Ether (ETH) is a kind of digital currency that is predominantly decentralized and operates using peer-to-peer cryptocurrency. It fuels the blockchain called Ethereum. It may not seem like a contender to bitcoin just yet, but there is a future for Ethereum in foretelling, as we are going to explain in this article.
A simple description of Ethereum can be — a decentralized, open-source blockchain protocol featuring smart contract functionality.
It was founded in 2013 by Vitalik Buterin, a Canadian-Russian programmer. Its development was crowdfunded in 2014, and the network went live on the 30th of July 2015, with 72 million coins pre-mined. The Ethereum Virtual Machine can carry out a compilation of smart contracts and can run localized applications as well. Ethereum is also used for decentralized finance and has been utilized for many initial coin offerings. In 2016, an unidentified hacker exposed a flaw in a third-party project called the DAO and stole approximately $50 million of Ether. Due to this, the Ethereum community decided to hard fork to reverse the action and Ether Classic continued as the original chain.
ETH has also started implementing a series of upgrades called Ethereum 2.0, which includes a transition to proof of stake and increased transaction throughput using sharding. The experts believe that in the year 2021, Ethereum would also gain its hold in the market and thus, be no less than Bitcoin in any way. It is also thought likely that Ethereum will solidify its place as the future substrate of the global digital economy by underwriting the world’s contracts. The crust of the whole point is that the future of Ether looks quite huge and promising to invest in.
Ethereum is a network of computer systems that construct and reach an agreement on an all-time developing series of “blocks”, or batches of transactions, known as a blockchain. Each block contains a unique identifier of the block that should cling to the chain if it is stated to be valid. As soon as a node joins a block to its chain, it executes the transactions in their programmed order, thus altering the ETH balances and other storage values of the accounts. These defined values and balances collectively referred to as the state, are maintained on the node’s computer separately from the Ethereum blockchain.
Ether (ETH) is a cryptocurrency made solely by the Ethereum protocol and plays a crucial part in the overall operation of the network. It acts as an incentive mechanism to the crypto-miners to validate blocks in the Ethereum blockchain. ETH is by far the sole currency accepted in the remittance of transaction fees, which also go to the crypto-miners. Every account has an overall ETH balance and may send it to any account elsewhere too.
Unocoin is believed to be certainly the best platform in India for the buying and selling of cryptocurrencies including ETH which is technically a fuel for executing smart contracts on the ethereum network. On the day of writing this article each ETH cost about 1.4 Lakhs INR. Unocoin also provides unique features like recurring auto-buy features ( Systematic buying Plan) and Crypto basket buys including Ether. The most admired Bitcoin (BTC) is also available at Unocoin and it can be purchased in a similar SBP. At the time of writing 1 BTC is worth about 43.5 Lakh INR. BTC to/from INR, ETH to/from INR are instantaneous at Unocoin. It takes less than 10 minutes to signup and submit the KYC documents and purchase your first Bitcoin or Ether at Unocoin. The company’s top-notch service is the reason more than 1.3 million Indians are trusting it.
Here are a few points to give you an idea of how Ether is different when compared to traditional money:
- ETH lets you be your bank. You can control your funds with your wallet as proof of ownership — no third parties necessary. Ethereum is the most actively used blockchain.
- Cyber money may be new in the trend, but it is secured by proven cryptography. This assures you that your wallet, your ETH, and your transactions are safe and secure.
- One can send his/her ETH without any intermediary service like a bank. It is the same as handing cash over in-person, but you can do it securely with anyone, anywhere, anytime.
- An individual just needs an internet connection and a wallet to accept ETH. There is no need to access a bank account to accept payments.
- Ether can be broken down up to 18 decimal places so that there is no need to buy one whole ETH. You can buy small parts at a particular time as well — as little as 0.0000000000001 ETH if you want.
ETH is valuable in different ways to different people. For users of Ethereum, it is valuable because it lets them pay Ethereum transaction fees. Recently, Ether has come out to be of immense value to users of Ethereum based commercial apps. This is because an individual can use it as security for crypto loans and payment systems too. This should also be noted that many users also see it as an investment, like Bitcoin or other cryptocurrencies in the market.
The overall supply amount of Ether was approximately 110.5 million as of the 16th of April 2020. In the financial year 2017, mining produced about 9.2 million fresh Ether in the market, corresponding to a 10% increase in its total grant. The sudden change to Ethereum 2.0 may restrain the overall supply of Ether. But for now, there is no implemented hard cap on the total production of Ether.
Average Ethereum’s transaction fees can spike during periods of congestion on the network, as they did from 2017 to early 2018 crypto boom, where they reached around 3 USD. Though there are some fluctuations now and then, investment experts believe that 2021 will be the correct time to go forward with Ether investments.
The Ether price is not fixed at all; that is, it varies with some ups and downs. Though it is commonly believed that the price of ETH follows bitcoin, research shows that ETH is an independent asset. However, if analyzed on a wider time frame, it turns out that the prices of most cryptocurrencies, especially Ether, could mostly depend on the valuation of Bitcoin.
Lastly, Investing in Ether can be a good option and one may consider investing in cryptocurrencies to explore the new and interesting things going on in the market. However, it is highly advisable to DYOR — Do Your Own Research before investing in any cryptocurrencies.
- Will Ethereum go up?
Answer: Market experts believe that the price of Ether has a good growth potential. An individual just needs to put in the effort in researching and identify the correct time to invest in getting guaranteed returns.
2. Is Ether a good investment?
Answer: Ethereum is one of the pioneer protocols in the crypto space and has good utility factors. Hence Ether has good prospective potential in the long term future. It can be easily estimated from the yearly analysis that these investments prove beneficial in the long run, however, crypto assets are considered to be very volatile.
3. What will Ether be worth in 2021?
Answer: To keep it short, Ether prices could likely rise in 2021. The exact price prediction is very difficult given the nascent stage of the technology and the crypto space.
4. Where can I start trading/investing Ether (ETH) from?
Answer: Unocoin, being the pioneer in the Indian Crypto space since 2013, provides a seamless user experience for first-time investors. Users can trade Ether and many other renowned cryptos. Unocoin also provides unparalleled features like auto-sell,
Systematic buying Plan, Crypto basket, etc. On top of it, they have an excellent customer support team for user’s best trading experience.
Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.
Love Crypto Coins. Love Unocoin.
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- YouTube Channel: https://www.youtube.com/c/Unocoin/videos
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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).