What Is Ethereum (ETH)?
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.
Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the (ICO) was initial Coin Offering $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.
The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there have been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.
Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud.
Who Are the Founders of Ethereum?
Ethereum has a total of eight co-founders — an unusually large number for a crypto project. They first met on June 7, 2014, in Zug, Switzerland.
- Russian-Canadian Vitalik Buterin is perhaps the best known of the bunch. He authored the original white paper that first described Ethereum in 2013 and still works on improving the platform to this day. Prior to ETH, Buterin co-founded and wrote for the Bitcoin Magazine news website.
- British programmer Gavin Wood is arguably the second most important co-founder of ETH, as he coded the first technical implementation of Ethereum in the C++ programming language, proposed Ethereum’s native programming language Solidity, and was the first chief technology officer of the Ethereum Foundation. Before Ethereum, Wood was a research scientist at Microsoft. Afterward, he moved on to establish the Web3 Foundation.
Among the other co-founders of Ethereum is - Anthony Di Iorio, who underwrote the project during its early stage of development. - Charles Hoskinson, who played the principal role in establishing the Swiss-based Ethereum Foundation and its legal framework. - Mihai Alise, who provided assistance in establishing the Ethereum Foundation. - Joseph Lubin, a Canadian entrepreneur, who, like Di Iorio, has helped fund Ethereum during its early days, and later founded an incubator for startups based on ETH called ConsenSys. - Amir Chetrit, helped co-found Ethereum but stepped away from it early into the development.
What Makes Ethereum Unique?
Ethereum has pioneered the concept of a blockchain smart contract platform. Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet. They were designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability.
Ethereum’s principal innovation was designing a platform that allowed it to execute smart contracts using the blockchain, which further reinforces the already existing benefits of smart contract technology. Ethereum’s blockchain was designed, according to co-founder Gavin Wood, as a sort of “one computer for the entire planet,” theoretically able to make any program more robust, censorship-resistant, and less prone to fraud by running it on a globally distributed network of public nodes.
In addition to smart contracts, Ethereum’s blockchain is able to host other cryptocurrencies, called “tokens,” through the use of its ERC-20 compatibility standard. In fact, this has been the most common use for the ETH platform so far: to date, more than 280,000 ERC-20-compliant tokens have been launched. Over 40 of these make the top-100 cryptocurrencies by market capitalization, for example, USDT, LINK, and BNB. Since the emergence of Play2Earn games, there has been a substantial increase in interest in the ETH to PHP price.
Ethereum Price Prediction 2022
According to our deep technical analysis on past price data of ETH, In 2022 the price of Ethereum is predicted to reach a minimum level of $3,588.19. The ETH price can reach a maximum level of $4,269.50 with an average trading price of $3,698.32.
Ethereum Price Prediction 2023
The price of Ethereum is predicted to reach a minimum level of $5,225.35 in 2023. The Ethereum price can reach a maximum level of $6,314.83 with an average price of $5,373.28 throughout 2023.
ETH Price Forecast for 2024-2025
As per the forecast price and technical analysis, In 2024 the price of Ethereum is predicted to reach a minimum level of $7,368.85. The ETH price can reach a maximum level of $9,202.66 with an average trading price of $7,583.79.
The price of 1 Ethereum is expected to reach a minimum level of $10,933.28 in 2025. The ETH price can reach a maximum level of $12,990.22 with an average price of $11,236.63 throughout 2025.
Ethereum Price Prediction 2026
Ethereum price is forecast to reach the lowest possible level of $16,036.26 in 2026. As per our findings, the ETH price could reach a maximum possible level of $18,426.93 with the average forecast price of $16,485.73.
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