What Is Ethereum?
If you are interested in cryptocurrency then Ethereum has to be the most popular name you have heard of. You should know that every cryptocurrency platform is directly or indirectly connected with a blockchain. As for Blockchain, it is the mechanism that holds the record of any digital asset and its transaction.
Regarding that, Ethereum is a blockchain that controls and tracks the asset’s record. Although, it has much more application than just tracking or storing. Ethereum is suitable for different applications that unlock other cryptocurrency services.
Yield farming, lending, borrowing, zapping in/out, liquidity pool, buying, selling, and more. So, what is Ethereum, where to buy Ethereum, and how to use Ethereum, all these things will be discussed below. Let’s follow our Ethereum review to learn more.
Who Founded Ethereum?
Founding Ethereum wasn’t done in a single step. In 2013, Vitalik Buterin proposed the concept of Ethereum. In 2014, the founding team started crowdfunding. Finally, the platform was live in 2015. At the start, it had 72 million crypto coins.
The platform has 15 team members. Anthony Di Iorio, Charles Hoskinson, Gavin Wood, Joseph Lubin, Mihai Alisie, and Vitalik Buterin are the popular names to mention. Vitalik Buterin is the founder and others are working as the co-founders.
Ethereum Investors VC
After the initial release, Ethereum has taken over the market more than any other blockchain. It is also the most used blockchain. Because of such high usage, Ethereum has many investors in line. Currently, KR1 is their only leading investor along with 10 others. Let’s have a look at the popular names below.
- Alexis Berthoud
- Julian Sarokin
- Zachary Snader
- 8 Decimal Capital
- Arbi Khodagholian
- Block Ventures
- Kenneth Bok
- Cannor B.Milner
- Karnika Yashwant
Why Was Ethereum Created?
According to the Ethereum guide, most basic cryptocurrency dealing platforms lack features. Even though they are good enough for regular transactions, there were limited options to develop applications. Not to mention, digital transactions were also dependent on different intermediaries. It doesn’t make that much different than the fiat currency transactions in real life.
To remove such financial difficulties, Ethereum introduces the smart contract policy. Smart Contracts are a special type of coding that acts as a legal agreement between the buyer and seller to complete the transaction automatically.
This feature makes the digital transaction completely different from the regular banking system. So, the sole purpose of Ehtereum is to reduce the financial intermediaries or difficulties. Let’s follow our Ethereum review to get an idea of its versatile usage.
Ethereum Foundation or EF is neither a company nor a business investor. They are a volunteer group that helps to improve any kind of Ethereum project or related development.
They are devoted to developing the Ethereum ecosystem by any means. Besides investing, they also offer annual gatherings for developers and share their projects or ideas. It is one of the major reasons behind such high and open source development of Ethereum.
What Is Ether?
According to the Ethereum guide, every blockchain has different types of native tokens to get their services. When users deposit their assets into the platform, it provides tokens as the return value. A platform may have single or multiple tokens but most of them have only one token. As for Ethereum, the token is Ether or ETH.
Users can use them to buy, sell or trade. They can even get the return value by burning the token. As a reminder, tokens are different from regular cryptocurrencies. They have more applications than just trading.
Ethereum Developer Ecosystem
Ethereum Developer Ecosystem means the entire cycle and connection of developers. One of the biggest reasons behind Ethereum’s success is the developers’ ecosystem. It has at least 4 times more developers than any other crypto platform.
Ethereum is an open-source blockchain. So, it has no initial limit of progress or development. Adapting to user demand, developers work relentlessly and do monthly or yearly gathering. There, they share the ideas and development results to discuss and improve even further.
To become a developer, you can learn basic and advanced knowledge from the official tutorials. Not to mention, they also have a proper video tutorial and other facilities to help a developer. A registered developer has to comment and provide regularly. On the other hand, there is also the possibility of rejection and acceptance from the feedback.
The Ethereum blockchain ecosystem is one of the top six ecosystems to keep their developers in the chain. Let’s learn more about Ethereum in the review below. Follow our Ethereum review to learn more about the development.
Ethereum ICO History
As the Ethereum guide says, ICO means initial coin offering. It is like a tradition before starting any cryptocurrency business or platform. The platform owner offers an ICO that is a form of crowdfunding. People invest in the platform and they get the initial token as the return value.
If the investment reaches a certain milestone, the platform would start its journey successfully. As for Ethereum, it has one of the highest successful ICO histories. It started the first ICO in 2014.
The project was valued at $18.4 million. It lasted for 42 days and each day 2000 ETH. In that event, 60,000,000 tokens were sold for $18.4 million. The platform acquired 31, 529 bitcoin and started the project successfully.
What Makes Ethereum Unique?
In the Ethereum review, let’s talk about the unique features. While talking about Ethereum’s specialty, we have to compare it with Bitcoin. Nowadays, there are many improved versions of Ehtereum but the initial difference relies on Ethereum and Bitcoin.
While bitcoin is only suitable for P2P, it does not have any application facility or smart contract. On the other hand, Ethereum has the developing option where a user can do peerless transactions.
All the transactions will be done without any intermediary. There is also an application possibility that can be used for different options like liquidity pool, yield farming, auction, and more.
Is Ethereum A Good Investment?
According to the market, investing in Ethereum is a bit of a technical issue. Even though it is still holding the place after the initial release, many other blockchains are adapting to it. Its application development mechanism is pretty useful for different projects like liquidity pool, zapping in/out, yield farming, and more.
More hybrid and beneficial platforms are in the progress now. They have improved the base Ethereum blockchain by providing new features and security mechanisms into it. Because of that, many adapted blockchains are getting more popular and market rise than Ethereum.
Considering that, investing in Ethereum will provide you a little bit slower profit. If you are looking for a long-term investment then Ethereum would be a good option for you. But, it does come with some risk factors like market rise or demand.
If you are looking for a smooth long-term investment without any worry then Ethereum is a pretty good choice. It is also one of the most trustable ones. There are some other newly developed platforms based on Ethereum. They are not only getting popularity but large profit within a short time.
As Ethereum 2.0 is coming to the show, it is a good option for long investment. We will discuss even more information about investment along with the Ethereum price prediction process. Let’s follow our Ethereum review for more.
How Does Ethereum Work?
According to the Ethereum guide, Ethereum runs through a blockchain mechanism where users can trade cryptocurrencies. Moreover, Ethereum is not limited to only regular cryptocurrencies. It uses different applications thus tokens can be traded as cryptocurrencies.
You should know that Ethereum’s purpose is to reduce financial difficulties. It uses smart contract technology to complete all the financial deals automatically. It helps to go for many other applications like games, auctions, gambling, airdrop, and more. It is the very basic mechanism of Ethereum. Further in the Ethereum review, we will discuss this even more.
As for Ethereum, it is already a well-established platform that can handle all types of transactions and applications. So, it is a mainnet program. This is equivalent to Prod in corporate linguistic.
As you already know about mainnet, the other type is testnet. If a platform or project is still under initial development and not ready for official release then it is a testnet. In Ethereum, developers are creating many new blockchains or programs regularly.
Most of them need a decent amount of time for testing. As long as these projects are still within the early access, they are all testnet. So, Ethereum is a mainnet platform but its projects are first tested in testnet, before being deployed to mainnet.
Ethereum Virtual Machine
Ethereum Virtual Machine, shortly it means EVM. In simple terms, it is a coding part that maintains the distinct difference between codes and projects. While using a platform, EVM makes sure that everything runs through separate rules and executes perfectly.
EVM also provides efficiency and increases individual performance by keeping the connection between host and project. EVM is one of the most important features to create and operate smart contracts.
Ethereum Programming Language – Solidity, Vyper
Ethereum uses smart contracts. Smart contracts are just a form of code to control a transaction. There are two available languages in Ethereum to write smart contracts. Solidity and Vyper.
Is Ethereum A Fork Of Bitcoin?
Fork means copy and develop. If a cryptocurrency platform copies another open-source platform and changes it to use differently, it is called a fork project. As for Ethereum, it is not a fork project. The single idea of Ethereum is unique.
Even though it follows the basic bitcoin transaction idea but it changes the procedure, project, usage, and surroundings differently. Follow our Ethereum guide below to learn about mining it.
Can You Mine Ethereum?
Yes, you can. Ethereum mining has so many different ways. You can do it by joining a mining project or start personally. Personal mining projects may cost high and take a bit more time. Many meanings pools like SparkPool and NanoPool are available to join.
If you want to do it manually then there are softwares like Ethminer, Phonenix, Geth, and Claymore. You can use them to mine Ether. Additionally, you need a graphics card, processor, or other mining machine set up to mine Ether.
Is Ethereum Mining Still Profitable?
In the Ethereum review, let’s talk about its profit scale. As the recent market surge going on, Ethereum is going pretty high despite many other successful competitors. For the record, Ethereum 2.0 is coming which is even more promising and stable
The platform has earned a satisfactory $830 million profit. It shows how much Ethereum is going to challenge the market more than others. It is still the best platform after bitcoin. So, Ethereum is still profitable and the rate is going to get even higher.
Ethereum Explained In Detail
We have already talked a lot about Ethereum. But, it is time to learn a bit more deeply. Ethereum has so many applications and hybrid working methods. Because of those, it is the most used blockchain in the crypto world. Let’s dive into the Ethereum review below.
As the Ethereum guide explains, smart contracts are a coding module that controls your assets. It makes sure that all the transactions will be done automatically. There will be no third party or steps to go through. Moreover, it carries some rules given by the user. If the other user completes those requirements then the transaction will be done with mutual acceptance.
Using those conditions, it is possible to transfer the assets from one platform to another automatically. This feature unlocks the option of yield farming through a liquidity pool. It also provides security and individual activities to the tokens.
Regarding that, smart contracts are the most important feature for virtual finance. Ethereum uses this smart contract mechanism to take care of its token and its usage. Not to mention, Ethereum is the first protocol to introduce smart contracts and their versatile usage. Let’s follow the Ethereum review below to get an idea about DApps.
Decentralized Application (Dapp)
You do know about decentralization, right? A financial system that does not have any intermediaries is decentralized. As the name says, this kind of application controls the machine and completes such trades automatically. Smart Contract is a popular example of DApp.
DApps are not limited to trading usage. Any kind of automatic financial mechanism can be controlled by different types of DApps. The auction, Airdrops, Nifty, virtual gaming, space, and more are within the categories.
In simple terms, programmable money is digital assets with value. Users can use them for different usage along with exchanging for real currencies. In the crypto world, they are tokens. Token has real value comparing fiat currencies. Not to mention, they are suitable for different types of virtual applications for commercial usage.
If you want to learn more then follow our DeFi review. Let’s talk about it with a quick review. Our real-life banking system is centralized. Every step needs an individual to complete. Not only does it increase the transaction period but also the chance of rejection.
DeFi is the mechanism that runs through an automatic process. The seller can put any kind of condition. If the buyer agrees to them then the transaction will complete. There is no third party to complete or control the transaction. This process of handling financial deals is known as DeFi. But, there’s some level of centralization problem in DeFi. Let’s talk about NFT in the below Ethereum review.
Nowadays, Non Fungible Tokens or Nifty is one of the most popular topics in the market. It is like a permanent digital asset that often comes through different auction or offerings. Unlike regular assets, Nifty is specially made by world-known artists or developers. Most of the time, Nifty is a rare and collectible item. Learn more in our Nifty Gateway Review.
Stablecoins are special types of cryptocurrencies that have similar value to fiat currency. The ratio difference between cryptocurrencies like Bitcoin or Ether with fiat currencies is pretty wide. To minimize the difference, there is stablecoin.
Tether, Dai, True USD, USD Coin, Binance USD are some of the popular stable coins. They usually hold a close-ratio like 1:1 or 1:2 with fiat currency.
What Is ETH Coin?
ETH coin means Ether. It is the Ethereum blockchain currency that is used for all internal transactions and other services. There are two basic usages of Ether. One of them is a cryptocurrency for trading. Another one is for different applications and blockchain services.
How May ETH Coins Are There?
Unlike Bitcoin, Ethereum’s value is not limited. So, there is no restriction on how much Ethereum is possible to gain from mining. In 2017, Ethereum crossed $72 million. In 2020, it crossed the $100 million mark. With time, the number is going to increase. The recent market rise indicates such major progress as well.
What Is The Max Supply Cap Of ETH Coin?
As we have mentioned, Ethereum stock has no cap or limit like Bitcoin. Bitcoin has a limit of $21 million coin supply per year. Ethereum can go as much as possible. Although, they have a record of $18 million supply in a year. So, there is a possibility of getting even higher.
How Many Ethereum Are Left?
As you already know, there is no cap or supply limit for Ethereum. So, there is no worry about how much Ethereum is left. As long as there is demand, Ethereum will grow. The platform has a design to go for unlimited coins until EIP-1559 is implemented, which will make ETH deflationary and reduce supply gradually. The amount will grow as much as necessary. As for now, Ethereum has reached the $100 million milestones.
How To Buy Ethereum On Centralized Exchanges?
Cryptocurrency trading policy requires a decentralized financial mechanism. So, if you want to buy Ehtereum on a centralized exchange then you have to go through some distinct process. Let’s learn about how to buy Ethereum with a credit or debit card or bank transfer.
In simple terms, regular trading like buying, selling, or exchanging is considered a centralized exchange or trading. If you buy something through a smart contract-based project like a liquidity pool then it will be a decentralized exchange.
So, you have to buy directly from an exchanging platform with fiat currency. Of course, you have to use a credit card to do so. There are websites like Binance, Binance US, Coinbase and Kraken to go for. Follow our given Ethereum guide below.
- Go to the website and create an account.
- Provide verified information and documents.
- Add a valid credit card and verify it.
- Go to the buying or exchange option and provide the amount.
- Confirm the transaction.
How To Buy Ethereum On Decentralized Exchanges?
If you want to buy Ethereum from a decentralized exchange then you can buy it by exchanging with other cryptocurrencies or tokens. There are blockchain platforms like Ethereum, Coinbase, UniSwap where you can get it. Let’s follow our Ethereum guide below.
- Go to the website and create a valid account.
- Create a third-party wallet like metamask.
- Fund into the metamask website and buy Ethereum exchangeable currency.
- Connect the metamask wallet with one of the available platforms.
- Exchange the Ethereum currency (ETH) with the wallet fund.
- Confirm the transaction.
Ethereum Airdrop – ERC-20, ERC-721 Tokens
In simple terms, Airdrops are promotional cryptocurrency or token distribution. Many coin holders or newly introduced platforms offer a certain promotional coin to their existing or new users.
As Ethereum is already a stable platform, you may not get regular airdrops. Although, it is possible to get some from new Ethereum projects. As for token airdrops, they usually come as either ERC 20 or ERC 721 tokens.
ERC token is a standard Ethereum token where tokens like USDT, LINK, BNB, USDC are more are available. There are more than 350,000 ERC 20 tokens available. On the other hand, ERC 721 tokens are usually non fungible tokens known as Nifty or NFT.
According to coinpriceforecast’s Ethereum review 2021, Ethereum will continue to get market surges despite having huge competition. The price may rise more than $4000 in 2021. In 2022, the price can get almost double that is more than $10,000. Without an extreme price upgrade, the price will go up steadily.
The Ethereum value may be higher than $21,000 by the end of 2025. Within 2030, the price may be double and go around $40,000. As the market price goes up and down pretty fast, it is hard to expect. But, Ethereum is going pretty well and will continue to go even further.
How To Store ETH Coin In Crypto Wallets?
Storing Ether into a crypto wallet is pretty easy. You can do it with few steps. Let’s follow our step-by-step Ethereum guide below.
- Go to any of the acceptable websites like Ethereum, Coinbase, Uniswap, and so on.
- Create an account with verified information.
- Create a crypto wallet like metamask and verify it as well.
- Connect the wallet with the platform’s account.
- Exchange the currency with a suitable one and store it in the crypto wallet.
- Make sure to keep the private and public keys safe.
Pros And Cons Of Ethereum
|Pros of Ethereum||Cons of Ethereum|
|Decentralized Financial system||Scaling has issues|
|Established and Trustworthy||Similar to gas|
|High security||High volatility|
|No currency cap or limit||Contributing to Ethereum blockchain is complicated|
|Supports both Solidity and Vyper||Adaptability is a little bit low comparing many new platforms|
|Supports EVM||Too many competitors|
|One of the largest crypto market in the business|
|Large and active ecosystem|
|Suitable for applications|
|Supports Smart Contracts|
|Ethereum 2.0 is coming with more features|
ETH 2.0 History
After the initial release of Ethereum, it is going pretty well. But, there are so many flaws with the platform as well. As the technology grows, the platform has to adapt to it.
Scalability and many other features are not quite the best in Ethereum. As the project is still under development, there is no history to talk about. Let’s explain more in the Ethereum review below.
ETH 2.0 Launch
As we have mentioned in the Ethereum review, they are becoming pretty eye-catching problems. To improve them, ETH 2.0 is said to be coming within 2020-2021. Although the major development is reaching the final stage by now. So, the release may take more time. We may finally see the project launch in 2022-2023.
Ethereum Transition From Proof Of Work To Proof Of Stake
As we are talking about ETH 2.0, let’s talk about its major working procedure in the Ethereum review. ETH 2.0 is going to use Proof of stake instead of proof of work procedure to control the mining process.
In proof of work, every miner has to solve certain complex math and the highest or most powerful device becomes the winner. On the other hand, proof of stake determines the winner randomly. Any miner is eligible to get the chance after reaching a minimum mining limit.
The winner gets the chance to recommend a certain block. It improves the overall selection and judgment quality. Learn more about staking in the Ethereum review below.
How To Stake Ethereum ETH 2.0?
According to the Ethereum guide, Eth 2.0 is going to adapt the main Ethereum blockchain. Apart from the improvement, it is more like a fork project from Ethereum. So, the staking process is the same as it was.
Staking means lending or investing. You have to go to the official website and create an account. Then go to the lending or deposit option. Select your favorable interest rate from the available options. Provide a deposit amount and confirm the transaction. Instead of the main blockchain, you can also lend to other projects.
Bitcoin vs Ethereum
In the Ethereum review, we are going to give a difference chart on ethereum vs bitcoin. Let’s have a look below.
|Market Share||Largest||Second Largest|
|Usage||Currency||Currency and application|
|Volatility||Highest||High but different than Bitcoin|
|Highest Supply||$21 million||$18 million|
|Transaction||More like a centralized process||Decentralized|
|Smart Contract Support||Mostly No||Yes|
Is Ethereum Safe? Is Ethereum A Pyramid Scheme?
As the record and experts say, Ethereum is pretty secure and its backend coding is stronger than most of the platforms. Although, every platform is under constant hacking threat. Not to mention, hackers do get into the platform on some occasions. But Ethereum has very few incidents like that.
It is also one of the most secured ones. Besides, the platform covers up for any security issue. So, it is trusted and secured. As for the pyramid scheme, it is a business structure where users earn through inviting or adding more users. This model is highly controversial and banned in many countries.
It is the very basic model of scamming a large number of people. Ethereum has no mechanism for such business. In short, Ethereum does not follow a pyramid scheme. Although, every platform has some affiliate options that are not relatable to the pyramid scheme. Follow our Ethereum review below for investment ideas.
On the other hand, Ethereum Classic has been hacked twice (51% attack) recently. Ethereum Classic is a fork of Ethereum.
How To Invest In Ethereum For Long Term?
Investing for the long term needs a clean Ethereum chart with predictions to determine if the investment would be fruitful. Follow our review to get the Ethereum price prediction. As we have already discussed, Ethereum is expected to gain a large profit scale in the upcoming years.
The initial release of Ethereum 2.0 even raised the bar even higher. So, follow our investing or staking procedure to invest into the platform. For the long term, Ethereum is a secured platform to go for.
Is It Too Late To Invest In Ethereum?
According to the Ethereum guide, it is not yet late to invest in Ethereum. High competition from the competitors may challenge its market share. But, Ethereum secured and high market share makes it still the second-highest cryptocurrency platform.
Not to mention, the recent market price is getting higher and higher. Its development and usage are growing even more. So, it is not late to invest. Start your investment today. Follow our Ethereum review to learn the procedures.
Will Ethereum Overtake Bitcoin?
It is a complicated topic to talk about. According to the market statistics, it is pretty unlikely that any platform can take over Bitcoin. If there is then Ethereum is the closest one. Although, there are some slight possibilities because of some limitations.
Bitcoin is limited and its usage is only as a currency. On the other hand, Ethereum can be used for currency or application and there is no limit either. So, Ethereum does have a run to overtake Bitcoin in the distant future.
Who Owns The Most Ethereum?
As most of the account detail is hidden, it is hard to find out the real highest ETH owner. Although there are some hints because of the statistical announcements. The highest account is holding more than $7million Wrapper ETH that is approximately 6.27%!
Followed by, another user is holding more than $3million ETH that is more than 2.99%. According to many rumors, Joseph Lubin is one of the top holders that has a value of over $10 billion.
How Do I Sell Ethereum For Cash?
Selling Ethereum is as easy as buying. As we have mentioned in our Ethereum review, it can be used both as currency and application. Let’s talk about the procedures in the Ethereum review below.
- First, you have to store ETH in a third-party wallet like metamask.
- Then, go to any crypto exchange like Coinbase that allows you to sell Ethereum and go to the selling option.
- Connect the wallet. Then put in your desired amount to transfer and verify the order.
- Complete the transaction in the crypto exchange by hitting sell and it will be traded for fiat currency.
- Withdraw Fiat currency to bank to get your cash.
Is Ethereum The Future Of Money?
Speaking of the truth, it is highly possible. The mechanism is already going on. Bitcoin could be the major currency to provide such an offer. But, their limited cap is a huge issue. Unlike that, Ethereum is unlimited. But, this is going to change soon with EIP-1559 improvement proposal.
Ethereum supply will go down and become deflationary with the basefee in EIP-1559.
So, if its availability and security can be developed as transparent as real-life banking, it is possible. That will also make Ethereum overtake Bitcoin to be the most demanded cryptocurrency.
What Companies Use Ethereum? Ethereum For Enterprise
In the Ethereum review, let’s talk about different commercial brands that accept Ethereum as tradable value. With the growing market availability and versatile usage, Ethereum is getting into large commercial platforms.
Many popular companies are taking it as the acceptable value for their platform. Let’s have a peek at the list.
- Anheuser-Busch Inbev
- Signature Bank
- Northern trust
- BP PLC
- Coix Health
We have talked a lot in our Ethereum Review. Let’s talk about some of the alternatives to go for. Follow our brief Ethereum review of competitors below.
Polkadot is a competitor for any blockchain. Unlike others, there is no limitation in it. A user can use multiple parallel blockchains together and even customize them. It provides all sorts of facilities a crypto platform can offer. Follow our Polkadot Review and DOT Price Prediction to learn more about it.
Binance Smart Chain is another top competitor to replace Ethereum. You can use their main Binance Chain along with this parallel Smart Chain. It provides all the cryptocurrency and yield farming facilities with the lowest cost and highest efficiency. Follow our Binance Smart Chain review to learn more.
Tezos is one of the largest blockchain ecosystems that is growing every day with so many latest features. It is a great platform for investment and passive earning. It also uses smart contracts and many other improved DeFi facilities to complete all the transactions.
Cardano is one of the latest and promising platforms to look for. It may not be the direct alternative to Ethereum but a good one to try. It is an open-source platform that also uses smart contracts. It is still in the starting phase but the progress is good enough to go higher.
Ethereum Social Media Handles
According to the Ethereum guide, you can track Ethereum news and its development announcements through different social media contacts. We are providing the social media handles for easy access. Let’s check them out.
Takeaway – Ethereum Review
In our Ethereum Review, we have discussed all of its features and other important information. Let’s have a quick review of the platform again. As you know, Ethereum is a platform rush through blockchain to take care of cryptocurrency and digital assets.
Without a doubt, it is a DeFi protocol and uses smart contracts. Not to mention, it has EVM support for an even better experience. According to the market, it is the second-highest platform in the market and one of the top-grossing ones. Its native coin is Ether (ETH).
Besides cryptocurrency, Ether can be used for development purposes. It unlocks the usage of the liquidity pool, auction, Nifty and more. As for investment, Ethereum is going higher like crazy. The stats are so high. It makes Ehtereum a perfect platform for investment and high profit.
So, if you are interested in earning through cryptocurrency then Ethereum is one of the top choices. Not to mention, the upcoming Ethereum 2.0 is promising enough to get a huge success.
The phase 0 of Ethereum is already live but the full implementation is a year or 2 years away. So, start your Ethereum business today and build a profitable crypto business in 2 years before ETH 2.0 scales to the level you want. Hope you enjoyed our Ethereum review!