Ethereum is a public, decentralized platform that is based on blockchain technology using smart contracts for its operation. Ethereum was initially proposed in 2013 by a 19-year-old programmer and cryptocurrency researcher, Vitalik Buterin. He came across the idea of Ethereum while he was working on some bitcoin projects. He co-founded the Ethereum platform with Dr. Gavin Wood in 2014.
Ethereum was introduced in 2014 at the North American Bitcoin Conference in Miami Florida, USA. It began trading in 2015. It has since then been one of the most popular cryptocurrencies in the world.
There are some interesting facts about Ethereum that you should know. Below are five of the interesting facts about Ethereum.
1.Ethereum is not a cryptocurrency.
Many people do not know this, but the cryptocurrency of the Ethereum platform is called Ether. It is also mined like other cryptocurrencies. The cryptocurrency, just like other cryptocurrencies can be used for payment and online transactions. It is represented as ETH on cryptocurrency exchanges.
2.Success is not overnight.
Ether has risen to be the second largest cryptocurrency in the world by market cap since early 2016. It has surpassed competitors in the cryptocurrency market regarding the market cap. Many people do not know the cause of this rapid increase; they think it’s just meant to be. No, it’s not, the reason for the increase is because there has been a notable increase in the capital, which has made the value to rise more than 500% in just the first quarter of 2017. At the end of 2017, Ethereum value had risen to over 4000% of the initial value.
3.Online search rate is rising.
In 2017, online search interests about Ethereum has risen greatly. You might be wondering how this is related to the value of Ethereum, but it has been said by experts that the search interests on Ethereum in early 2017 has varied with the price. This made it an important factor in the popularity of Ethereum. In March 2017, according to statistics, the rate at which Ethereum was searched on search engines reached its peak.
4.Banks are planning to adopt the system.
As we have seen that banks also are planning to go into blockchain technology to increase security on assets, the banks will need to use some blockchain applications that use smart contracts. When the banks start to adopt smart contracts, there will be an increase in demand for Ethereum, which will as well lead to an increase in the price of Ethereum and making it more popular in the process. Some Banks in the US are already planning to work with some tech firms to develop systems that can be used for blockchain technology.
5.Ethereum is available on top cryptocurrency exchanges.
The rise in the value and popularity of Ethereum has made it widely used in the world. Various top cryptocurrency exchange platforms have introduced Ethereum as part of their available cryptocurrencies for trading. Top exchanges like Poloniex, Bittrex, Bitfinex, Coinbase, and Kraken have all listed Ethereum on their platform. It is now widely regarded as one of the most traded cryptocurrencies.