5 Must-Know Facts About Ethereum

Not only by market cap, even by popularity the Ethereum stands next to the Bitcoins, making it one of the important cryptocurrencies to watch for, not only if cryptocurrency investment also if trouble-free financial future is the desire. Indeed, knowing the important facts about such an important cryptocurrency can be beneficial to make an informed decision and therefore, let us here discover the 5 must-know facts of this amazing cryptocurrency called the Ethereum!

  • Ethereum is more than a cryptocurrency; it is a blockchain-based platform for decentralized apps(dapps) and therefore, the developers can utilize it to host their own dapps to enjoy the uncompromising benefits of the Blockchain technology. These dapps are written using the Ethereum’s own contract-oriented programming language called the Solidity! This amazing cryptocurrency was invented by the Russian programmer VitalikButerin in the year 2013!

  • In the year 2016, Ethereum was bifurcated into Ethereum and Ethereum Classic in the wake of the DAO hacking activity. This DAO was a company, which allowed the users to choose those Dapps that are eligible to get funding on the Ethereum platform, for which the DAO tokens, in exchange for the Ether were issued as the voting chips. Somehow a clever hacker found his/her way aka found the loophole present in the system to only loot $50 million worth of Ether, unfortunately. But, to prevent the hacker from utilizing the looted funds, the bifurcation happened, in where the current Ethereum runs on a different blockchain, and the Ethereum Classic still corresponds to the older version as many users still stand by this version.

  • Ethereum’s programming language Solidity is not only used for creating Dapps and smart contracts, it can also be used for creating other cryptocurrencies.

  • The ICO way of raising the funds for cryptocurrency-based ventures is quite popular, where almost all the cryptocurrencies available today host their own ICO’s to generate the necessary funds. Most of these ICO’s available today, that is, almost 77% of them are hosted on the EthereumBlockchain, as it makes the hosting process much simpler!

  • Most of the cryptocurrencies, including the Bitcoins, have a limitation on the total number of coins available but, fortunately, Ether, the Ethereum’s cryptocurrency do not fall under this limited category. Yet, there is one another restriction, which is the number of Ethers available for mining every year, which is set at 18 million in number! Since the value is quite big, this restriction should never cause a problem, indeed!