Who Created the Ethereum Ecosystem?

Who Created the Ethereum Ecosystem?

Vitalik Buterin, a Russian-Canadian entrepreneur and programmer from Toronto, envisioned second-largest cryptocurrency Ethereum when he was 19 years old.

In 2011, the year Buterin first grew interested in Bitcoin, Buterin co-founded the online news website Bitcoin Magazine, writing hundreds of articles on the cryptocurrency world. He went on to code for the privacy-minded Dark Wallet and the marketplace Egora.

Along this journey, he came up with the idea for the Ethereum ecosystem, a platform inspired by Bitcoin that could go beyond the financial use cases.

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He released a white paper in 2013 describing an alternative platform designed for any type of decentralized application developers would want to build. Many developers were drawn to this idea of creating decentralized applications because they would be accessible to a global audience, be free from censorship and would give users more control over their data than most apps, which have intermediaries in the middle managing users’ finances and data.

To accomplish this, Ethereum makes it easy to create smart contracts, or code that automatically creates an outcome when certain conditions are met.

For his work, Buterin was named a 2014 Thiel fellow, winning a $100,000 grant to work on Ethereum.

Buterin FAQs

Who helped Buterin create Ethereum?

After Buterin unveiled the Ethereum white paper, several other developers joined the ranks including CEO of IOG Charles Hoskinson, Decentral CEO Anthony Di Iorio and Akasha Founder Mihai Alisie. Buterin also introduced two new co-founders to the team:

Co-founder Dr. Gavin Wood did much of the early programming and architecting of the platform. He wrote the Ethereum yellow paper, the “technical bible” that outlines the specification for the Ethereum Virtual Machine (EVM), which is responsible for handling the state of the ledger and runs smart contracts.

Co-founder Joseph Lubin went on to found the Brooklyn-based ConsenSys, a startup that focuses on building decentralized apps.

How much money does Buterin have?

Story continues

Since Ethereum data and transaction information is public, users can track how much money Buterin has stored in ether, Ethereum’s native token.

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Buterin’s main address is this one, which shows that he owns 333,348 ether, worth approximately $568 million at the time this article was published.

What was Ethereum like in its early days?

To get the project off the ground, Buterin and the other founders launched a crowdfunding campaign in July 2014 where participants purchased ether, the Ethereum tokens that function as shares in the project.

Raising more than $18 million, it was the most successful crowd sale at that time. It took another year, but the first live release, Frontier, launched on 30th July, 2015. It wasn’t a particularly attractive platform, but the command line interface offered developers a platform for creating their own decentralized apps.

The smart contract platform took off, swelling into today’s ecosystem of hundreds of developers and even drawing the attention of tech giants like IBM and Microsoft.

The funds from Ethereum’s initial $18 million crowd sale and project development are now managed by the Ethereum Foundation, a non-profit entity based in Zug, Switzerland.

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Poolin launches Ethereum hash rate token worth $30 million

Chinese crypto mining pool Poolin has rolled out an Ethereum hash rate-backed token initially worth $30 million in its bid to lower down the entrance barrier for retail investors.

The firm said in a blog post on Wednesday that each unit of the so-called pETH18C ERC-20 token represents 1 megahashes per second (MH/s) of computing power on Ethash that’s running on Poolin’s facilities with a power efficiency of 1.8 watt per MH/s.

The move comes amid an increasing level of difficulty for retail investors to participate in the crypto mining space due to what appears to be an unprecedented chip shortage at a global scale that has been having a ripple effect beyond crypto mining.

Poolin said it is selling 1 million pETH18C tokens at a preset price of $30 in USDT with the proceeds to reimburse the cost it prepaid for the mining equipment that’s powering up the hash rate.

In total, the tokens represent 1 terahashes second (TH/s) of hashing power on Ethereum, which accounts for 0.2% of the network’s total. As of press time, users had bought over a quarter of the supply in two hours since it went live.

The initial price of $30 factors in the base cost of Ethereum miners per 1 MH/s, Poolin’s one percent fee as well as a set electricity cost of $0.0750 per kWh.

In a similar fashion to Poolin’s recent issuance of 200,000 units of bitcoin hash rate token pBTC35A, the pETH18C can be staked to Poolin’s Mars Protocol to directly mine ETH proportionate to the underlying hash rate.

Poolin said it has no plan for a second batch at this stage as the supply of Ethereum mining equipment is running dry, as The Block reported previously.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 23rd, 2021

Ethereum

Ethereum slid by 5.78% on Monday. Following on from a 1.22% loss on Sunday, Ethereum ended the day at $1,681.02.

A bearish start to the day saw Ethereum slide to an early morning low $1,754.25 before finding support.

Steering clear of the first major support level at $1,749, Ethereum struck a late morning intraday high $1,806.39.

Falling short of the first major resistance level at $1,819, Ethereum tumbled to a late intraday low $1,657.17.

Ethereum fell through the first major support level at $1,749 and the second major support level at $1,713.

Steering clear of the third major support level at $1,643, Ethereum revisited $1,700 levels before ending the day at sub-$1,700.

At the time of writing, Ethereum was down by 0.18% to $1,678.04. A mixed start to the day saw Ethereum rise to an early morning high $1,686.26 before falling to a low $1,668.54.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the pivot level at $1,715 to support a run at the first major resistance level at $1,773.

Support from the broader market would be needed, however, for Ethereum to break out from $1,750 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $1,806.39 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,864.

Failure to move through the $1,715 pivot would bring the first major support level at $1,623 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $1,579 and the second major support level at $1,566.

Looking at the Technical Indicators

First Major Support Level: $1,623

Pivot Level: $1,715

First Major Resistance Level: $1,773

23.6% FIB Retracement Level: $1,579

38.2% FIB Retracement Level: $1,292

62% FIB Retracement Level: $830

Litecoin

Litecoin slid by 5.07% on Monday. Following a 2.31% decline on Sunday, Litecoin ended the day at $185.70.

Story continues

A bearish start to the day saw Litecoin slide to an early morning low $190.12 before finding support.

The sell-off saw Litecoin fall through the 23.6% FIB of $195 and the first major support level at $191.

Steering clear of sub-$190 levels, Litecoin struck an early afternoon intraday high $199.17 before hitting reverse.

Litecoin broke back through the 23.6% FIB and first major support level.

Falling short of the first major resistance level at $201, Litecoin tumbled to a late intraday low $185.00.

Litecoin fell back through the 23.6% FIB and the first major support level at $191. The extended sell-off also saw Litecoin fall through the second major support level at $187.

Steering clear of sub-$185, Litecoin briefly broke back through the second major support level before ending the day at $185 levels.

At the time of writing, Litecoin was up by 0.61% to $186.83. A mixed start to the day saw Litecoin fall to an early morning low $184.82 before rising to a high $186.83.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $190 pivot level to support a run at the 23.6% FIB and the first major resistance level at $195.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the 23.6% FIB and the first major resistance level would likely cap any upside.

In the event of an extended rally, Litecoin could test resistance at $205 before any pullback. The second major resistance level sits at $204.

Failure to move through the $190 pivot level would bring the first major support level at $181 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $176.

Looking at the Technical Indicators

First Major Support Level: $181

Pivot Level: $190

First Major Resistance Level: $195

23.6% FIB Retracement Level: $195

38.2% FIB Retracement Level: $163

62% FIB Retracement Level: $110

Ripple’s XRP

Ripple’s XRP rallied by 5.26% on Monday. Reversing a 1.73% loss from Sunday, Ripple’s XRP ended the day at $0.54441.

A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.50250 before making a move.

Steering clear of the first major support level at $0.4935, Ripple’s XRP rallied to a late afternoon intraday high $0.60000.

Ripple’s XRP broke through the first major resistance level at $0.5433 and the second major resistance level at $0.5694.

More significantly, Ripple’s XRP also broke back through the 23.6% FIB of $0.5320.

Coming up short of the third major resistance level at $0.6192, Ripple’s XRP slipped back to sub-$0.56 levels.

The late pullback saw Ripple’s XRP fall back through the second major resistance level at $0.5694 to end the day at sub-$0.55 levels.

Late in the day, the first major resistance level at $0.5433 delivered support to prevent a return to sub-$0.54 levels.

At the time of writing, Ripple’s XRP was up by 1.53% to $0.55273. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54240 before striking a high $0.55273.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.5452 pivot level to bring the first major resistance level at $0.5880 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.58 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.60000 would cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 levels before any pullback. The second major resistance level sits at $0.6315.

Failure to avoid a fall back through the $0.5452 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5017 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4589.

Looking at the Technical Indicators

First Major Support Level: $0.5017

Pivot Level: $0.5452

First Major resistance Level: $0.5880

23.6% FIB Retracement Level: $0.5320

38.2% FIB Retracement Level: $0.4632

62% FIB Retracement Level: $0.3521

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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