How Did Ethereum Gain Its Popularity?

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Last Updated on February 17, 2022 by Eddu Oz

How Did Ethereum Gain Its Popularity?

Ethereum is a decentralized platform that runs smart contracts, these applications that run exactly as programmed without any possibility of fraud or third-party interference.

Ethereum was crowdfunded during its early development stage and is now being developed by the Ethereum Foundation, a Swiss nonprofit organization.

Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed.

Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. The virtual machine’s instruction set, in contrast to others like Bitcoin Script, is thought to be Turing-complete. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

Key Takeaways

📌 Ethereum is more than a cryptocurrency, its blockchain can be used to store small static files as well as arbitrary data through the use of Merkle or Patricia trees.

📌 Ethereum was initially described in a white paper with the objective of building DApps.

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📌 Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM),  which executes scripts using an international network of public nodes.

📌 Ethereum is the second largest cryptocurrency by market cap and price which follows the same price trajectory as Bitcoin.

📌 The new Ethereum 2.0 yet to be released will adopt the proof-of-stake blockchain consensus mechanism which is said to be more efficient, scalable, and sustainable.

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Ethereum was initially described in a white paper by Vitalik Buterin, a programmer involved with Bitcoin Magazine, in late 2013 with the goal of building decentralized applications.

Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed the development of a new platform with a more general scripting language. Development was funded by an online crowd sale during July–August 2014.

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Early on, Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed the development of a new platform with a more general scripting language.

Later, in late 2013, the idea was presented at an internal meeting at Ethereum Switzerland GmbH (EthSuisse). Vitalik immediately dropped the Ethereum name and the project-leading duties to Dr. Gavin Wood, a co-founder of Ethereum Switzerland GmbH (EthSuisse).

What Makes Ethereum So Popular?

How Did Ethereum Gain Its Popularity

1. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third-party interference.

2. Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM),  which can execute scripts using an international network of public nodes. The virtual machine’s instruction set, in contrast to others like Bitcoin Script, is thought to be Turing-complete. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

3. Ethereum’s popularity can be attributed to its unique features and capabilities. It has its own native programming language called Solidity, which was developed especially for Ethereum. What’s more, it reduces the time and complexity which is involved in developing blockchain applications.

4. The platform has gained the trust of many businesses and organizations that find the potential of its technology appealing. This has helped it gain popularity and grab a share against other cryptocurrencies.

5. Ethereum is definitely one of the best online investments you could make right now. Its prices are on an upward trend, so there’s no telling how high they can go! Therefore, investing in the ether now would mean that you will be able to reap the benefits later on. Ethereum is also backed by a strong community of developers and supporters. This will serve as an additional factor for its price to shoot up higher.

6. Many businesses start to accept Ethereum for their payment. One example is the rise of Ethereum betting. Betting is undoubtedly one of the biggest market and money-flowing businesses at the moment. This industry has also adapted crypto into its environment for a couple of years now. There are more and more bitcoin, ripple, and Ethereum betting sites you can find popping up everywhere nowadays.

7. Ethereum is more than a cryptocurrency, it is an online platform on which anyone can build and use decentralized applications (Dapps). Its capabilities go beyond those of Bitcoin and other altcoins; its blockchain can be used to store small static files as well as arbitrary data through the use of Merkle or Patricia trees.

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So there you have it! The Ethereum blockchain platform has made quite the reputation in recent months, especially after the latest hard fork that saw Ethereum split into two entities – Ethereum Classic (ETC) and Ethereum (ETH). At the moment, Ethereum (ETH) is the most popular and highly valued cryptocurrency in the market.

However, Ethereum Classic (ETC) has gained a lot of popularity as well thanks to its network security and minimal downtime. It is predicted that over time both will continue to grow and increase their value. Remember, cryptocurrencies are highly volatile assets – with the potential to either increase or decrease in value. As such, it is best to purchase them with caution and never over-invest.

That being said, the future looks bright for both cryptocurrencies – especially when you take into consideration that they are both highly scalable and unique in their own right!

Ethereum (ETH) Historical Price Chart

Ethereum is trading in its normal range today. Its price could surge or fall in line with market pressure.

Price of Ethereum (ETH) – Today

ethereum
ethereum

Ethereum (ETH)

Price
$ 1,293.73

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