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2.42%
10.13%
9.07%
7.72%
6.94%
6.93%
6.61%
Based on purchasing €100 worth of Litecoin on August 28th, 2024
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Ethereum was first announced in 2013 as a revolutionary technology that provided a platform for developers to create decentralized apps (DApps), rather than only as a coin. Ethereum was the brainchild of the brilliant Vitalik Buterin, who realized that although Bitcoin was innovative, it had several drawbacks. Buterin envisioned a platform with a more general scripting language, with the goal of becoming a digital currency while also making it possible to create and execute distributed applications and smart contracts without any interruptions, fraud, outside control, or intervention.
Ethereum’s core development team consisted of a group of bright minds and blockchain enthusiasts that worked together to foster and realize Vitalik Buterin’s vision. Alongside Buterin, prominent figures such as Anthony Di Iorio, Charles Hoskinson, Mihai Alisie, Amir Chetrit, Joseph Lubin, Gavin Wood, and Jeffrey Wilke collaborated to create the Ethereum white paper, which served as the cornerstone for the development of Ethereum into what it is today. This dream team set out to build a decentralized platform that would facilitate a wide range of applications, opening the door for a more democratized and decentralized digital future rather than just creating a coin.
The non-profit Ethereum Foundation, based in Switzerland, assumed responsibility for managing the Ethereum platform’s development after its launch. The organization has played a crucial role in maintaining the progress of technology and finance, encouraging research and development, and guaranteeing the stability and uninterrupted operation of the Ethereum network.
Ethereum opened a new chapter in the history of blockchain technology and cryptocurrencies by launching not only a new coin but also a new platform that makes it possible to create and run DApps and smart contracts without being hampered by fraud, censorship, or outside influence.
But what are the aspects that make Ethereum stand out distinctly in the blockchain domain?
Smart Contracts: The primary distinction is the implementation of smart contracts, self-executing contracts with the terms directly written into code, which revolutionized the way transactions occur, eliminating the need for an intermediary and ensuring that all parties adhere to the contract’s terms.
Decentralized Applications (DApps): Offering a platform for developers across the globe to create and deploy decentralized applications, Ethereum broadened the horizons of blockchain technology from being a mere transactional platform to a developmental one.
Ethereum Virtual Machine (EVM): The EVM runs on the Ethereum network and allows anyone to run any program, ensuring that the process of creating blockchain applications is simplified and much more efficient than previously.
Decentralized Finance (DeFi): Ethereum is the primary platform for the emerging DeFi sector, allowing for the creation of decentralized financial applications that offer a wide array of financial services without the need for traditional financial intermediaries.
As the blockchain realm continues to evolve, Ethereum doesn’t rest on its laurels. The platform is evolving, with Ethereum 2.0, often referred to as ETH 2.0 or Serenity, set to usher in a new era in the cryptocurrency domain. Transitioning from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus algorithm, Ethereum 2.0 seeks to solve issues related to scalability, security, and sustainability that have been prevalent in its network. This transition is anticipated to allow the platform to process transactions more rapidly, reduce energy consumption, and enable it to scale to accommodate the ever-growing demand for its blockchain.
In contrast to Bitcoin, Ethereum functions as a platform that permits peer-to-peer contracts and apps using its own money in addition to being a blockchain-based currency (ETH). With many decentralized apps and smart contracts that use Ether, the native coin of Ethereum, for transactions, the Ethereum blockchain is a vast network. Without the need for a centralized authority or middleman, these smart contracts are self-executing agreements in which the terms of the sale are clearly spelled out in lines of code. The network of nodes monitors these contracts to make sure the pre-established regulations are followed.
The blockchain of Ethereum does more than just facilitate decentralized value transfers. It is powered by its blockchain and runs on a globally distributed computer, allowing developers to create and run decentralized apps from anywhere in the globe. In this environment, decentralized autonomous organizations (DAOs) can be established, upending our conventional financial and governmental structures and building a democratic financial ecology.
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