While many of you are familiar with Ethereum, today we dig a little deeper to uncover some unexpected, but straight up FACTS. These surprising truthbombs about Ethereum, will hopefully shed light on its evolution and impact on the overall blockchain economy. From its origins to its latest developments, follow the wild journey!
Ethereum is the Platform, Ether (ETH) is the cryptocurrency
Ethereum serves as the foundation for the digital currency, Ether. Unlike typical altcoins, Ethereum operates on a more intricate level. Often categorized as a cryptocurrency, Ethereum is actually a blockchain-driven distributed computing platform.
And within this platform, users engage with a digital token known as Ether, facilitating transactions among themselves. Despite this complexity, both the platform and its currency are commonly referred to as Ethereum. On cryptocurrency exchanges, Ether is denoted as ETH.
Ethereum is a Turing Complete
In the world of computing, being "Turing Complete" is a big deal. It's like having the keys to unlock infinite possibilities in programming. Named after the legendary Alan Turing and his groundbreaking machine, a system labeled as Turing complete can mimic any process that a Turing machine can execute. Ethereum wears the Turing Complete badge proudly. Developers can unleash their creativity by crafting programs or smart contracts capable of tackling any reasonable computational challenge.
Through languages like Solidity and Serpent, developers can harness the power of looping, branching statements, and local state storage. These tools are crucial for implementing complex computer programs, ensuring Ethereum remains a playground for innovation.
Ethereum was created by a teenager
The genesis of this groundbreaking project traces back to 2013 when Vitalik Buterin, at the age of 19(!!!), outlined his visionary concepts for Ethereum in a whitepaper. Buterin's vision extended beyond the financial prospects offered by Bitcoin; he envisioned a versatile platform capable of revolutionizing various industries through cryptocurrency technology.
Encouraged by support from the cryptocurrency community, Buterin spearheaded a crowdfunding campaign, which turned out to be wildly successful, setting records as the most lucrative crowdfunding endeavor to date. With this momentum, Buterin made the pivotal decision to leave college and devote his energies to Ethereum full-time.
Alongside a dedicated team of collaborators, Buterin embarked on the ambitious task of developing Ethereum in early 2014. By July 2015, Ethereum was launched into the world, accompanied by an initial supply of 11.9 million pre-mined coins.
You can have your own Ethereum Domain
The Ethereum Name Service (ENS) stands as a decentralized, accessible, and adaptable naming system built upon the Ethereum blockchain. Serving as an on-chain counterpart to the traditional Domain Name System (DNS) found on the internet, ENS offers users the ability to secure and oversee easy-to-remember names for their Ethereum addresses.
This innovative system enhances user interaction by replacing cumbersome hexadecimal addresses with human-readable names, streamlining transactions and minimizing reliance on complex identifiers. Learn more here.
Ethereum is one of the most impenetrable blockchains
Ethereum is open source, decentralised and public. Vitalik Buterin’s goal is for Ethereum to initiate the creation of a new global economy without middlemen.
Its global network of nodes ensures that no single entity can control or censor transactions, while its consensus mechanisms, such as proof-of-work and transitioning to proof-of-stake with Ethereum 2.0, provide security against attacks. Additionally, Ethereum's immutability, achieved through cryptographic hashing and consensus, makes it highly resistant to tampering or unauthorized modifications.
While no system is entirely immune to threats, Ethereum's ongoing updates and enhancements underscore its commitment to maintaining its status as one of the most resilient and secure blockchain networks in the industry. TLDR: It’s very hard to censor or hack.
Ethereum is the second largest cryptocurrency in the word
Ethereum's meteoric rise has propelled it to become the second-largest cryptocurrency in the world. Initially, Ethereum traded at modest prices, remaining below $2 until February 2016. However, a significant surge followed, catapulting its value to $10 by March 4th, marking a staggering 500% increase within weeks.
In December 2016, Ethereum achieved a significant milestone by processing over one million transactions in a single day for the first time. Its rapid ascent has positioned Ethereum as Bitcoin's primary competitor, spawning a multitude of altcoins inspired by its success. And more recently? Ethereum's all-time high price was approximately $4,800 reached in November 2021.
Ethereum is in Space
In 2021, SpaceChain, a blockchain startup, achieved a significant milestone by deploying the the very first Ethereum node in space. This groundbreaking initiative aims to bolster the security and durability of blockchain technology by expanding the Ethereum network beyond the confines of our planet, thereby reducing dependence on centralized infrastructure.
SpaceChain initiated its foray into space with the launch of its first Low Earth Orbit (LEO) satellite in 2018, highlighting its cost-effectiveness compared to traditional geo-stationary satellites. These satellites serve as blockchain nodes for a multitude of functions including data processing, transmission, in-space storage, and application development.
JP Morgan, Amazon and Microsoft are building on Ethereum
These three huge names are undeniably remarkable, yet they represent only a fraction of Ethereum's extensive network of billion-dollar partners. Ethereum boasts the most extensive ecosystem of cryptocurrency projects, with numerous companies constructing their applications (dApps) atop its blockchain.
Its track record of real-world adoption sets it apart, rendering it highly appealing to investors. With a multitude of billion-dollar enterprises eager to collaborate with Ethereum, a plethora of Ethereum-based applications are undergoing testing across various industries, solidifying its status as one of the most extensively utilized blockchains to date.
Ethereum has a built-in “Difficulty Bomb”
Ethereum incorporates a unique feature referred to as the "Ice Age" or "Difficulty Bomb," which systematically raises the mining difficulty over time. This serves as an incentive for the Ethereum network to transition from the existing proof-of-work (PoW) consensus mechanism to the forthcoming proof-of-stake (PoS) consensus mechanism in Ethereum 2.0.
As Ethereum shifts towards PoS, the augmented mining difficulty resulting from the "Ice Age" discourages any attempts to retain the PoW mechanism through forking, thus facilitating the smooth transition to PoS.
Conclusion
Ethereum stands as the de facto second most significant cryptocurrency following Bitcoin, thanks to its robust utilization of smart contracts, which drive numerous tools, projects, and transaction methods. With its current maturity, Ethereum's development trajectory remains vibrant, as evidenced by insights shared on co-founder Vitalik Buterin's blog. Consequently, there is an ever-expanding realm of knowledge to explore, with thousands of developers actively uncovering its limitless possibilities.
Disclaimer
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