Ethereum (ETH) is destined to be the second largest cryptocurrency asset. Whether it will replace the top ranked Bitcoin (BTC) is a big question, but still, it is a favorite for many people
Ethereum (ETH) is destined to be the second largest cryptocurrency asset. Whether it will replace the top ranked Bitcoin (BTC) is a big question, but still, it is a favorite for many people. In this article, we have listed some amazing Ethereum facts that you may not be aware of.
ETH was founded by a young man
You may know that VitalikButerin was the creator and founder of Ethereum. But did you know he was only 19 years old when he proposed this concept? yes. He was born in 1994. In 2013, Buterin proposed the idea of Ethereum. A year later, he convinced the doctor. GavinWood, together they founded the Ethereum network.
Transition to Proof of Equity
Since the birth of Ethereum, the proof-of-work system has been used. For example, Bitcoin and Dog Coin (DOGE). However, since September last year, Ethereum has historically transitioned to the equity certificate system. No longer mining Ethereum to verify transactions. On the contrary, Ethereum is pledged in the validator node that maintains network operation.
Ethereum experienced a fork in 2016
In 2016, the Ethereum network was split in two. This occurred after a major hacker attack, with 33% of the funds lost. After the split, the lost funds were recovered. However, not everyone is satisfied with this division. Those who continue to use old chains. Today, the old blockchain is still active, and you may have heard of it: Ethereum Classic.
The Scalability Problem of Ethereum
Although Ethereum is a popular choice for investors, its daily use is not very practical. Therefore, VitalikButerin's big dream is that one day Ethereum can be used as a means of payment. However, the network speed is not fast enough. Transactions must be checked correctly to ensure security. As a result, the transaction takes a relatively long time and the cost may be quite high.
Many protocols have been developed on the Ethereum network to address this issue. These are "Layer 2 solutions". Examples include Polygon (MATIC) and Arbitrum (ARB). These protocols use Ethereum networks, but they process transactions faster and at lower costs.
Charles Hoskinson is the co founder of Ethereum
He often appears in the news; Charles Hoskinson, founder of Cardano (ADA) network. But you may not know that Hoskinson is still a co founder and former CEO of Ethereum.
However, after a dispute between Buterin and Hoskinson, Hoskinson left and founded his own network Cardano. The reason for the debate is that Hoskinson wants to commercialize with Ethereum. However, according to Buterin, the network must remain non-profit.
VitalikButerin is now the 'last person' of the group that initially created the Ethereum network.
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