3 Facts About Ethereum You Need To Know

By Author: Rea Setia
Total Articles: 10
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When we talk about alt-coins, the first thing that comes to mind is Ethereum. It is one of the most common altcoins to invest in. There are around 500+ cryptocurrencies in the world, ETH is the only one that has the potential to beat Bitcoin with its market cap value.

Right after the release of Bitcoin, Vitalik Buterin co-founded the online news website Bitcoin magazine the very year and wrote hundreds of articles revolving around the world of digital currency. He believed that Bitcoin was one of the many possibilities of blockchain technology and all it required was a scripting language for further development. He later released a white paper in 2013 which described an alternative platform designed keeping in mind the type of decentralized application that developers might want to build. And, that system was called Ethereum.

Now that we have some knowledge about Ethereum, let us now jump to some exciting facts that you may not know about.

1) Ethereum was a crowdfunded platform

The whole idea of Ethereum was born at a time when everyone in the world was still unfamiliar with what cryptocurrencies in India ...
... could become. The idea came into existence back in 2013 by Vitalik who co-founded the online news website that we have mentioned above. Although the idea was there, it lacked a lot of funding that could take the ideation forward.

As you might be aware, there are a lot of tech companies in recent times that are trying to raise funds via crowdfunding, ETH raised money in a similar manner. Everyone who was rooting for a decentralized world backed up this project and helped in any way possible.

2) Not only is Ethereum a cryptocurrency but it is also an ecosystem for decentralized applications.

No, Ethereum is not just a cryptocurrency. The code that is used within the programme has transformed it into a massive ecosystem of its own. There are an array of several decentralized programmes, social media apps, that are now being developed using Ether. In addition to that, the community of Ether has made several huge strides in developing and creating a place where everyone is dedicated to the development of technology. There is a lot of help and support available among people who wants to work with Ethereum.

3) Ethereum is backed by huge businesses

Not only have the developers and investors showed interest in Ethereum, and figuring out different ways you can use the functionality. There are several massive companies that have incorporated the use of Ethereum in their respective verticals. Some of the most famous organizations are Toyota Research Institute, ING, DTCC, Deloitte, Accenture, Banks of Canada, and many others.

Wrap Up

The article can be concluded by stating that Ethereum has its place of its own. Although there is a distinct possibility of this particular type of a decentralized distributed network to become fundamental. However, it is still owing to the very type of network, as it has made it possible for all subsequent blockchain to lay a solid foundation.