Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ether, the native cryptocurrency of Ethereum, is mined through a Proof of Work consensus algorithm (Ethereum plans to move to Proof of Stake in the future). Ethereum’s smart contracts can be used to create decentralized applications (dApps) that run on the Ethereum blockchain.
The Ethereum blockchain is fueled by ether, the native cryptocurrency of the platform. Ether is mined through a proof-of-work consensus algorithm ( Ethereum plans to move to proof-of-stake in the future).
Miners are rewarded for processing blocks of transactions and verifying them. This process is known as “mining.
” Ethereum’s mining process is different from Bitcoin’s in that it uses a different algorithm, called Ethash, which is designed to be ASIC-resistant. This means that anyone with a computer can mine ether.
NOTE: WARNING: Investing in any cryptocurrency, including Ethereum, is a high-risk venture. Cryptocurrencies are highly volatile and their prices can fluctuate significantly over short periods of time. Before investing in Ethereum, it is important to consider your financial situation, risk tolerance and investment objectives carefully. There is a possibility of losing some or all of your investment. Therefore, it is important to consult with an experienced financial advisor before making any investment decisions.
The supply of ether is not infinite. It is capped at 18 million ETH per year.
This limit will not be reached until around the year 2060.
The price of ether has fluctuated greatly since it was first launched in 2015. It reached an all-time high in January 2018 when it briefly traded at over $1,400.
As of October 2020, it is trading at around $350.
So, is Ethereum a good investment? That depends on your investment strategy and risk tolerance. If you’re looking for a long-term investment, then Ethereum may be a good choice for you. The price of ether has shown strong growth over the past few years and its prospects look good for the future.
However, cryptocurrency prices are highly volatile and subject to sudden changes. If you’re not comfortable with this level of risk, then you may want to invest in other assets instead.
10 Related Question Answers Found
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