The introduction of cryptocurrency was such a blessing to the investors who are currently investing in the crypto trading sector. After the invention of Bitcoin, there came many cryptocurrencies, small and big alike that revolutionize the cryptocurrency sector. One such coin was Ethereum which was also known as Ether coin.
The Ethereum coins were the first type of token-based cryptocurrencies that was introduced back in 2013. The Ethereum cryptocurrency was not the typical cryptocurrency that you stumble upon online. Unlike the crypto giant Bitcoin, Ethereum was completely based on smart contracts which made Ethereum completely different than Bitcoin or any other altcoins. Ethereum, in general, is not your typical cryptocurrency it is an open-source, public, Blockchain-based computer programming platform and operating system.
This Ether coin’s Blockchain is developed in the Ethereum platform which makes it faster than Bitcoin. The block time of Ethereum is much less than Bitcoin because of the hashing algorithm and smart contracts that are used in both the cryptocurrencies. The smart contracts are much more advanced than the hashing algorithm. Hence Ethereum gained their prominence from the features that they were providing to their users. Here is a much more information that will help you understand the history of Ethereum clearly.
Brainchild of a programmer
The idea of Ethereum was developed by a programmer named Vitalik Buterin in 2013. The idea of Ethereum was first described in a white paper by Vitalik in a Bitcoin magazine. But when the argument of Bitcoin having a scripting language by the young programmer was not looked on, he decided to develop a decentralized platform for the same which was named Ethereum. The cryptocurrency Ether was derived and developed by Ethereum the platform with some help.
Introduction of Dr. Gavin Wood
Dr. Gavin Wood along with Vitalik Buterin started working on Ether coin which they were successful in developing in the April of 2014. During the same month, they released a yellow paper explaining the Ethereum Virtual Machine (EVM) which was developed using C++, Python, and Java that resulted in the given software and its basic infrastructure.
The enterprise of Ethereum went on to gain the glory that the name deserves by aligning with over Blockchain start-ups, research groups, and Fortune 500 companies and naming the alliance EEA (Enterprise Ethereum Alliance). But the Ether coin was just beginning its journey to greatness which it would eventually gain by winning the trust of the investors from all around the world.
The presale of Ether coin
The Gmbh, a Swiss company developed Ethereum software project post in order to create a network of miners, investors, and other stakeholders. They announced a presale of Ether coins that would provide all the stakeholders with basic necessities for mining and trading Ether coins in the market. In the month of July in 2014 Ethereum allocated the Ether through 42-day presale that allowed them to generate $18,439,086 in exchange for 60,102,216 ether coins. This initial revenue was used to settle all legal debts, pay developers and pay off other financial liabilities.
Growth and success of Ethereum
The presale of Ether coins created turmoil in the market which helped Ethereum to gain a face and reputation in the international cryptocurrency market. After the presale in July, the complete sale of Ether coin reached above $14 million USD in August 2016. The profit gained since September 2014 was then divided between the working force of Ethereum and the non-profit organization of Ethereum. Hence Ethereum became the white knight in the market and later on, anything relating to Ethereum brand was considered to be profitable and reliable.
The Ethereum cryptocurrency currently ranks at the second position in the list of world’s best cryptocurrency after Bitcoin. The market of Ethereum has seen a hike in the December of 2017 which has been the record market capital of $131 billion USD which made the investors rich overnight. Even though the price of Ethereum went down from that point, there have been many surges that have helped the investors to create significant profit ever since.
The Ethereum coin is recognized for its security, anonymity, and its uniqueness. These factors have played a significant role in the success of the cryptocurrency. There are many Online Cryptocurrency Exchange platform that has supported Ethereum coins since the start and is still being a platform for investors to find and transact Ethereum.