The second largest blockchain network Ethereum has truly changed the crypto-verse since its debut. The new-comer [compared to Bitcoin] stepped heavily on the gas pedal of growth and many predict that it will fly past even Bitcoin – the lead by market cap.
Ethereum – Ether
The network is an open-source blockchain tech platform that supports smart contracts while being able to move its currency Ether speedy and very securely. Ethereum is designed and made of a two-layer infrastructure. The main one being of individuals-controlled private accounts, and the second of contract accounts. With its birth, it brought a new generation of cryptocurrencies in the ecosystem as since then many platforms have been introduced with various solutions or applications. Similar is Ethereum itself as it allows developers to create dApps on its network.
Ethereum was first launched via an Initial Coin Offering (ICO) that was held from July to August 2014. At this point, however, the Ethereum blockchain network was more of a theory than it was a working product. It wasn’t until a year later, on July 30th, 2015, when the first genesis block was minted and Ethereum’s rapid growth began.
It is the first to put up real competition for the well cemented Bitcoin as it differentiated itself strongly on different points. One of them being much faster and efficient transactions.
Vitalik Buterin, explained his reasoning behind creating Ethereum, saying:
“I thought [those in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.”
What makes the network very promising is first of all its team. For a long time they are directly addressing existing issues publicly and attempting with their best to find solutions for the specific problems. Similar, during an event in Zug they talked about topics like future improvements and scaling.
The co-founder Mr. Buterin, highlighted very clearly while giving positivity to the ecosystem by saying that the public demand for blockchain solutions is very high which makes the team achieve true stability for their created network.
The comments of the team continued with the much-talked about Casper upgrade. The improvement will be initiated during 2019 to create Ethereum network 2.0 with a follow-up of 3.0 in the coming years.
This way, the platform would get hold of quantum secure systems that can keep up with the processing power of quantum computers.