech Giants And Banks Fancy Ethereum
Many are aware of the gradually growing, yet shallow, acceptance that Bitcoin has with corporations and financial institutions. However, the same doesn’t apply to Ethereum because banks seem to have taken interest and shown great support for it over the years. And thanks to Ethereum’s platform startup, R3, it’s earned the trust of renowned tech companies after it was used to troubleshoot a blockchain issue. Today, roughly 84 financial institutions are in support of the R3 project.
There’s A Difference Between Ether And Ethereum
Ethereum and Ether are not the same things. Ethereum is the underlying blockchain network, while Ether is the native token that traders actually trade-in as a virtual coin, and it’s used in the Ethereum network to run various applications.
There’s More To It
The role of Ethereum goes far beyond it just being an average Altcoin. It has tokens and supports decentralized applications. It’s also an excellent platform that’s used to allow users and developers to create digital items of their own within the network itself making it a programming tool and crypto platform.
It’s An Open Source
Those who use Ethereum can build off it and work for it using the network’s programming language, Solidarity. By using this, developers can create cryptocurrencies and decentralized applications without regulation, fraud, interference, and downtime from third parties.
Ethereum Isn’t Restricted Like Bitcoin
Bitcoin is the most recognized virtual coin to ever exist, however, Ethereum’s growth seems to be catching up with it as well. Bitcoin’s market cap has a fixed number of available currencies to it where there’s a set goal to only mine 21 million coins and not more than that. But with Ethereum, it doesn’t have an actual cap. Instead, Ether is set to be mined only 18 million times annually, which is the only limit that’s associated with Ethereum.
It Hosts A Majority Of ICOs
Because of Ethereum’s Initial Coin Offering (ICO) sale, more tokens are emerging and being launched under Ethereum. Most ICOs are established on ERC-20 and over 75% of ICO sales are done on the blockchain.
Peer-to-peer contracts work like collateral because, initially, Ethereum services were meant to support deals that were smart contracts. This is because smart contracts remove the need for intermediaries, which, in turn, optimize the system. This has done a lot in the renewal and closure of the healthcare system.
It’s Switching To PoS
Ethereum’s mine rate is faster than that of Bitcoin. When everything had started, Proof of Work and mining were the technologies used to attract miners that kept the network together. But, this will soon be changing since its network developers are working on switching Proof of Work to Proof of Stake using an algorithm called Casper.