Ethereum is one of the most stable cryptocurrencies in the world. Ethereum is the blockchain-based distributing Platform and Operating System which feature the unique Smart contract concept.
Just to give you the gist of smart contracts, Smart contracts act as “multi-signature accounts” so the funds can be spent only if a required percentage of people agree. Once the contract is executed it can’t be manipulated. Smart contracts help the two parties to execute the deal without involving the third party. For example, I want to sell 30% shares of my company and I create the smart contract with the target of 30% shares and publish it. Interested parties will buy the shares and submit their money, if my smart contract able to collect money for 30% shares then contract will execute the shares will be transferred to the people and funds will be transferred to me But if contract doesn’t get enough funding within targeted time, contract will expire and funds will be transferred back to their respective owners.
Ethereum is a term which is interchangeably used with Ether to refer the Cryptocurrency which we will discuss here today. Ether is a Cryptocurrency which is basically the fuel to the Ethereum Platform. The companies who use Ethereum platform to develop their applications use the Ether to pay for computational resources which will be needed to run the app on the platform.
Ethereum was launched in 2015 and it gained popularity due to its unique concept. Ethereum trading was started on August 7, 2015, with the starting price of 2.83$ and its value dipped for the first 5 months and later on, we witnessed an increase in the price of Ethereum as Microsoft Azure announced a partnership with the Ethereum. Ethereum value didn’t show any major rise in its value in 2016. In March 2017, various research groups and Fortune 500 companies founded the Enterprise Ethereum Alliance (EEA) to customize Ethereum for industry players. EEA has more than 150 members including Microsoft, British Petroleum, and JPMorgan. Formation of this alliance also boosted the value of Ethereum and it crossed the mark of 1000$ on January 7, 2017, and it was trading at 1397$ on January 14. However, Ethereum value dropped by 20-30% one week after the announcement where China and South Korea put the temporary ban on crypto trading for regulatory purpose.
- Price $171.55
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