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Ethereum was developed to be the decentralized computer for the crypto world. It operates as an independent network, allowing developers to cross boundaries of what’s possible and create applications for users. What for long was thought to not be possible happened with the introduction of self-executable smart contracts on the Ethereum blockchain.
What is Ethereum?
Ethereum is the second-largest cryptocurrency asset in existence, launched in 2015 by Vitalik Buterin and other developers. It was released as an upgrade, a better version of Bitcoin. The idea? To expand the potential of blockchain technology beyond just transacting and exchanging value. It strived to change the way we, as users, interact with it by providing unlimited possibilities thanks to programmable contracts. So what can you do on-chain? Swapping, earning interest, minting tokens, and trading—it's all possible.
Ethereum is the most popular smart contract platform, with many layer 2s built around it. Its robust ecosystem is what’s keeping it alive despite slow throughput and expensive fees. Although it’s constantly changing for the better and improving, there’s a long way to go.
Why use Ethereum?
Then there’s a valid question—why would you even use Ethereum? While the critics have a fair point citing its cons, its ecosystem is vibrant and worth checking out. Want to swap tokens? Use Uniswap. Need to sell your NFT? Go to OpenSea. Wish to earn interest? Try Aave and lend your money. As you can see, the sky is the limit when it comes to what you can do with your coins.
If you crave an established and multipurpose blockchain where you’re not limited, Ethereum might be just for you. If your portfolio is too small to handle the expensive fees and network activity spikes, don’t even consider it.
How Ethereum works
Ethereum was built on top of blockchain technology. As a result, the Ethereum network is a public distributed ledger, which is transparent by design. It is based on a proof of stake system, where validators validate transactions based on their stake in the network. This approach is much more efficient and scalable than proof of work, where miners compete to solve the mathematical problem.
Ethereum utilizes gas fees, which are calculated based on how complicated your interaction with the network is. The fee is measured in gwei, which is determined by network conditions and then multiplied by the required gas limit. Depending on when and what you do, your transaction fee may slightly differ.
Vitalik Buterin introduced a concept called the blockchain trilemma, which made it impossible to achieve all three: security, scalability, and decentralization. Some blockchains claim to have overcome this; there is virtually no way to have all three without sacrificing one.
As of now, the developers are working on sharding support for Ethereum, which will increase scalability and potentially allow the network to process up to 100,000 transactions per second and decrease gas fees to make the ETH network accessible to everyone.
Ethereum's timeline
The Ethereum whitepaper was released in 2013 and got many people interested. Ethereum launched an ICO, which gathered $18.3 million worth of Bitcoin. The network launch happened on July 30, 2015. Not so long after, the ERC-20 standard was introduced, which allowed everyday users as well as developers to set up their own tokens. These tokens then could be held and traded. In 2022 a new, long-awaited upgrade was introduced called The Merge. It changed the consensus mechanism used by the network from Proof of Work to Proof of Stake, making it more environmentally friendly. The issuance of new coins decreased too, making the inflation less noticeable.
After all these upgrades, there have been talks about the flippening—Ethereum flipping Bitcoin and becoming the largest digital asset. The market has not repriced Ethereum, but all of the improvements have further solidified Ethereum’s position as number two.
The risks of Ethereum
There’s nothing on the planet Earth that doesn’t involve any risk. Although Ethereum is relatively safe, there are some things you should be made aware of. Firstly, it’s very volatile, just like any crypto asset. With the recent introduction of Ethereum ETFs, its volatility will probably diminish as time goes on. The network undergoes constant updates, which are thoroughly tested, but there’s still a possibility of security issues. Then there are scams, which for some reason seem to love Ethereum. After all, the network grants you access to a vast ecosystem where there are plenty of Ponzi schemes, phishing attempts, and more. Even the honest apps can get exploited by hackers, and you may end up in a position with no funds left.
Why Ethereum matters
With the innovations Ethereum at first presented, it opened the door to unknown opportunities. While Bitcoin was the one to introduce people to decentralized and permissionless money, ETH took us to the next level. While Bitcoin was the one to introduce blockchain technology and empower individuals to self-govern their wealth, Ethereum enabled creating programmable money and apps, which started a new era of creating tokens and decentralized communities.
