The advent of Bitcoin’s cryptographic currency has changed the international money transfer system. The successful spread of Bitcoin has prompted digital technology developers to create such projects. There are a lot of Bitcoin forks (branches) based on blockchain. The most significant of these was the Etherium, which was launched in 2015. But since then, the Efiryum chart has been the subject of close attention of many investors. Unlike Bitcoin, it’s not just a cryptocurrency. It is a system that is not subject to regulatory authorities, the state or the bank. The Ethereum platform is supported by the participants themselves.
(Read about Bitcoin’s prospects in the article “What will happen to Bitcoin in 2018?)
Stages of development of Ethereum cryptocurrency
The idea of Ethereum was first publicly presented at the beginning of 2014. Ethereum is a blockchain-based system based on smart contracts. In this system, blockchain is a chain of blocks (databases) of smart contracts. A smart contract or smart contract is a contract that is enforced by a special algorithm, not by someone else’s control. This technology makes it possible to make and execute any transactions with any assets. (Find out more about blockchain technology in the article “What is Blockchain and why it’s needed?”)
The platform’s internal cryptocurrency, Ether, was issued in 2014. As a result of the campaign, the creators sold $14 million worth of airtime. At the launch of the platform in July 2015, investors received 60 million esters, and 12 million remained at the disposal of the founders. Now the name of cryptocurrency “Efirium” (designation – ETN) is more widespread. The system is maintained by miners, who until recently received a reward of 5 ETNs for each new unit. Due to the gradual transition to a new protocol, the fee is reduced. Now the miners get 3 ETNs, but the blocks are created faster.
The possibility of creating various applications based on the Ethereum platform, which significantly improve the functioning of financial technologies, has attracted the interest of IT industry giants. The Enterprise Ethereum Alliance, a non-profit consortium of Microsoft, IBM, Acronis, Hewlett Packard, many lesser-known firms, a large American bank and even universities, was created.
Which affects the price of etherium
Unlike Bitcoin, the etherium emission will be constant. Already now there are about 80 million ETHs in circulation. However, this cryptocurrency does not claim to be a global currency. It is used to pay for services within the platform. And since these services are constantly being created and funds are being raised for their development, ETH is becoming more and more popular and its course is growing.
At the time of its appearance, the etherium cost about one dollar and even decreased to 54 cents, but a year later its cost increased to 10-12 dollars. And in the spring of 2017, the price of etherium jumped sharply to 50 and then to 100 dollars after the creation of the Enterprise Ethereum Alliance. The interest of the world’s largest corporations became the driver of this growth. The rapid rise in the price of cryptocurrency caused speculative hype. In the summer of 2017, the cost of Ethereum reached $400, but then declined, and fluctuates in the corridor about $300. In December 2017, the price was $750 a coin.
Etherium can be bought for world currencies and exchanged for other cryptocurrencies on specialized exchanges. Some Forex brokers also provide the opportunity to trade this cryptocurrency. Forex traders are interested in its volatility. The efirium has dropped several times as a result of hard forks. Hard fork is the division of the block chain into independent systems. They are announced in advance, but the price still drops and then recovers to its previous level.
The course of the etherium may vary considerably depending on the popularity, publications in the media, the number of people willing to buy it and the actions of large speculators. It’s a conditional product that’s valued as much as the buyers are willing to pay for it. Cryptocurrency is influenced by miners, who increase the total volume of coins and decide whether to sell or accumulate. (Find interesting facts in the article “Interesting about cryptocurrency“).
An important factor influencing the price of the cryptocurrency is the ICO (initial placement of coins) on the Ethereum platform. With the implementation of a major project, demand is increasing, and so is the course. There are also failed ICOs when investors lose money, the reputation of the etherium drops, and the rate drops.
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The capitalization of Efirium is constantly growing and in 2017 it amounts to more than $27 billion. Demand is constantly growing, which means that the Ethereum platform is successfully developing. Development plans are no secret. The developer of the Efirium, Vitalik Buterin, announced the planned phase of development called Metropolis. This is the introduction of new versions of cryptographic tools and hardforces called Byzantium and Constantinople. These enhancements will make programming smart contracts much easier and increase system security.
Hardfork Byzantium was successfully conducted, and the exact date of the Harfork of Constantinople is not known yet. It’ll probably be spring 2018. The Metropolis plan includes a so-called “complexity bomb” that will exponentially slow down the network, making the mining process more complex and requiring more resources. After the Metropolis release, a larger upgrade of the Ethereum system is planned. The action plan, called Serenity, calls for an in-depth protocol modernization and network scaling. These events will take place as early as 2018.
An important part of the development of the Ethereum platform will be the gradual abandonment of the “proof-of-work” algorithm, i.e. confirmation of the work that is now used to reward miners. However, the introduction of the new proof-of-stake protocol is still in doubt due to the complexity of implementation. These innovations may affect the work of miners, but whether they will be available in 2018 is not yet known.
Many experts make positive forecasts about the course of the etherium in 2018. It is assumed that the price will rise up to $1000-1500 per unit of cryptocurrency. Explosive growth like in 2017 is unlikely, but the price increase will be unambiguous. There is also a high probability of significant rollbacks during growth. At the time of writing, only Grand Capital Broker has included Airtime in the list of instruments to which traders have access. Grand Capital has a lot of feedback from traders interested in cryptocurrency trading. More companies offering cryptocurrency trading can be found in the section with brokers offering Bitcoin trading at Forex market.
Crypto Consultant president Jason Cassidy says: “The inexhaustible flow of successful ICOs based on the Eferium only adds value to this platform from the point of view of investors. Taking into account that Efiryum is not a means of saving capital, but rather a platform of corporate level for enterprises, its growth should continue in the near future
Ronnie Moas, analyst and founder of Standpoint Research: “I think investors should take a risk and hold on to the cryptocurrency for a few years. If you lose a couple of bucks, at least you tried. Life is such that you miss every time you don’t shoot. It will be sadder to see the price rise by 1000% from the outside.
Finally, watch the video of interesting facts about the Ephirium.