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What Is Ethereum? How Did It Become the World’s Second-largest Cryptocurrency?

What Is Ethereum? How Did It Become the World’s Second-largest Cryptocurrency?

Ever wondered how Ethereum came out of nowhere and became the second-largest cryptocurrency and now following the footsteps of Bitcoin to become a market giant. We have tried to answer the questions in this post.

What is Ethereum?

It is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform which means Ether is a token of Ethereum, unlike Bitcoin which is a coin. It is also one of the most used blockchains in the market today. It was proposed in 2013 by programmer Vitalik Buterin (now the world’s youngest billionaire). Development was crowdfunded in 2014, and the network went live on 30 July 2015, with an initial supply of 72 million coins. It is not just a platform but also a programming language on the blockchain helping developers to create distributed applications.

When I came up with Ethereum, my first thought was, OK, this thing is too good to be true.’ As it turned out, the core Ethereum idea was good – fundamentally, completely sound.

-Vitalik Buterin

Second Largest Cryptocurrency

Let’s take a look at how it started, The ICO was the second ICO ever and took place for 42 days (22 July 2014 – 2 September 2014). The ICO collected 31,500 Bitcoins that at the time were worth approximately 18,400,000 USD. Since the inception, Ethereum has only moved upwards and there is no looking back. It has been gathering a lot of interest amongst the cryptizens which has lead ETH market capitalization to reach 22.8 Billion USD with 110,824,577 ETH as its current circulating supply. It is currently valued at $213 today. The 24-hour price movements indicate that $23,641,679,834 worth of ETH was trading.

Ethereum | Live Crypto

In April 2021, the market cap reached new heights and grew to over 250 billion U.S. dollars – the first time this cryptocurrency achieved that feat.

Ethereum Blockchain

Ethereum Blockchain is a programmable blockchain. It is far more than just for payments. It’s a marketplace for financial services, games, and apps that can’t steal your data or censor you. Ethereum-blockchain

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About Author

Prashant Patil

Keen Crypto enthusiast/investor and an optimist at heart. A life-long gamer and tech enthusiast.