30 Nov 2023 02:31:40
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Ethereum is a decentralized software platform based on blockchain technology founded in July 2015 by Vitalik Buterin and his eight co-founders. It enables developers to issue new crypto assets, known as Ethereum tokens and develop decentralized applications (DApps). Now, Ethereum (ETH) is the second largest crypto token by market cap.
Why ETH is Unique
- The second-largest crypto token in market cap
- Pioneered the concept of a blockchain smart contract platform
- Ability to create an unlimited maximum supply of tokens
- Able to host other crypto assets, called "tokens," through its ERC-20 compatibility standard
What Gives ETH Value?
The gas fee is the primary reason behind Ethereum's value. The more transactions happen on the Ethereum network, the transaction fee price will rise. As a result, investors seek to buy ETH coins to pay gas fees.
What Affects the Price of ETH?
- Bitcoin's Price
- High transaction volume
- DApps' transactions built on the Ethereum network
How Secure is The ETH Network?
Ethereum is secured using a proof-of-stake algorithm with Ethereum 2.0's major update and launched in late 2020.
FAQ
Who owns the most Ethereum?
The largest ETH-holding address was an ETH2 deposit smart contract which held over 13.1 million coins or close to 11% of ETH circulating as of 28 July 2022, according to Ethereum data on-chain Etherscan and Coincarp.
What is the difference between Bitcoin and Ethereum?
Ethereum and Bitcoin are somewhat similar, but Ethereum can build and execute smart contracts, which enables a vast ecosystem of applications on Ethereum (Stablecoins, DeFi, DApps, and NFTs)
What Is ETH Gas?
On Ethereum, the term "Gas" describes a unit of measurement for the amount of computational power needed to execute specific network operations. Every Ethereum transaction consumes computational resources, and transactions come with a cost. Gas is the fee required to conduct an Ethereum transaction.
