Many different cryptocurrencies are out there for you to be interested in, but if you are looking for one that has a lot of people backing it due to its fascinating technological underpinnings, then it might be worth learning about Ethereum. It’s worth getting all the necessary info before you invest, so you know what you are getting into. If you are looking for five fast facts about Ethereum, then you are in the right place, as this guide has been created to give you the full overview. Read on now to learn more about it.
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It Was Crowdfunded
The original authors of Ethereum are Russian-Canadian Vitalik Buterin and English computer scientist Gavin Wood. Nonetheless, when they investigated the possibilities of starting the currency, they realized that they would need some significant investment to make it happen. They used crowdfunding to make this happen, launching it in 2015. Now, many start-ups use Ethereum as a means of crowdfunding.
Ether Is the Token
When you are buying Ethereum, you do not hold any tokens that are known as Ethereum. Instead, you are buying Ether, the likes of which has risen over 100 times its initial value. It’s worth knowing how much the value of the currency is now if you are looking to buy it. You can check out the Ethereum current price index over at OKX.
The Platform is Open-Source
When it comes to the possibilities involved with technology, open source technology is extremely important. Therefore, it might interest you that the Ethereum platform itself is open source. This means that anyone who is using Solidarity, which is known as Ethereum’s programming language, can create their own cryptocurrencies without receiving any interference. This means that if you are interested in creating a cryptocurrency, then Ethereum could be a great place to start.
It Plays a Large Part in ICOs
ICO stands for initial coin offering. It is likely that, if you are the kind of person who is looking to invest in a new token, then this is something that will take place on the Ethereum platform. This means that if you are looking to take part in an ICO, then you should be making sure that you buy enough Ether to be able to purchase new tokens.
It’s Considered to be the Number Two Cryptocurrency
When you are looking into the many possibilities that are involved with cryptocurrencies, it’s worth bearing in mind that the number one currency in the world, both in terms of the transactions that are made with it and the number of people that have heard of it, is Bitcoin. After Bitcoin, however, Ethereum is number two. Nonetheless, these aren’t necessarily fixed categories. This means that in the future, it is worth keeping an eye on Ethereum’s success to see if it could finally usurp Bitcoin as the number one cryptocurrency in the entire world. Many people believe this will be the case in the long term, so that’s certainly something to consider.