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10 Must Known Facts About Ethereum

In the Bloqtimes series of “10 Must Known Facts” about cryptocurrencies we already talked about 10 Must Known Facts About Bitcoin and now we bring 10 very interesting facts about Ethereum. The official development of Ether project started in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse). Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was also created to support the development process. Much needed development capital for project was collected by an online crowdfunding during July–August 2014, with the participants buying the Ethereum token (ETH) by spending Bitcoins source: Wikipedia. Below are the 10 interesting facts you must know about Ether.

1. Ethereum was proposed by a young cryptocurrency researcher and programmer Vitalik Buterin in late 2013 and went live in mid 2015.

2. Ethereum is an open-source, blockchain-based distributed computing platform featuring smart contracts functionality, click on link for Ethereum white paper. Ethereum Virtual Machine (EVM) is the runtime environment for executing smart contracts on Ethereum platform.

3. Ethereum is written in C++, Go and Rust. It has its own contract-oriented programming language for implementing smart contracts, called Solidity.

4. Solidity can be used to design, create your own cryptocurrency and decentralized applications (Dapps).

5. In 2016 Ethereum was forked into two separate blockchains: Ethereum and Ethereum Classic.

6. Unlike Bitcoin there is no upper cap of how many Ethers will be generated, instead issuance of Ether is capped at 18 million Ether per year.

7. Ethereum price hit a maximum of $881.94 USD on 19th Dec, 2017. Currently, there are around 97.39 million Ether in circulation with a total market cap of $68.32 billion. Ethereum ranks #2 in cryptocurrency market cap.

8. Ethereum currently uses Proof of Work (PoW) algorithm but soon will be switching to new consensus algorithm under development, called Casper which is expected to be more efficient and require less mining subsidy.

9. Ethereum blockchain platform is so popular that it is utilized by 77.74% of all ICO companies projects, source.

10. Yes, Ether is mineable and currently roughly 3 ETH are created every 15 seconds (1 block).

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Bryan is an avid news reader and a crypto investor. You will often find him busy researching about cryptocurrencies on a beach side.

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