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This blockchain got its start from Vitalik Buterin, who published the white paper for it in November 2013. After this, he gained some help from Gavin Wood, Charles Hoskinson, Amir Chetrit, Anthony Di Iorio, Jeffrey Wilcke, Joseph Lubin, and Mihai Alisie. These people are considered the co-founders of Ethereum, or ETH. Late in 2014, at the Bitcoin conference in Miami, Florida Vitalik did a presentation on ETH. They opened an ICO and raised around 18 million dollars even though the first block would not be minted until 2015 in a POW system. Since then, several updates have been done to help with transaction speeds and security. The latest update is Eth’s transition from POW to POS, which as of 9/15/22 was completed.
The amount of tokens that can be minted is unlimited. To keep inflation in check there is a burn mechanism in place. A certain percentage of transaction fees are burned. Also during high-traffic times fees are increased to keep the network from getting too congested.
POS Token
Circulating Supply 120,148,357 ETH
Total Supply 120,148,357 ETH
Max Supply ∞
It has several projects up and running already. By being the first blockchain to offer scalability, they had the luxury of having time to attract several projects. By being the largest blockchain you can build on, they have thousands of nodes running, which helps with security and speed. With Ethereum 2.0, it allows certain updates to be completed allowing the chain to handle around 100,000 transactions per second. This will be a large jump from its current 30 transactions per second. The code is open-sourced, so this is great for developers since it helps simplify the building process.
Ethereum is known to have high transaction fees. It is not unusual to have $80 in fees for one transaction. As stated above, this is due to high traffic. With issues of scalability still present it will be some time for consistent cheap transactions. The programming language used for its smart contracts is Solidity, which does have known issues that could be exploited if not careful.
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