10 Facts About Ethereum You Didn't Know
Think you love Ether? We're willing to bet you're unaware of these facts about Ethereum.
Ethereum is one of the biggest alt-coins to invest in, and it's one that even manages to have Bitcoin shaking in its proverbial boots it's poised to overtake Bitcoin as the cryptocurrency with the highest market cap value.
Everyone in the crypto world loves Ethereum. Everyone loves to buy up Ether in large quantities, knowing how well it's going to perform in the future. Everyone can tell you that Ethereum is popular and will remain popular in the near future.
Do you really know all the facts about Ethereum though? Probably not. Here are some of the more interesting tidbits about this incredibly popular cryptocurrency for fans who can't get enough Ether in their lives.
Ethereum was a crowdfunded project.
For people who love the idea of a decentralized world where everyone pitches in, Ethereum is a dream come true—and a testament to the power of the net. One of the coolest facts about Ethereum is that it was started via crowdfunding.
Vitalik Buterin, a programmer and Bitcoin enthusiast, came up with the idea in 2013. He lacked the funds, turned to crowdfunding, and by 2015, Ethereum was created and publicly traded. The rest is history!
Tech giants love Ethereum.
If you thought individual investors were the only ones placing their bets on Ether, you're wrong. Many major companies have started to place stakes in Ethereum as well.
Companies like Microsoft, HSBC, and Barclays have all found uses for Ethereum in their systems. It's clear that everyone's beloved Ether will be increasingly relevant in big business models as years pass—how, though, remains to be seen.
Ethereum is one of the hottest programming development tools out there.
Ethereum isn't just a cryptocurrency; its code has become the standard platform for a massive array of different decentralized programs. Everything from decentralized games to major social networking apps have been created thanks to Ether.
Additionally, Ether's made huge strides in development and created an entire community of developers around its technology. If you want to work with Ethereum, you have a lot of people who will support you.
The Ethereum Alliance, a collective that involves blockchain startups and major businesses, has dedicated itself to developing and promoting Ethereum—and they love developers.
Ethereum still is risky.
Like with any other cryptocurrency, cybersecurity is a serious concern. One of the facts about Ethereum everyone should know is that there have been serious worries about the currency's security.
Simply put, it's somewhat easy to hack in its pure form. The Ethereum Alliance is thinking of using hybridized architectures to help boost the security of Ethereum while also promoting its growth.
If you love smart contracts, you're gonna adore Ethereum.
Do you believe that smart contracts will bring blockchain to the masses? Then you've probably already invested in Ethereum. Ethereum is somewhat of a trailblazer when it comes to smart contracts.
Ethereum uses a code language called Solidity to make the smart contracts that it uses, and it's been able to spark major advances in the field of blockchain transactions.
Ethereum wasn't always the number two digital currency in the world.
People who are new to investing in blockchain may assume that Ethereum was always the second most popular currency on the net. This just isn't true, and that leads us to one of the cooler facts about Ethereum.
Prior to Ethereum's invention, Litecoin and other Bitcoin mining alternatives found their spot as second to Bitcoin. Since Ethereum's birth, it has gained over 2,800 percent value—and continues to impress investors.
There's no real cap for Ether.
Everyone knows that Bitcoin has a fixed amount of coins available. Once 21 million Bitcoins are mined, that's it. No more Bitcoin. One of the more important facts about Ethereum you should be aware of is its nonexistent cap.
The only real limitation for Ethereum mining is that you can only mine around 18 million Ether per year. This makes it one of the better Bitcoin mining alternatives out there for people who want to continue making a steady income.
Ethereum hosts the majority of ICOs.
Want to invest in a new token? Well, if you do, then chances are that you've invested in a token sale that took place on the Ethereum platform. For many investors, the most surprising facts about Ethereum are the ones that deal with its role in ICO sales.
More than three-quarters of all ICOs are hosted on the Ethereum blockchain. So, thank Ethereum next time you invest in a cool new Initial Coin Offering.
It's a centralized decentralized currency.
For all the talk about decentraliztion, one of the facts about Ethereum that may shock people is the currency's structure. Though it is 100 percent decentralized, Ethereum still retains a core group of developers and employees who manage and promote the platform.
Many investors believe it's this core group of people that made Ethereum into the massive success that it is today.
Ethereum is changing.
For miners, all the facts about Ethereum listed so far don't really matter as much as this one. Right now, Ethereum is a mineable cryptocurrency that has a faster mining rate than Bitcoin—but that will eventually change. Developers are strongly considering switching to an algorithm called Casper.
Casper would eliminate "Proof of Work" for the most part, which would make mining (potentially) less profitable. However, plans for this are still up in the air, so don't panic just yet.