Table of Contents
- What is Ethereum?
- How Did Ethereum Come About?
- Ethereum Controversy
- Notable Dips: How Far Ethereum Has Fallen In The Past
- Why Ethereum is Going Down: The Speculations and Dips
What is Ethereum?
Ethereum is an open-source decentralized cryptocurrency platform that has its programming language (Solidity) and its cryptocurrency (Ethereum or Ether). Ethereum provides users all over the globe the opportunity to create, monetize and use decentralized applications (dApps) on its network while using Ether as payment. The platform enables users to make payments and receive funds whilst using Ether for gas fees, from the comfort of their homes.
Ethereum is one of the biggest things to happen to the world of digital payment and it is mentioned in almost every cryptocurrency conversation in addition to Bitcoin and Litecoin.
For this discussion, Ethereum or Ether(ETH), which is the cryptocurrency owned by Ethereum, is the major focus of our analysis.
Ethereum is the second most popular cryptocurrency coin with a market value of 1ETH hovering around just over $3000 USD. The price of ETH varies from time to time.
A Brief History of Ethereum
In 2013, a Russian-Canadian entrepreneur and programmer named Vitalik Buterin released a whitepaper about an alternative platform to Bitcoin that would have a design for any type of decentralized platform that developers would want to build.
Buterin became a 2014 Thiel Fellow and he won a $100,000 grant to work on what would become Ethereum. Together with his co-founders: Mihai Alisie, Anthony di Lorio, Amir Chetrit, Charles Hoskinson, Gavin Wood, Jeffery Wilcke, and Joseph Lubin, he set to work. A crowd sale began and $18,000,000 was raised to set the ball rolling.
In late July 2015, the first version of the Ethereum protocol called Frontier was released. However, it was not until August 2015 that ETH was added to the Kraken Exchange platform at $2.77 per coin.
Initially, ETH fell to less than a dollar before maintaining a general value of between $1-7, then $11 in 2016. However, in 2017 as more investors trooped in to invest, ETH was able to reach between $650-750.
Through the years, Ethereum has had its rises and falls: in 2021, it rose steadily until a massive dip between May and July which amounted to a whopping 60%.
In early August of 2021, the Ethereum platform had a new update: The London Hard Fork. The London Hard Fork is a set of five new Ethereum improvement proposals(EIPs).
The EIP-1559 is the…
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