- October 22, 2021
- Posted by: admin
- Category: Blockchain, ICO, Investmnet
In this article, we want to talk a little bit about Ethereum, as our coin is based on the Ethereum blockchain. We will cover some questions, such as what Ethereum is when was invented, who did invent it and how does it work.
What is Ethereum?
Ethereum is the second-largest cryptocurrency in the world and has two paths: it acts like money and can be stored, and it also is a way for decentralized finance for developers. It was invented by Vitalik Buterin in 2015. He got involved in Bitcoin, as a 17-year-old in 2011 and co-founded the Bitcoin Magazine, two years later releasing a white paper describing what in 2015 became Ethereum.
Who invented Ethereum?
In 2014, Buterin and the other co-founders launched an idea of crowdsourcing where they sold to whoever entered the campaign Ether and raised more than $18 million, to get the ideology behind Ethereum to take off.
He wanted that the crypto world to do much more than act as a calculator, staking value. So, he created this blockchain network that has an associated cryptocurrency named ETHER(ETH).
How does it work?
Even if at first sight you can buy, trade, and invest ETH, you can also use it to create new applications, crypto especially. It was designed so that developers can easily access this crypto world, on the other end of the line- not as an investor. It is based on the idea of smart contracts, which is a program that runs as a third-party- people can buy and trade the cryptocurrency without involving a bank, so peer-to-peer trading is easier and faster.
But that is not all…this is not all that Ethereum can do. As we live in a world full of possibilities, cryptocurrencies are not the only digital assets that you can create. As we previously talked about NFTs and you now know what it means, you must know that they can also be created using Ethereum. So that everyone can leverage the ownership of some unique items.
It was perfect from the start?
No. Do not think that Ethereum was perfect from start until now because every platform has up and downs with continued hard work behind it. The Crypto world never sleeps. To prove that Ethereum is not as big as Bitcoin, in 2017 a hacker proved to them that the platform is not secure enough for investors and stole $50 million worth of Ether. This massive controversy lead to a split in the community and there were created two blockchains: Ethereum (ETH) and Ethereum Classic (ETC).
Being in 2021, we can still say that Ethereum is still a young platform, but it can do more things than we can imagine. From having its own cryptocurrency to helping other people develop one and enter this world, it’s a massive step. One day maybe it will take over the monopole of cryptocurrency and start a new era. We can say that we are very proud to have our GENiUX Token based on the Ethereum blockchain and hope that you will take this journey with us.