Ethereum has grown by leaps and bounds in the past year and it’s incredible to think that this digital currency has only been around since 2015. Ethereum is even more impressive once you start learning about its potential to make people’s lives easier through smart contracts, computer programming that can be used to automatically execute the terms of any contract. Below are ten unbelievable facts about Ethereum that you probably didn’t know before today. If your business uses Ethereum or if you’re thinking of using Ethereum in the future, there’s no reason not to read on and learn more about this exciting new cryptocurrency!
1) Ethereum is more than just a cryptocurrency
Ethereum is more than just a cryptocurrency. It’s an open software platform based on blockchain technology that lets anyone build and use decentralized applications that run on blockchain technology. These apps can be used for everything from smart contracts to voting systems. The potential applications are limitless.
2) It was created by Vitalik Buterin
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
It was created by Vitalik Buterin when he was only 19 and he’s been working on it ever since.
In 2016 Ethereum became the first decentralized application to take more than $1 billion in ICO.
3) The native currency of Ethereum is called Ether
Ether is the native currency of Ethereum and is used to pay for computation on the Ethereum network. Ether can be traded and exchanged like other cryptocurrencies, but its primary use is as a form of payment on the blockchain.
4) There are two types of nodes on the Ethereum network – full nodes and light nodes
There are two types of nodes on the Ethereum network – full nodes and light nodes. Full nodes store a copy of the entire blockchain and can execute smart contracts, whereas light nodes only store a partial copy of the blockchain and cannot execute smart contracts. This distinction is important for businesses looking to integrate with the Ethereum network because it determines whether or not their applications will be able to interact with smart contracts.
5) There are three types of clients used to connect to the Ethereum network – Geth, Parity and Eth
There are three types of clients used to connect to the Ethereum network – Geth, Parity and Eth. Geth is written in Go and provides a full node for the network. Parity is written in Rust and also provides a full node. Eth is a light client designed with mobile devices in mind that relies on third party servers to provide data (blockchain syncing).
6) Smart contracts on Ethereum can be written in Solidity, Vyper or LLL
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
7) Decentralized applications (DApps) can be built on Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
8) The most popular DApp built on Ethereum is CryptoKitties
Ethereum is an open-source, public, blockchain-based distributed computing platform that supports smart contracts. CryptoKitties is the most popular DApp built on Ethereum and has over 250,000 players and 400,000 kittens to date. In December 2017, CryptoKitties was the #1 application on ETH Gas Station’s list of top applications by transaction volume.
9) The Ethereum network is powered by the ETHash algorithm
Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship or third-party interference. The Ethereum network uses ETHash as proof-of-work. Transactions are considered complete once they are included in the blockchain and can be included in blocks. Blocks must contain a proof of work to be considered valid. The difficulty of the network determines how difficult it is to create a block, which in turn determines how much time it takes for transactions to be verified.
10) The Ethereum Foundation is a non-profit organization that supports the development of Ethereum
The Ethereum Foundation is a non-profit organization that supports the development of Ethereum. It was created to promote and support new technology, research and development for the benefit of all people worldwide. The mission of the foundation is to promote and provide for the evolution and growth of blockchain technology as well as to educate on its use.