We designed the Blockchains.my digital wallet with one goal in mind, to serve the interests of cryptocurrency owners who own more than one digital asset. To facilitate this, we built a user-friendly wallet that is both easy to use for beginners and a breeze for professionals in the field. We also made sure to add biometric identification for an added layer of security. We also offered a one-stop solution where users could shop, make purchases, trade, save money, become merchants, and chat seamlessly. The Blockchains.my wallet currently provides support for six cryptocurrencies in the market, which include: DinarCoins, Bitcoins, Ethereum, Zcash, and Gold Smart Contracts. We have plans to add support for more cryptocurrencies in the future. In this edition of “Cryptos In Our Wallet” we shift our focus to Ethereum.

What is Ethereum?

Ethereum is a decentralized software platform based on blockchain technology that allows developers to build and deploy DApps (Decentralized Applications). Ethereum is similar to Bitcoin in that it’s a public ledger network. However, Ethereum differs from Bitcoin in both capability and purpose. Bitcoin serves only one goal, that of being a secure Peer-to-Peer electronic cash system. Ethereum, on the other hand, serves a multitude of purposes. It is tradable, exchangeable on crypto-exchanges, and developers use it to pay for transaction fees and services on the Ethereum network. Ethereum also has the capability of allowing the creation of smart contracts.   

History of Ethereum

The journey towards Ethereum started with a 17-year old programmer known as Vitalik Buterin. Intrigued by Bitcoin, Buterin co-founded Bitcoin magazine where he would dish out articles related to Bitcoin. Soon after, Buterin grew discontented with Bitcoin’s limitations and the fact that it was created for one purpose only, a decentralized alternative to conventional financial systems. Buterin saw the potential for blockchain technology to be used to serve other purposes and published the Ethereum whitepaper in November 2013. Later on, he teamed up with Anthony Di Iorio, Charles Harkinson, and Mihai Alisie to make Ethereum a reality.

Rather than appeal to venture capitalists for funding, the team decided to leverage a crowdsale event and raise funding through the cryptocurrency community. Their crowdsale event lasted between July and August 2014 and allowed the team to raise over $18.4 million. It enabled the team to continue towards creating the Ethereum vision. In July 2015, the first public version of Ethereum known as Frontier went live. They provided a decentralized platform suitable for application development but had no guarantee on its safety and security.  However, over the years, the Ethereum team of developers has released better and newer versions of Ethereum with the latest version recognized as Casper.

The platform has continued to grow over the years, and today Ethereum is the second most valuable digital currency in the market. Ethereum still faces issues in scalability, but Vitalik hopes that it will be the future go-to solution for blockchain-use cases. In 2016, a hacker managed to steal about $50 million worth of Ether, which led to questions about Ethereum’s security. Eventually, this led to a split in the Ethereum community and a fork in the blockchain leading to the creation of Ethereum Classic (ETC). Ethereum is relatively young, but its applications remain seemingly limitless (as far as applications are concerned).

What Makes Ethereum Stand Out?

Unlike Bitcoin, Ethereum stands out simply because of its technology. Bitcoin was only designed to be a Peer-to-Peer electronic payment system and nothing else. However, as for Ethereum, it serves that purpose and goes beyond. Companies and developers can leverage Ethereum’s blockchain platform to build new programs, or decentralized apps (DAPPS). Ethereum is also well-known for the deployment of smart contracts on its platform. Smart contracts are contracts that self-execute once certain obligations in an agreement are met. The potential applications of Ethereum are far and wide, such as facilitating Peer-to-Peer contracts and decentralized applications.

Ethereum Adoption

While the current prices of cryptocurrencies in the market remain bearish, reports reveal that cryptocurrency awareness and interest is at an all-time high. With more firms and developers using Ether as their fuel to build apps on the Ethereum platform, it’s a possibility that it could be the most adopted cryptocurrency on the market (though other similar platforms have arisen). Apart from building apps on the Ethereum platform, developers can also use Ethereum to issue new tokens on top of it and create financial contracts using smart contracts. Moreover, coins/tokens such as Cardano, EOS, and NEO have used the Ethereum platform to conduct their ICO crowdfunding events.   

Price Analysis

At the beginning of August, the price of Ethereum opened the market at a value of $433.87. During that same day, the price of Ethereum hit a high of $435.46 and a low of $410.46. It later closed the market at a value of $420.75. In the middle of the month, the price of Ethereum opened the market at a value of $280.39. During that day, it hit a high value of $303.59 and a low of $280.12. It finally closed the market at a value of $282.36. As of  September 12th, 2018, the value of Ethereum stood at a price of $185.52 with an apparent 24-hour trading volume of $1.55 billion, and a market capitalization of $18.9 billion. Ethereum hit an all-time price low on October 21st, 2015 at a value of around $0.422475. On January 15th, 2018, Ethereum reached its highest price value of $1,389.18.

Conclusion

As worldwide awareness and interest continue to grow among individuals concerning digital currencies, we remain positive on the future of Ethereum and the rest of the cryptocurrencies supported by our BCMY digital wallet app. Cryptocurrencies have opened doors to the possibility of financial freedom from conventional financial institutions such as banks and governments. A move that has been heralded by libertarians all over the world. Blockchain technology, at the same time, continues to disrupt several industries, hopefully leading to mainstream adoption.

We urge you to check out our website to learn more about our advanced and secure, multi-asset, digital wallet app for more information about our features.