You may have heard of Ethereum before and wondered what it is. It is a type of cryptocurrency platform that has been developed since 2013. The Ethereum platform is “open source”, so it is available to the public. It is based on the “blockchain” method and differs from Bitcoin in several aspects, such as block generation time, economic model, payment methods. In Ethereum, new blocks appear in 14-15 seconds, while in the Bitcoin network they are generated in 10 minutes. This allows faster transactions, using the Ghost protocol.
Ethereum was funded by donations
Vitalik Buterin is a researcher in the field of cryptocurrencies, as well as a Bitcoin programmer. The idea of creating Ethereum came to him at the end of 2013, but he did not have the necessary resources to turn his idea into a reality. As many creators do today, he launched the fundraising campaign with the help of the crowdfunding system (forums, social platforms, etc.). His project was successful and the program was completed and launched by July 30, 2015.
Security is the current concern
Whenever you are dealing with a cryptocurrency system, security is a top priority. Although extreme measures have been taken to ensure integrity and protect the platform from intruders, hackers are constantly working to break into security mechanisms and gain access to their own gain. So far, there have been no incidents and the company is vigilant in maintaining security standards and updating them, which is why it offers useful tips on how to trade Ethereum securely.
Ethereum has big companies behind it
Some of the world’s top companies have joined the EEA and support the development of Ethereum. Some of the most prominent companies involved are: Samsung SDS, Toyota Research Institute, Banco Santander, Microsoft, J.P. Morgan, Merck GaA, Intel, Deloitte, DTCC, ING, Accenture, Consensys, Bank of Canada and BNY Mellon.
Ethereum is making impressive progress
The Ethereum Alliance, known as the EEA, is a collaboration of a variety of blockchain start-ups. Fortune 500 companies and research groups also joined. It is a non-profit organization consisting of 116 members of the company. The organization was developed to coordinate the development, distribution and subsequent use of the authorized version of the Ethereum block in all industries.