One of the most successful altcoins is Ethereum. Most investors believe Ethereum is bound to overtake Bitcoin eventually. The applications of Ethereum have paved the way for technical solutions that have enhanced the pace of many mundane processes. Ethereum is expected to perform really well in the future as well. The value of Ethereum to INR has steadily climbed since August 2020, when the value of Eth was 46,800 rupees. It reached an unbelievable 3,87,000 rupees in July 2021 and enjoyed a position of 3,63,600 rupees till October 2021. The beginning of 2022 was a little rough for Ethereum which is getting back on the horse in February 2022.
Although Ethereum has been in the spotlight for a really long time now, there are a few facts that are still not known by many people. Let us take a look at the lesser-known facts about Ethereum.
- Ethereum was crowdfunded – Ethereum is a beacon of a decentralized world. Vitalik Buterin was a believer in Bitcoin and a programmer. He had this idea in 2013 and did not have the funds to get Ethereum going. He turned to crowdfunding and by 2015, Ethereum was launched and publicly traded. Ethereum is a perfect example of the immense power of the internet.
- Tech companies like Ethereum – Not only experienced individual investors but tech giants have also started to invest in Ethereum. Many companies have started to adopt Ethereum blockchain to improve their processes. It is clear that Ethereum will be a big part of businesses for years to come. This also means that companies that handle sensitive digital data and process a large volume of data trust Ethereum enough to handle it. The specific application of this cryptocurrency remains to be seen.
- Programming tool – Ethereum has been used as a base for various decentralized platforms. Games to social networking apps have been based on the Ethereum code. Ether has made amazing developments and built a community of developers. This means Ethereum has carved a space for itself and it is quite clear that Ethereum is more than a mere cryptocurrency. A lot of new tokens are based on the code of Ethereum blockchain.
- Ethereum still has risk – Although Ethereum’s security has not been compromised in any way, there has been some talk about security not being enough. With the launch of Ethereum 2.0, there are certain cybersecurity issues that may arise while the blockchain moves from PoW to PoS model. In simple terms, in its basic form Ethereum is a vulnerable target and can be hacked.
- Smart contracts – Ethereum has been a trendsetter when it comes to smart contracts. If you think that smart contracts are the way to engage more people and get more people to invest then you have probably already invested in Ethereum yourself. Ethereum has provided the perfect platform to further develop blockchain transactions.
- Ethereum caught on fast – Litecoin and other altcoins were in second place till Ethereum was launched. Ethereum has gained over 2800 percent value since its launch and continues to gain popularity and win over investors. Bitcoin was launched in 2009, whereas Ethereum was launched 6 years after this. Ethereum has still managed to give Bitcoin tough competition. The Ethereum price in the first week of February 2022 is 2,35,889 rupees.
- There is no cap for Ether – Unlike Bitcoin which has 21 million tokens that can be mined, there is no real cap for Ether. The only cap that Ether has is that you can mine only 18 million Ether every year. This makes Ether a good trading option for those who are looking to make steady profits.
- Ethereum is responsible for hosting most of the ICOs – The next time you invest in a new ICO, remember it was Ethereum that made it possible. More than 3/4th of the ICOs are hosted on Ethereum blockchain.
- Decentralized currency – Ethereum is widely known for its decentralization. However, according to the currency’s structure, there is a core team that maintains and promotes Ethereum. Many investors believe that this core group has played a major role in the success and upward graph of Ethereum. This core group consists of developers and employees who manage and promote the platform.
- Ethereum is evolving – Ethereum 2.0 has been in the works for quite some time and will be launched in phases. The new PoS model will be adopted instead of PoW. Along with this, developers are considering switching to an algorithm popularly called Casper. This would make mining considerably less profitable. The plans have not yet been announced by Ethereum and that is why there is no need to panic just yet.
Ethereum is one of the altcoins that has a strong backing of a community that is rooting for it to flip Bitcoin. One of the major changes that will occur with the change to Ethereum 2.0 is that Ethereum will be more environmentally friendly. Although there are no guarantees, the success of Ethereum has been predicted by most of the investors.