[Delio] Coin Study with Delio: Ethereum
Delio, a leading crypto bank, runs a Coin Study with Delio series with the intention to spread a positive impact of crypto globalization.
Today’s topic is about the world’s second-biggest cryptocurrency: Ethereum. Hope you enjoy learning about ETH, and Delio ETH Savings products.
What is Ethereum?
Ethereum is a distributed computing platform for implementing smart contract functions based on blockchain technology and refers to the platform’s own currency. Ether, a cryptocurrency, is a representative altcoin with the second highest market capitalization following Bitcoin.
*Here, altcoin refers to all the cryptocurrencies except Bitcoin.
The Beginning of Ethereum
In 2013, Vitalik Buterin, the founder of Ethereum, created a system that records a variety of information such as social media channel, e-mail, electronic voting, etc. based on the idea that it is possible to record extra information other than currency transactions in a blockchain, the core technology used in Bitcoin. The first launch of the Ethereum services was on July 30th, 2015, 2 years after the system was built.
One of the distinguishing features of the Ethereum is ‘Smart Contract’. A smart contract is a transaction protocol that automatically executes when the contract criteria are met. Ethereum has validated the blockchain system, allowing for the automated conclusion and execution of numerous forms of reliable contracts including financial transactions, real estate contracts, and notarizations.
Ethereum not only works as a cryptocurrency but also creates and deploys decentralized applications (DAPPs) operating on the blockchain. Due to its expandability, most of the services including NFT, DeFi are built on Ethereum. Examples of DAPPs based on the Ethereum network are MetaMask, 3box, SuperRare, Rarible, AAVE, 1inch, MakerDAO, CryptoPunks, and Axie Infinity.
Mining Ether requires massive computing power and electricity, necessitating the use of an industrial-scale mining farm as it uses the proof-of-work(PoW) approach to prove all the transactions. Since the PoW approach uses significant resources, Ethereum is in the process of updating it to Ethereum2.0, which will employ the proof-of-stake(PoS) approach. The Ethereum 2.0 update is expected to be completed by June, according to the experts.
If the PoS is applied, Ethereum’s energy efficiency will improve by 99.95%, and it is expected that the price would rise owing to the decrease in the quantity of ETH. Experts believes that Ethereum is an innovative technology that will fundamentally transform the Internet and the digital industry in general.
Delio’s ETH Savings Products
We went through the overall concept of the Ethereum. What do you think about it right now? Do you wish to make a long-term investment in Ethereum that has a high potential value? Now we offer you the optimal options. Delio provides deposit products with a maximum interest rate of 15%.
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