Cryptocurrency has been slowly, but steadily expanding its reach, and those who opposed it by making absurd excuses are now trying to own it. A popular cryptocurrency is Ethereum (ETH), which has a market capitalization of over $394 billion, second only to Bitcoin (BTC) with over $870 billion in market capitalization.
Our ETH-USD price is updated in real-time at Klever. If you want to trade ETH, you should select Klever Exchange, one of the best cryptocurrency exchanges.
What is Ethereum (ETH)?
Ethereum is a decentralized open-source blockchain system that comes with smart contract features. It has its own cryptocurrency called Ether (ETH) which is used to build crypto projects on the blockchain.
Ethereum blockchain was revealed to the world way back in 2013 and in 2014, it secured funding from online crowd sales and raised $18.3 million in BTC, as BTC was the only way to raise funds to build crypto projects.
The ETH price in the initial coin offering was $0.031 and during the first crowd sale, over 60 million were sold.
In 2015, Ethereum officially launched its foundation in order to become a global platform for decentralized applications (DApps). Since then, various important upgrades have been made on the Ethereum blockchain including the 28 February 2019 ‘Constantinople’ upgrade; 8 December 2019 ‘Istanbul’ upgrade; 2 January 2020 ‘Muir Glacier’ upgrade; 14 April 2021 ‘Berlin’ upgrade, and most recently 5 August 2021 ‘London hard fork’ upgrade.
The last upgrade, the London upgrade, was divided into five Ethereum Improvement Proposals (EIPs), which include EIP-3529, EIP-3198, EIP-3541, and most notably EIP-1559 and EIP-3554. EIP-1559 is the most popular upgrade out of the five improvement proposals.
Low & high ETH
Ethereum (ETH) which was sold for just 0.031 per ETH in 2014 touched a new high on 11 July 2021 at $4812 per ETH. In the past few days, ETH has traded in a price range of $3000 to $3400.
The live Ethereum price as of 1 April 2022 is $3,295 with a 24-hour trading volume of $17.02 billion. It has a circulating supply of 120,189,414 ETH tokens.
In 2022, Ethereum plans to switch from proof-of-work (PoW) to a proof-of-stake (PoS) mechanism with its Ethereum 2.0 update.
Though this has been in the ETH roadmap as the new consensus mechanism since its beginning, it will introduce sharding as a scaling solution. The current Beacon chain would then serve as a settlement layer for smart contract interactions on other chains.
The new Arrow Glacier update that was to happen in late 2021 is now expected to be launched in June 2022.
Who founded Ethereum?
Ethereum was founded by a total of eight co-founders including Vitalik Buterin that conceptualized it; Mihai Alisie; Anthony Di lorio; Amir Chetrit; Charles Hoskinson; Gavin Wood; Jeffrey Wilcke; and Joseph Lubin.
In 2014, all the founders met in Zug, Switzerland to discuss how to proceed with the project.
Russian origin Vitalik Buterin is a well-known ETH founder as he wrote the whitepaper and is still very active in improving the platform.
British programmer Gavin Wood, the first chief technology officer (CTO) of Ethereum Foundation is the second most important co-founder of ETH. He wrote the codes of Ethereum in the C++ programming language and also proposed Ethereum’s native programming language Solidity.
Anthony Di Iorio underwrote the project during its early stage of development; Charles Hoskinson set up its legal framework and was instrumental in establishing the Swiss-based Ethereum Foundation along with Mihai Alisie; whereas Joseph Lubin, a Canadian entrepreneur, helped fund Ethereum during its early days, and later founded an incubator for startups based on ETH called ConsenSys; Amir Chetrit stepped away from the initial development of Ethereum blockchain.
USP of Ethereum?
Ethereum has pioneered the blockchain with smart contracts. Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet.
Smart contracts were designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability.
Ethereum’s principal innovation was designing a platform that allowed it to execute smart contracts using the blockchain, which further reinforces the already existing benefits of smart contract technology.
In addition to smart contracts, Ethereum’s blockchain also hosts other cryptocurrencies, called ‘tokens’, through the use of its ERC-20 compatibility standard. So far, it is the most common use for the ETH platform and to date over 280,000 ERC-20-compliant tokens have been launched.
To get ETH on Klever Exchange, users need to open an account, or if they don’t have one, sign up to get one. If a user has an account follow a few simple steps to get your ETH in your account.
The user needs to transfer crypto to the exchange account. Let me explain it to you with an example of getting ETH with USDT.
First deposit USDT to your Klever Exchange account. Just log in to your account, go to your profile, and select the deposit field. Now you need to click on USDT, there are two options to deposit USDT, Tron, or ETH, select Tron.
Once you select the coin, the deposit link will appear. Copy the link address and send the desired USDT.
After sending USDT to the address, the funds will be deposited and transactions will be confirmed on the blockchain. The time differs due to the different speeds of network confirmations on all blockchains.
Once you have USDT in your account, trade it for ETH. The process is very simple.
Using Kever Wallet, users can buy ETH from their credit & debit cards through a world-leading payment gateway, Simplex.com. Very soon, users will also have more payment gateway options to buy ETH by using Moonpay, Mercuryo, Banxa, and Transak.