History of ethereum and its evolution over time

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History of ethereum and its evolution over time

This post is about the History of ethereum and its evolution over time via Afrokonnect.

Programmer Vitalik Buterin created Ethereum. All the NFTs and DeFi transactions take place through the ethereum blockchain.

It allows anyone to install permanent or unabashed decentralized applications on it.

As a result, users can use DeFi applications to provide financial services without the need for intermediaries like banks, brokers, and exchanges.

Ethereum holds second place in market capitalization after bitcoin. The platform is still under development.

The original release date was 30 July 2015, and a stable release was on 5 august 2021 in London.

However, this is not the only information you need, and there is more to know about it. Learn More details how to invest in Ethereum the most recent trend in the crypto world.

Ethereum is based on different safety protocols like proof of stake. Ethereum allows both permission and permissionless transactions to take place on its blockchain network.

And, Ethereum uses less than 12 seconds to translate more block confirmation.

It is right to say that it is the hottest cryptocurrency platform in the world for companies like JPMorgan Chase, Intel and Microsoft to invest in it.

But then, ethereum is still growing and faces some of its issues in its scalability. 

History of Ethereum and evolution over time

Decentralized platform:

It is a decentralized software platform of building blocks that can use for multipurpose distributed apps and smart contracts.

It also helps to run these contracts without the involvement of any third party securely and seamlessly.

With its unique feature, there is a rise in demand for ether by developers.

Furthermore, Ethereum is also used as a mode of payment by clients to manage the ethereum platform.

As a result, developers can develop and run some of their applications on either network temporarily or permanently.

Technology advancement:

As we can say that it is secure and efficient, the technology giants started using the platform for a corporation to develop customized Blockchains.

Some technology giants are Microsoft Corporation, JP Morgan Chase Co., Intel Corporation, and the bank of New York Mellon Corp is associated with ether blockchain.

It works on a platform of proof of stake mechanism, a new algorithm under development.

Ether creates a huge demand due to its unique features and is also a great choice among crypto investors.

History of ethereum and its evolution over time

Initial coin offerings:

Initial coin offerings are gaining strength, and some of the most successful firms are raising funds through ICO, which are built on either platform.

One of the most successful ICOs raised around $10 million in just six hours for its first digital liquid venture fund.

In addition, Singapore registered to raise funds through digital tokens.

These are some of the reasons cited to rationalize the price rise of ether in a few years.

However, these still fall short of justifying the current trends regarding ethereum.

NFTs – non-fungible tokens

Non-fungible tokens are unique digital collectables.

They can be a piece of art, a video clip, a painting etc.

Non-fungible tokens have lead ethereum to gain strength because the NFTs market is hosted on the ethereum network.

So people need ethereum first before access to NFTs. To buy and sell NFTs, most of the time, they need ethereum to do it.

So it created more demand for ethereum, and if the demand rises, the prices automatically rise. 

New version 2.0 

Soon ethereum will launch its new version of 2.0 by the end of 2022. It will make the transaction faster and reduces the cost of the transaction.

The transaction fee of ethereum is still low compared to some other cryptocurrencies.

In coming years it can show significant growth in its price and attract more people.

Experts predict the price of ethereum could reach around $19000 by 2025, which is around 145000 INR approx.

It will show a 400% growth in its price. The main reason behind the price gain will remain decentralized platforms like DeFi and NFTs.

These can give ethereum great use rather than bitcoin.

History of ethereum and its evolution over time

History of ethereum and its evolution over time

Conclusion

Last but not least, the long-awaited update of ethereum is coming by the end of this year,

Which will help ethereum to reduce its sky-high costs, and could help ethereum to reach new potential.

Can say that the future of ethereum is bright and hold a long way that ethereum can go. Ethereum is the vast universe of all crypto coins.

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My name is Thomas Isaac, although most people know me by the character handle AK-PLUG. I founded the Afrokonnect Media Brand. I am a music and entertainment industry strategist, content creator, digital marketer, blogger, and all-around nice guy. In 2017, I received a Bachelor of Science degree in Public Administration from Ahmadu Bello University Zaria. Following that, I went on to earn a Master of Arts degree in International Affairs and Diplomacy because I have a strong interest in both traveling and international affairs. Through Afrokonnect, I would be more than happy to provide you with information that is reliable as well as pointers that are helpful. Send me an email if you're interested in connecting with me or if you have a business proposition to discuss.

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