Ethereum was launched in 2015 by programmer Vitaly ‘Vitalik’ Buterin. It is an open-source platform utilising blockchain technology to create and execute distributed applications (DApps). The use of ‘smart contracts’ for transactions without third parties limits the possibility of fraud.
Although Ethereum is frequently used as the name of the associated cryptocurrency, it is in fact the system or network. Ether (ETH) is actually the native currency. In order to execute a transaction through the system, users need to have ETH.
The Ethereum project was crowdfunded in 2014 raising over $18m.
Compared with some other cryptocurrencies, there is no ETH maximum supply cap.
Ether can be created by mining whereby users receive a reward when they complete a mathematical task and verify transactions.
The Ethereum Alliance (EEA) organisation was developed to enhance Ethereum’s future usability.
There are various factors affecting the value of Ethereum. These include those that are specific to Ethereum itself and others relating to the crypto world generally. Those affecting Ethereum directly include the demand for ETH not driven solely by trading activities, the acceptance of the Ethereum system by an increasing number of financial institutions, the increased adoption of smart contracts hosted on the Ethereum platform which will in turn, create new users and therefore an increased demand for ETH, the degree of mining profitability and improvements in the system overall.
With regards to general factors related to the crypto world, changes in regulatory laws and regulations regarding the usage of cryptocurrencies, potential market manipulation, speculative trading and the number of crypto channels where ETH is available for trading also affect its value.
The USD is the official currency of the USA which has the world’s strongest economy. It is one of the most in-demand reserve currencies as well as being the most popular and actively traded currency, with a high level of trading volume and volatility.
The value of the USD is driven by numerous factors. For example, changes in the inflation rate and interest rates always affect the USD exchange rate, consequently impacting on the ETH/USD exchange rate.
It is important to closely track the monetary policy and follow the economic news release calendar for factors that will affect the value of USD such as all-important export/import levels. The political situation with other countries can also impact on the value of the USD.
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