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Ethereum price, charts.

Icon
SymbolETH
CurrencyEthereum
Price287.52
Change 1h-0.23%
Change 24h-5.69%
Change 1w-1.32%
24 Hours Low/High287.52 / 307.09
Circulating Supply99 304 472 ETH
Maximun Supply0 ETH
Updated atAug 21, 2018, 5:42:01 AM
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Ethereum 101: What You Need to Know About Ethereum

To best understand Ethereum and how it works, it is essential to know the brain behind it and what makes it separate from other standard projects. However, before we dive into details, let me introduce Ethereum a bit. Ethereum (referred to as ETH, Ether) is a decentralized system that is not under the control of any single government. When something is new, it always looks unbelievable to people until it hit the mainstream. Most especially when it is technology, people will think it is only for those that are technologically geek.

Unlike cryptocurrency, other online businesses and services are built on a centralized system, which means a single body control. These types of systems are vulnerable to hackers’ attacks and have a single point of failure. Nowadays, many people have adopted the blockchain technology since it ready to take some power away from government and hand it to people.

Ethereum has a cryptocurrency token that is called “ether”. As an open-source and blockchain-based platform, Ethereum provides a decentralized Turing-complete Etherium Virtual Machine (VM), a Virtual machine which can execute scripts utilizing an international network of public nodes. Ethereum can be transferred from one account to another, and for rewarding participant nodes for computation performance. Gas is the pricing technique used to allocate resources and mitigate spam on the network.

Brief History of Ethereum

In late 2013, a cryptocurrency researcher and programmer called Vitalik Buterin who was involved in Bitcoin Magazine came up with an idea of scripting language for Bitcoin application development, but his opinion was not accepted. After that, he came up with a plan to develop a new system that has more scripting language.

During that period, it was made known that Vitalik Buterin describe the idea of Ethereum in a white paper which was sent to a few friends who after that sent it to others. However, about 30 persons met with him to discuss his new concept. What Vitalik was expecting from people was not what he heard, he was expecting critique, but people appreciated his idea.

In January 2014, Buterin’s Ethereum software project was announced publicly, and the formal development began in the same year through a Swiss company and with the core team consisting of Mihai Alisie, Charles Hoskinson, Anthony Di Iorio, Gavin Wood, Joe Lubin and himself. As part of their moves, Vitalik presented his project on stage in Miami at a Bitcoin conference, and after some months they decided to organize a public crowdsale of Ether to fund the development. – Ether is the token used for the ecosystem.

From July to August 2014, the online crowdsale was conducted to raise enough funds for the development of the project. On 30 July 2015, the project went launched with 11.9 million eth coins for the public crowdsale. - This is about 13% of the total supply. The advent of Ethereum was a great one, and people liked it, but they contemplate about its scalability and security.

Meaning of Ethereum and it works

Ethereum is a software program that functions as a decentralized internet and app store. It was the first digital currency to use an ICO (Initial Coin Offering) technique to raise fund for its project. ‘Ether’ is the name of the coin used in this platform, which enables users of the network to pay for the computational resources needed to run the application. Ether is a digital currency that does not demand a third party to facilitate a financial transaction. However, a transaction fee is needed to change anything in Ethereum application; these fees are calculated automatically based on the requirement of the “gas” used.

Ethereum was built on Bitcoin’s protocol and designed based on blockchain technology but was fine-tuned to be supported by the application that is beyond money systems. The only thing that these two blockchain technologies have in common is that; they both save entire transaction histories. However, Ethereum Blockchain does more than that. There is a need for downloading the most recent state, or information of every smart contract within the system, the balance, all the smart contract code as well as where it is stored.

Every Ethereum’s state has millions of transactions, these transactions are grouped to form blocks, and all blocks are chained together with the previous ones. However, to add a transaction to the ledger, there is a need for validation that goes through a mining process.

How to Acquire Ether and how it can be Stored

Ether can be acquired in two significant ways; which are through mining or you buy it. However, buying on an exchange is the most common way to get Ether. To do this, you will use fiat (Traditional money) to buy on the exchange that trades in Ether within your region. Firstly you have to set up an account with them (exchange) and use either your bank account or wire transfer to buy the Ether token. You can get Ether from exchanges like; Coinbase, Bittrex, Gemini, Poloniex, and others.

Ether token is stored in a wallet that is provided by the exchange. Moreover, you can open an ether wallet account on “myetherwallet.com” to store your token. When opening an account on Myetherwallet, a private key would be given, ensured you copy and keep it in a safe place because that can be used to hijack the account. Besides, ether can be acquired through a peer-peer trading, where you pay for it with another agreed cryptocurrency like Bitcoin, and other alter coin.

Conclusively, Ethereum can be used for any centralized system that wishes to be decentralized. Nowadays, it allows developers to build trusted decentralized applications. It has also completely changed the relationship between companies and their audiences. It has as well eliminated the charges and commission fees of some service providers and escrow. Its blockchain technology allows customers to easily trace the origins of the product they are buying, and the use of the smart contract allows safe and swift trading without the need for an intermediary. The future of money is digital currencies, and I believe they are going to change the financial system and the world.

Ethereum Chart

Ethereum Exchange

MarketCurrency pairPriceVolume 24h
Huobi.proETH / USDT$289.36$79 654 368
OkexETH / USDT$289.27$63 473 250
BinanceETH / USDT$289.03$54 685 656
Huobi.proEOS / ETH$287.36$48 619 827
BitfinexETH / USD$280.89$43 364 509
BinanceETH / BTC$287.90$40 760 185
Huobi.proETH / BTC$288.14$36 205 676
OkexETH / BTC$288.26$24 201 342
GdaxETH / USD$285.27$20 170 598
HitBTCETH / BTC$288.04$19 083 125
HitBTCETH / USD$285.13$14 790 057
Huobi.proOMG / ETH$282.99$10 851 748
YObitETH / BTC$278.70$10 708 808
OkexETC / ETH$287.30$6 268 992
BitfinexETH / BTC$287.01$5 430 364
Livecoin.netETH / BTC$290.58$5 356 833
bithumbETH / KRW$293.18$5 342 639
BitstampETH / USD$285.32$4 837 716
PoloniexETH / BTC$287.12$4 364 127
BittrexETH / BTC$288.34$3 895 178
Showing 1-20 of 2,069 items.

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Similar Cryptocurrencies by volume

IconSymbolCurrencyMarket capacityVolume 24h
BTCBitcoin$110 501 164 403$1 563 176 442
USDTTether$2 183 401 110$1 174 346 207
ETHEthereum$28 551 627 123$568 218 539
EOSEOS$4 324 654 177$283 731 208
BCHBitcoin Cash$9 341 867 547$190 196 783
LTCLitecoin$3 174 603 833$127 532 257
ETCEthereum Classic$1 328 793 937$104 202 248
XRPRipple$13 319 221 529$88 972 171
BCCBitConnect$6 455 787 142$63 087 744