Our previous blog articles have covered a broad view of cryptocurrency and offered a closer look at Bitcoin.
👀 In this article, we’ll take a closer look at a cryptocurrency and platform that is almost as well known as Bitcoin – Ethereum. You may have heard about some Ethereum news 📰 recently. If you’d like to get the lowdown on Ethereum, what it is and how it has changed, here is our brief guide to get you on a clearer path to understanding.
🌰 Ethereum in a Nutshell
👉Ethereum is an open source blockchain that is known for its smart contracts functionality. This serves as the basis for its native cryptocurrency, ether (ticker abbreviation: ETH).
🖧 Ethereum can be used by anyone to create any secured digital technology. It has a token designed for use in the blockchain network, but it can also be used as a method of payment for work done on the blockchain. Ethereum is the blockchain of choice for developers and enterprises that are creating technology based upon it to change the way many industries operate and how we go about our daily lives.
🔧 The ether token enables users to make transactions, earn interest on their holdings through staking, use and store non-fungible tokens (NFTs), trade cryptocurrencies, play games, use social media and so much more.
📄 Smart contracts are the essential tool behind decentralized applications (or dApps). The smart contract is a self-executing contract with the terms of the agreement between the buyer and seller being directly written into lines of code. Essentially, The code controls the execution, and transactions are trackable and irreversible.
📜 Ethereum History
Ethereum was conceived in a 2014 whitepaper published by programmer and Ethereum co-founder, Vitalik Buterin, a Russian-born Canadian.
The Ethereum platform was launched in 2015 by Buterin and Joe Lubin, founder of the blockchain software company ConsenSys.
🌐 Ethereum Tokenomics
The finite supply of Ethereum totals 122,445,909 ETH. Currently, the total supply of ether is in circulation. The current market capitalization of Ethereum is approximately USD$166 billion.
💱 The Ethereum Merge & Switch from PoW to PoS
⛏️Previously, new blocks of Ethereum were created or unlocked by Ethereum miners using complex cryptography processing systems to generate transactions and were rewarded with Ethereum as a result. This energy-intensive process, known as Ethereum mining, was part of the Proof-of-Work process that Ethereum adopted at its initial inception.
However, since September 2022, Ethereum recently underwent a major transformation in the way it is distributed. In a complex process referred to as “The Merge”, Ethereum switched from being a Proof-of-Work protocol to a Proof-of-Stake consensus mechanism.
This alternative method is a greener, less energy-intensive option that requires validators to simply hold and stake tokens. The high volatility of Ethereum since the recent merge has made Ethereum price prediction quite difficult.
💲 Ether Price
When Ether initially launched in mid 2015, it had a minimal value of USD$0.75 and for its first few years of trading (2015-2017), it fluctuated in value between USD$20 (~HK$155) and USD$400 (~HK$3,115). As the popularity of cryptocurrency soared in 2017, ETH reached an initial peak in late 2017 of just under ~USD$1,400 (~HK$10,900). Its next price peak in late 2021, the Ether value reached an all time high price of just over ~USD$4,800 (~HK$37,430).
👉 Earning Ethereum with Bloom
📲 The Bloom shopper rewards app allows you to earn Ethereum and other crypto (like Bitcoin) with every purchase made on your Visa card 💳.
🦉 All you need to do is download the Bloom app, register an account, link your Visa card and shop anywhere using your credit or debit card.
❤️ With every purchase, you will earn Bloom Coins by simply using your Visa card 💳. The more you use your card, the more Bloom Coins you will earn.
💰 The Bloom Coins you earn can be spent within the app 🎁 and converted into Ethereum.
🆓 Converting crypto on Bloom, such as Ethereum, is free of charge and has no gas fees!
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.