Introduction of Ethereum and technical maintenance

We have great news for you. At Bitmarket.net, you will be able to trade Ethereum from today!

Today we are planning a technical break from 22:00 to maximum 00:00.
During the break, the ETH / PLN and ETH / EUR markets will be added.

What is Ethereum?

Saying that this is the second cryptocurrency in terms of popularity and capitalization is to make the topic shallow. This is the platform created by Vitalik Buterin to create decentralized applications.

A bit of history and dates

Let’s go back to 2013. Less than 20-year-old Vitalik Buterin, being an age in which most of the young people are just growing out of the dream of being a rock band musician, begins to build his programming career. And he does it in a very brave way, because he is inventing a truly revolutionary platform. Being ideologically connected with Bitcoin as a certain idea and knowing the advantages of Blockchain technology, Buterin prepared the concept of the entire system that would enable the construction of decentralized applications and the conclusion of intelligent contracts. He helped him in the implementation of the idea, among others Joseph Lubin from Ethereum Switzerland GmbH, the company responsible for designing the network itself.
What is very interesting, in the whole story is the fact that the whole undertaking was financed in 2014 within a rather unusual framework for those times (now imagine how much has changed during these four years!) Crowdfundine action. Today, the concept of Initial Coin Offering (ICO) makes a stunning career, not much smaller than Blockchain or cryptocurrency. The collected funds were enough to create a platform and its associated token – Ether (ETH) – and its debut on the  exchanges in July 2015.

Journey to the moon

Although the popular “to the moon!” Refers most often to bitcoins, the observation of the ETH course can also lead to the association of a rocket flight into space. Immediately after appearing on the exchanges, the token did not give its investors a shocking profit, but already in December 2016 for 1 ETH 7-8 dollars. At the beginning of 2017, the exchange rate was still stable. On March 12 he broke the barrier of 20 dollars. and over the next dozen or so days the token literally flew into space to 45 dollars. On March 24 he broke the psychological barrier of 50 dollars. At the beginning of January 2018, Ether cost as much as the former ATH BTC – over $ 1,300. Despite the bursting of the bubble today is still the price can impress compared to 2017 and previous years. However, what is important, the project is still being developed and may surprise you in the future in the course of the chart.

Controversies

In view of the fact that we want you to invest consciously, it is worth mentioning the controversies around Ethereum. First of all, some specialists criticize the project for some centralization. They think that his degree of decentralization is so low because of the possibility of collusion among groups of miners who could manipulate the network (which is in conflict with Buterin’s fierce battle with centralization, which is at the bottom).
In addition, the Ethereum community showed the world the idea of ​​hard forks. It took place on July 20, 2016 (another date to remember!) What was the genesis? Recall. Well, one of the users using the vulnerability in the code of the Ethereum project DAO generated a contract that gave him access to 3.6 million ETH. So to – trifle! – over 1/3 of tokens already mined by miners.
How to get out of the situation? The situation was difficult for both DAO investors and the entire Ethereum. A person who acquired such a number of ETHs after switching to the POS system would have a lot of control over the project. Not to mention the consequences of selling so many platform tokens on the stock exchanges.
And it is probably the last one that settled on the hard forks. Its effect was to take the loophole recipient and give investors DAO chips, but also the creation of the second Ethereum Classic currency, which began to live its own life – was listed on the stock exchanges, etc.
At this point Ethereum changed the cryptocurrency world irreversibly showing that every transaction in Blockchain can theoretically (and practically) be reversed. Purists at that moment could curse the project forever.

Do you know that…
– Vitalik Buterin is a staunch opponent of centralized stock exchanges? During one of the last interviews, he wished them … to “burn in hell”.
– The confusion around the hard fork of ETH caused almost a discussion of the philosophy of the essence of cryptocurrencies in the digital currency environment. It was debated whether or not Buterin’s work could be described as that.

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