A new virtual gold rush is underway.
Even as Bitcoin, riven by internal divisions, has struggled, a rival virtual currency — known as Ethereum — has soared in value, climbing 1,000 percent over the last three months.
Beyond the price spike, Ethereum is also attracting attention from giants in finance and technology, like JPMorgan Chase, Microsoft and IBM, which have described it as a sort of Bitcoin 2.0.
The rise of the relatively new virtual currency has been helped by a battle within the Bitcoin community over how the basic Bitcoin software should develop.
The fights have slowed down Bitcoin transactions and led some people to look for alternative virtual currencies to power their businesses. Enter Ethereum.
Like Bitcoin, the Ethereum system is built on a blockchain in which every transaction is recorded publicly. The promise of such a system is that it allows the exchange of money and assets more quickly and more cheaply than relying on a long chain of middlemen.
But Ethereum has also won fans with its promise to do much more than Bitcoin. In addition to the virtual currency, the software provides a way to create online markets and programmable transactions known as smart contracts.
The system is complicated enough that even people who know it well have trouble describing it in plain English. But one application in development would let farmers put their produce up for sale directly to consumers and take payment directly from consumers. There are already dozens of functioning applications built on Ethereum, enabling new ways to manage and pay for electricity, sports bets and even Ponzi schemes.
All of this work is still very early. The first full public version of the Ethereum software was recently released, and the system could face some of the same technical and legal problems that have tarnished Bitcoin.
Many Bitcoin advocates say Ethereum will face more security problems than Bitcoin because of the greater complexity of the software.
The Latest on: Ethereum
via Google News
The Latest on: Ethereum
- Ethereum Price Analysis: ETH/USD rising wedge pattern triggers fresh declines under $150on November 30, 2019 at 11:13 pm
- Researcher Arrested for Allegedly Teaching North Korea About Ethereumon November 29, 2019 at 6:51 pm
Virgil Griffith, 36, is a special projects researcher at the Ethereum Foundation, which helps to lead the development of Ethereum blockchain technology. The feds allege that Griffith attended a ...
- US Arrests Ethereum Developer for Training North Koreans to Evade Sanctionson November 29, 2019 at 2:04 pm
Virgil Griffith, who has lately been working at the Ethereum Foundation, has been arrested for allegedly going to a conference in North Korea and sharing his expertise in using cryptocurrency. The ...
- Thieves took $49 million in Ethereum from a crypto exchangeon November 29, 2019 at 6:44 am
The exchange quickly suspended all crypto deposits and withdrawals and moved all assets to offline wallets that couldn't be attacked. Upbit said it would "immediately" replace the missing Ethereum ...
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Germany inserts crypto markets into bank accountson November 29, 2019 at 4:39 am
As I explain below in the indicators section, bulls are at shallow levels, and an upward breakout above the EMA50 will attract a lot of fresh money to Ethereum. Above the current price, the first ...
- Upbit hacker moves $51.7M Ethereum stash, labels themselves ‘1337’on November 28, 2019 at 4:16 am
The $51.7 million stash of Ethereum ETH stolen from cryptocurrency exchange Upbit is on the move. Upbit’s hacker began transferring the funds out of their wallet approximately four hours ago. The ...
- $52M in Ethereum stolen from Korean cryptocurrency exchange Upbiton November 27, 2019 at 6:28 pm
South Korean cryptocurrency exchange Upbit (Danamu Inc.) has been hacked with the equivalent of around $52 million in cryptocurrency stolen. The hack, which involved the theft of 342,000 Ethereum took ...
- Ethereum Scaling Fix Cuts Time to Create a Block in Half, Test Findson November 27, 2019 at 9:38 am
BloXroute Labs, a scalability-focused blockchain startup, was successfully able to reduce block propagation time on the Ethereum mainnet in half, according to a third-party tester. Blockchain advisory ...
- Theranos Was ‘Uncannily Ethereum-Like,’ Says Bitcoin Pioneer Adam Backon November 27, 2019 at 2:25 am
Blockstream CEO and HashCash inventor Adam Back has controversially compared Ethereum with the notorious medical-testing startup Theranos. Blockstream CEO and HashCash inventor Adam Back and ...
- Buterin vs Cohen: Ethereum and BitTorrent creators feud on Twitteron November 26, 2019 at 4:11 pm
BitTorrent founder Bram Cohen has sparked a Twitter feud with Ethereum founder Vitalik Buterin after posting a thread of negative tweets criticising Buterin’s thoughts on scalability, sharding, code ...
via Bing News