What is Ethereum?
Ethereum is a decentralized open-source blockchain that enables smart contracts and Distributed Applications (Ethereum is also a programming language) to be built, erasing the risk of fraud, interference, or control from a third party.
The token used inside the network is called Ether (ETH) and it is used in two different ways, as cryptocurrency to trade like other cryptos, and as a token inside the network to run applications and monetize work.Cool Fact: The time to process a block of Ether is only 13 seconds, which make transactions tremendously quicker than Bitcoin.
Launched in 2015, after only one year the network experienced a flaw in the DAO project’s smart contracts software, with the theft of $50 million worth of Ether.
After that event, the network split into two branches, the new Ethereum (ETH) which evolved in hard forked blockchain (if you don’t know what it means click here for more info), and Ethereum Classic (ETC) which remain on the original blockchain.
During 2017 multiple companies announced the institution of the Enterprise Ethereum Alliance (EEA) with 30 founding members, reaching over 170 members during the same year.
Currently, there is no limit on the production, through mining, of Ether, right now the amount circulating is around 111 million Ether.
Open-source development is on the track, working for a major update, known as Ethereum 2.0
, with the main goal of increasing the transaction volume, by going from 15 transactions per second to up to tens of thousands of transactions per second, this could be a major revolution in the Cryptos world.