With a market capitalization of around 200 billion dollars, Ethereum stands the second number in the list of cryptocurrencies, with Bitcoin at number one being the most reputable and valuable cryptocurrency. The blockchain network of Ethereum hosts around 6000 DApps and serves as a fundamental infrastructure for many buying and selling platforms of crypto, Decentralized Finance Protocols, and markets of Non-Fungible-Tokens. Anyhow, along with its existing popularity, there is plenty of subtle information about Ethereum people are not fully aware of.
1. Ethereum Is an Open-Source Platform
Utilizing the solidarity and the programming language of the network, Ethereum enables individuals to work for the network and develop on it. For example, utilizing the language allows developers to mint their desired cryptos and Decentralized Applications without downtime, scams, rules, or 3rd party involvement. In case you are willing to join the Ethereum community, they will support you. It is being gossiped about that Alliance of Ethereum would apply open-source reference standards to execute the blockchain of Ethereum. It is also hoped that these standards would conceal a lot of stakeholders, automotive industry executives, counselors, supervisors, systems of healthcare, the tech industry, and other organizations. Plus, open-source software has enabled developers and crypto fanatics to develop Smart Apps.
2. Ethereum Used Crowdfunding for Fundraising
Vitalik Buterin is the founder and developer of the Ethereum network, and he released the whitepaper of Ethereum in 2013. At that time, Buterin had no funds to begin developments and had to approach finance. Therefore, Buterin and his co-developers decided to go for crowdfunding rather than asking venture capitalists. This technique brought desired results. The needed funds were raised in a few months, and the Ethereum startup finally came into the market.
3. Tenets Of Ethereum Are Given the Names of Metro & Train Stations
Tenets are supportive blockchains. They are utilized to test modifications and upgrades before going to the main net. There are five tenets of Ethereum. An interesting thing about these tenets is that almost all of them have got a name for train & metro stations across the world.
4. You Can Divide Ethereum Up to Eighteen Decimal Points
After the entrance of Ethereum in the market in 2015, Ether – the currency of the network – got sold for a portion of the dollar. Today, after almost a decade, one Ether is worth more than 1600 dollars; this is well below its all-time high of over 4800 dollars. In case the growth of the coin over the past few years is any indication of future prices, buying and holding a single Ethereum coin would be difficult for many investors. Considering this, Ether has been made divisible by up to eighteen decimal points. It makes sure that if the value goes up in the future, users will be able to buy a portion of the coin.
5. The Transitioning of Ethereum to the POS
You can mine Ethereum more speedily than BTC. It happened because one of the main technologies utilized in its initial mining days and the POW to gain miners’ interest, which caused to sustain the steadiness and performance of the network. However, it is probably changeable as developers are thinking about switching from the POW to the POS consensus mechanism utilizing the latest algorithm called Casper. Sadly, the change would decrease the mining profits.
6. Ethereum Was Not Always on the Second Number in The List of Cryptocurrencies
Ethereum is usually known as the second most used cryptocurrency worldwide. Anyhow, there is no proper evidence regarding the truth of this statement, and it is among the best facts about the Ethereum network. Before the launch of Ethereum, LTC and Altcoins (coins other than Bitcoin) were thought to be the second-best alternative cryptocurrencies. It is the second opportunity for Ethereum to prove itself. Ethereum has gained more than 2800% of its value since its launch in 2014.
7. Ethereum’s Current Version Is Not Original
The current version of Ethereum is a hard fork that resulted in 2016. Its original version is known as Ethereum Classic and is usable even today. Ethereum split was caused by a hack of a Decentralized Autonomous Organization. Anyhow, after amassing more than 150 million dollars of ETH, the Decentralized Autonomous Organization was hacked because its code base contained susceptibilities.