Many do not know, Ethereum (ETH) is not just a crypto currency but also a technology that is also used for application development.
ETH, launched in July 2015, is based on blockchain, allowing builders to develop and run applications without any fraud, control or interference from third parties.
Ether currency is very famous for its two functions.
First, it is traded as a digital currency in exchange just like any other cryptocurrency. Second, used on the Ethereum network to run applications.
Ethereum is sometimes known as the 'computer of the world' because of its decentralized nature of the internet. This means that centralized servers will be replaced by thousands of nodes managed by volunteers.
The new post-Bitcoin platform was founded by Canadian-born individual Vitalik Buterin with the primary objective of ensuring that centralized applications support a new era of online transactions.
At the beginning of the introduction, a total of 72 million coins were mined and distributed to several individuals involved at the beginning of its development.
It is estimated that 65% of the coins are still stored in the system as of April 2020.
While BTC still stands as the foremost crypto currency, Ethereum's aggressive growth raises speculation if ETH can cut BTC's position in the future.
Stay tuned for the next article, highlighting the differences and similarities between Bitcoin and Ethereum!
