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When Ethereum was launched in 2015, the inventors probably had no idea that they were creating the number two cryptocurrencies with the native token Ether. Indeed, the hearts and wallets of investors have reached the bottom. Ethereum market capitalization is currently around $229 billion. By comparison, Bitcoins have about $544 billion. According to Coinmarketcap, there are 120,457,776 ETH in circulation.
What is Ethereum really?
Ethereum is a decentralized open source platform based on the blockchain. Ethereum allows developers to create dApps. These can be used, for example, in smart contracts or payment systems. In principle, anyone can participate in the Ethereum network. Incidentally, the network is the first ever blockchain to use smart contract technology.
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The founders of Ethereum are Vitalik Buterin, who wrote the white paper in 2013, Jeffrey Wilcke, Gavin Wood (who is also the co-founder of Polkadot), Charles Hoskinson (who later founded Cardano) and Joseph Lubin as a co-founder.
Ethereum or Ether?
The project or platform behind the blockchain is called Ethereum. Ether, the native token of Ethereum, is the fuel of the platform. In general, Ethereum has become – at least partially – the norm for the coin. In short, both are correct.
Why the move to Proof of Stake?
Before moving to proof-of-concept, Ethereum used proof-of-work as a consensus mechanism, which has a bad reputation for energy consumption. This is due to so-called mining, ie digging new coins or verifying transactions. That is why the number one cryptocurrency, Bitcoin, has been repeatedly criticized. To put it simply, the miners have to solve complex algorithmic calculations to verify a transaction. Whoever succeeds first can insert a new block into the blockchain and will receive Bitcoin or, before the change, Ether as a reward. Of course, the miners don’t do that with paper, pen and calculator. Instead, high-performance computers are used, which of course have a huge power consumption.
In fact, mining is so profitable that an entire industry has developed around it. The problem is that their data centers are usually not in countries known for sustainable power generation.
The proof-of-work mechanism also had another drawback: the consensus mechanism is slow. With Bitcoin, for example, seven transactions can be verified in one second, with Algorand, for example, which uses a Pure-Proof-of-Stake consensus mechanism, it is 1,000 transactions per second.
… and something else distinguishes Bitcoin and Ethereum. Although BTC’s anonymous creator Satoshi Nakamoto put his project, i.e. BIP, into the hands of the public years ago, Vitalik Buterin is still closely associated with Ethereum.
The Ethereum conversion and course
With “The Merge” in September 2022, ie the switch to the Proof-of-Stake consensus mechanism, Ethereum moved a significant step closer to full scalability, security and sustainability. The public was initially less enthusiastic about the move to the consensus proof mechanism. No wonder, because the professional miners of Ethereum were thus removing their business foundation. Staking was also not very enthusiastic, at least initially – to be able to participate, you need to have at least 32 ETH. However, there are now stack pools so small investors can stake ether on it as well.
In September 2022, the price of ether therefore entered the basement. Then followed the bankruptcy of the crypto exchange FTX, which also left its mark on the coin – and Ethereum forecasts were sometimes quite gloomy. In the meantime, however, the price has more than recovered – and the energy balance of the number two cryptocurrencies has also greatly improved as a result of the change.
How is the price of Ethereum going?
Ethereum price is currently trading at around 1,900 US dollars and thus has reached a new high for the year. However, the same applies to ether and all other cryptocurrencies: the crypto is extremely volatile. However, the potential of the coin and the blockchain behind it is huge, which is why buying Ethereum can be beneficial. There are even analysts who predict that Ethereum will rise to almost $6,900 by 2034. But a reliable forecast is still difficult due to the volatility.
Ecoterra – the new green crypto project
With Ecoterra, a new green crypto project started this year, which incidentally created a whole new genre in the metaverse: Recycling for Earnings.
The platform wants to use return systems for vacancies, which are available in every supermarket or discount, for example. With each item recycled, Ecoterra users have the opportunity to receive tokens as a reward. These can be exchanged, used or – in the classic way – kept.
The Ecoterra tire in the PreSale
The platform’s native token, the ECOTERRA, is currently available for purchase in the PreSale. ECOTERRA currently costs 0.0004 and is in the first stage of pre-sale. The coin is expected to be listed on exchanges at $0.01 when the pre-sale ends. So if you hit now, you can look forward to a book profit of 150% after the end – even before the ECOTERRA is even listed. In the second stage, a token will cost $0.00475.
Last updated on April 5, 2023
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Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.