A Quick Guide to Ethereum
Have you heard that the Ethereum block time has decreased from 17.16 seconds to 12.96? This is a 24.48 percent shorter block time.
This is great news if you’re accustomed to transacting with ETH. What if you’re a “newbie” though?
How can you take advantage of this emerging technology? What even is Ethereum anyways? We’re here to guide you in the wonderful world of cryptocurrency.
Read our guide to get the inside skinny of all things Ethereum.
ETH Block Zero
Diving down the Bitcoin rabbit hole, VitalikButerin, a Russian-Canadian programmer, co-founded Bitcoin Magazine in September 2011. He became a Bitcoin expert and saw how he could improve upon Bitcoin’sblockchain technology.
By 2013, Vitalik, wrote the Ethereum white paper. Members of the community helped build Ethereum as well as co-founders Anthony Di Loria, Charles Hoskinson, MihaAlisie, Amir Chetrit, Joseph Lubin, and Gavin Wood.
In January 2014, Ethereum is publicly announced. By July, Ethereum launches its ICO (Initial Coin Offering).
By June 2016, Ethereum developers decide to hard fork after $50mm in ETH Ethereum becomes suitable for big business by March 2017 when the Enterprise Ethereum Alliance is established by Toyota, Microsoft, Samsun, J.P. Morgan, and Intel.
What Is Ethereum?
The EthereumvsBitcoin debate is a long and winding road. Let’s see how they compare.
When Bitcoin popped onto the scene in 2009, it changed how people perceive and interact with money. It allowed for anyone with internet access and a digital wallet to send and receive crypto. Bitcoin also solved the double-spending issue.
Ethereum wants to change how people perceive the internet. From purchasing things, record keeping, and building apps—Ethereum is here to reimagine everything.
This is done through the power of a blockchain. Other than a store of value, a blockchain can be a way to organize thoughts, ideas, services, companies, people, etc. Anything that can be written in code and utilized with a smart contract can be built on Ethereum.
WTF is ETH?
If Ethereum is the network, then ETH or Ether is the cryptocurrency used to build and maintain it. ETH is created through a process called mining. Right now it uses proof-of-work but plans to move to a proof-of-stake model in the near future.
So what can you do with Ethereum and how do you acquire it? You could buy Ethereum, sell Ethereum, or trade Ethereum via an exchange. Alternatively, you could become an Ethereum miner.
Other ways include earning ETH for social media posts, decentralized file storage, blockchain-backed loans, dApps, and NFTs.
Click here to see the current Ethereum price.
Into the Ether
What’s next for Ethereum? Ethereum 2.0 is on the horizon. Our advice in the crypto space is to do your own research and get involved.
The crypto space is a great place to explore and redefine your relationship with money. Ethereum is here for you to play with. Might as well have some fun, right?
To keep up with the latest cryptocurrency news and trends, you’ll want to browse our blog on the regular.