Ethereum (ETH) is the second more powerful crypto project after Bitcoin which was launched in 2015. The code for this project was written by Vitalik Buterin, a software developer when he was working with eToro CEO Yoni Assia on the Colored Coins project.
The emergence of Ethereum as an alternative to Bitcoin led to the creation of various use cases that were not possible with Bitcoin.
Decentralized Finance (DeFi), which gives its holders an open financial system, Non-fungible tokens (NFTs), which allow unique items to be traded on exchanges; and Decentralized Autonomous Organizations (DAO), where community members can join online platforms to pool funds for specific needs, were made possible only because of Ethereum.
Ethereum was the first crypto project that enabled smart contracts to be built on its platform and allowed developers to build their own projects on top of it.
Other than smart contracts, developers were also allowed to build other cryptocurrencies that were ECR-20 compliant. This opened the floodgates for building crypto projects and over 280,000 crypto projects were built, of which 35 crypto projects are in the top 100 cryptocurrencies by market capitalization today.
Unique selling proposition of Ethereum
Banking for unbanked
Even in 21 century, billions are still unbanked. To provide financial services access, Ethereum can play an important role, as a user can lend, borrow and save with the only requirement of a computer, laptop or mobile phone with an internet connection.
Ethereum allows users to move money, from one user to another user, or make agreements, directly with someone else. Users don’t need to go through any third-party intermediary.
No government or company has control over Ethereum. This decentralization makes it nearly impossible for anyone to stop you from receiving payments or using services on Ethereum.
Ethereum allows a level playing field for companies and their clients. Customers have a secure, built-in guarantee that funds will only change hands on what both parties have agreed upon.
Ethereum was founded by Russian-Canadian Vitalik Buterin, British programmer Gavin Wood, Anthony Di Iori, Charles Hoskinson, Mihai Alisie, Joseph Lubin, a Canadian entrepreneur, and Amir Chetrit, who helped co-found Ethereum but stepped away from it early in its development.
After its success, Ethereum is now managed by a not-for-profit Ethereum Foundation (EF): an organization dedicated to supporting Ethereum and related technologies.
Ethereum also has an enterprise version which is called Enterprise Ethereum Alliance (EEA) with 30 founding members founded in March 2017.
The members include various blockchain startups, research groups, and Fortune 500 companies. Later on, many other nonprofit organizations joined the Ethereum environment, namely ConsenSys, CME Group, Cornell University’s research group, Toyota Research Institute, Samsung SDS, Microsoft, Intel, J. P. Morgan, Cooley LLP, Merck KGaA, DTCC, Deloitte, Accenture, Banco Santander, BNY Mellon, ING, National Bank of Canada, MasterCard, Cisco Systems, Sberbank, and Scotiabank.
ETH is the second most popular crypto platform in the market today with a market capitalization of over $149.94 billion per ETH token and trading at $1237 with a 24 hours trading volume of over $36 billion, as of 14 June 2022, according to CoinMarketCap.com.
ETH touched its new high on 8 November 2021 when it reached $4812 per token with a 24 hours trading volume of $19.29 billion, as compared to the new low of $0.43 per ETH on 20 October 2015. With a maximum and total supply of 121,170,403 ETH tokens, so far over 121,169,469.62 million ETH tokens are under circulation.
Trade ETC on KleverEX
Once you have decided to trade ETH on Klever Exchange, the user needs to first deposit crypto to their account.
- Log into your Klever Exchange account
- Click on deposit
- Select the crypto you want to deposit in your exchange account
- Copy the address and you can send the ETH right away.
To own ETH on Klever Exchange, users need to either deposit some, or if users don’t have the tokens, they can buy it from Klever Wallet with debit & credit cards or via bank transfers. Klever Wallet is available on Google Play Store & Apple’s iStore.
Select ETH in this case and proceed with payments. Payments are processed through Simplex.com, a payment service provider which allows banking channels to buy crypto. Klever added four more payment gateways, including Mercuryo, MoonPay, Transak, and Banxa.
Once you have your crypto, you are now ready to deposit it to your exchange account. Get your token address where you want to send ETH and send it to your exchange account. Once you have ETH, you can exchange it with 12 pairs of tokens.
Trading ETH also has other benefits as every transaction has a unique transaction hash within the block and this can be used to check whether your trading for ETH was executed.
Klever Exchange also offers 24X7 customer support, where users can raise a ticket if there are any problems they face during trading the pairs.