Interesting Facts about Ethereum
1. The second largest cryptocurrency after Bitcoin
Ethereum ranks second in market size after Bitcoin. However, Ethereum is not just a payment system – it is a complete platform for running applications.
2. Created by Vitalik Buterin
The founder of Ethereum – Vitalik Buterin, was only 19 years old when he created Ethereum. He was born in Russia but grew up in Canada.
3. Home of Smart Contracts
Ethereum is the most popular platform for smart contracts. These contracts automatically execute transactions – without human intervention.
4. Main platform for DApps
Decentralized applications (DApps) developed on Ethereum – ranging from financial services to games – have a wide range of uses.
5. Ether – the internal currency of the Ethereum network
The platform is called Ethereum, while Ether (ETH) is the cryptocurrency used for transactions within it.
6. The concept of "Gas"
On Ethereum, "gas" (i.e., fuel) is paid for any transaction or operation. This is a payment for using computational power on the blockchain.
7. Ethereum 2.0 – a major update
Ethereum underwent significant changes in 2022-2023: it transitioned from Proof of Work (PoW) to Proof of Stake (PoS). This made transactions more energy-efficient.
8. The foundation of the DeFi revolution
Ethereum is the heart of the DeFi (Decentralized Finance) revolution, enabling financial operations without bank services.
9. The main home of NFTs
Most NFT (non-fungible token) projects were created on the Ethereum blockchain. For example: CryptoPunks, Bored Ape Yacht Club.
10. No maximum supply for Ethereum
Unlike Bitcoin, Ethereum has no maximum supply limit. However, the burning of ETH is increasing deflationary effects.