Crypto Talks: A Quick History of Ethereum
About 14% of Americans own cryptocurrency. If you’re looking to invest, you are certainly not alone.
Those familiar with cryptocurrency have heard of both Bitcoin and Ethereum. There is a reason Ethereum has been quickly catching up to Bitcoin’s popularity though.
If you are looking to get into the crypto game, you owe it to yourself to research all of your options.
Here is a history of how Ethereum came to be and what may come next.
Bitcoin: The Older Cousin
Bitcoin made a splash in the financial industry as a new, streamlined way to exchange currency. With this cryptocurrency, money could be exchanged without middlemen like banks, making investing more accessible for all.
Bitcoin can offer these benefits because it runs on the blockchain. This keeps exchange costs low and secure. This use of the blockchain sparked the idea for Ethereum, as its founders saw more potential beyond exchanging money.
Ethereum has a long list of eight co-founders, but the most famous of the group is Vitalik Buterin. Buterin is the only founder who is still working on the project, which started when he was only 19 years old.
The team’s vision went beyond exchanging funds, though you can of course do that as well. Ethereum would enable smart contracts that were private, free from censorship, and open to all.
Since its inception, its use cases have expanded to an array of possibilities. Non-Fungible Tokens (NFTs) create an open playing field for artists to earn money. Private companies have created secure networks built on the Ethereum blockchain.
And, of course, you can buy or sell Ethereum, the primary token created from the project. With Buterin at the helm, the future plans make Ethereum investments a wise decision.
Cryptocurrency has changed the world, but it has also been criticized for its power usage.
To continue the level of validation and security that is required for cryptocurrencies like Bitcoin and Ethereum, miners around the world consume massive energy.
Ethereum 2.0 aims to resolve that issue. Ethereum’s current proof of work method will be replaced with a more energy-efficient proof of stake system instead. It will also make the system more scalable.
This means big things for Ethereum users and investors. If you would like to buy Ethereum, it’s the perfect time to check it out!
Not only can you invest before the new version causes prices to go up, but you can start earning interest now. Those that contribute their Ethereum towards staking can earn 5% APR for their assistance in securing the network.
Investing In Ethereum
The unique past and future of Ethereum make it one of the biggest cryptocurrencies to watch. As with any investment, be sure to do your research. Any crypto research should include a solid look at Ethereum, however.
Looking to make the most from your investments? Check out our other articles. We’ll keep you up to date with the latest and greatest!