Charts price for Ethereum (ETH)

Loading chart ...

Description of Ethereum (ETH)

Ethereum Origin

Release date: July 30, 2015.

Ethereum, is an open sourced Blockchain based on a distributed computing platform that enables smart contract functionality. Concepts of Ethereum were initially proposed by Vitalik Buterin, its creator, around 2013.

Ethereum Functionality

Essentially, Ethereum is a decentralized world computer that runs on an extremely powerful global infrastructure that is capable of transferring value and representing an individual’s ownership right to an asset.

The platform is capable of handling smart contracts. Which are computer protocols created to digitaly verify and facilitate the execution of a contract. Meaning that credible transactions can be executed without the need to rely on a third party.

Transactions are validated and stored on the Ethereum Blockchain, which runs on a Proof-of-Work consensus. With plans to move towards a Proof-of-Stake consensus system.

Ethereum is generally superior to Bitcoin in all possible aspects. However, the difference in market caps is due to Bitcoin being the first cryptocurrency to hit the global market and establish itself as the apex if cryptography in the eyes of mass consumers.

In comparison to BTC, Ethereum Blockchain block completion times are generally much faster. With blocks being completed in under 20 seconds, in comparison to BTC’s 10 minute block time.

Additionally, transaction fees on the Ethereum network are lower than that of BTC. Though, they do depend on load and stress times. Ethereum transaction costs are backed by something which is known as gas (internal pricing for executing a transaction or deploying a smart contract on the Ethereum network).

Ethereum also allows for Blockchain application deployment, which are known as DApps (decentralized applications). Additionally, Ethereum is the go to platform for Initial Coin Offering (ICO) deployment. Making Etherem the most popular Blockchain platform for alternative financing purposes.