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When was Ethereum mined (When was Ether born)?

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When was Ethereum mined? Ethereum experienced a major boom from 2013 to 2016, wh

When was Ethereum mined (When was Ether born)?

When was Ethereum mined? Ethereum experienced a major boom from 2013 to 2016, when the price of Bitcoin fluctuated around $20,000. However, it has only risen to around $50,000 as of now. The price of Ether is still high because miners provide a Digital Currency Incentive (DPI) every day. This DPI is currently the highest market value encryption asset, Ether, according to the Ethereum official website: https://eth.tokenview.com/cn/dpin-defi

Ether is a decentralized virtual machine and smart contract platform. Its token, ETH, is mainly generated through the Proof-of-Work (POW) mechanism. It can be understood as an application on the proof-of-stake blockchain, where users can obtain Ether in a PoS consensus by staking ETH, thereby disrupting the existing DeFi ecosystem. This means that a large number of projects based on POS algorithms will be born in the future DeFi ecosystem.

When was Ether born?

Editor’s note: This article is from Cointelegraph China (ID: CointelegraphChina), written by SAMUELHAIG, authorized by Odaily Star Daily for reproduction.

Ethereum is the first block producer of Bitcoin, and it is also one of the earliest cryptocurrencies launched in 2009. On November 29, 2018, a person named “0xMaki” published an Ether address that received $10,000 worth of ETH as a reward and created Ether. This wallet contains a large amount of BTC and USDT, indicating an increasing demand for Bitcoin. Ether was born on January 31. According to Coinmarketcap data, Ether’s price rose from $0.015 per coin to the current $0.028 per coin in the first quarter of 2019, an increase of more than 200%, and broke through its all-time high of $1,000 four months later. In early December 2020, due to the surge in the number of DeFi applications, the price of Ether rose sharply, surpassing Litecoin (LTC) in market value.

In the last two months of 2020, the price of Ether experienced a correction. At the time of writing, ETH is priced at $0.073, a 9% decrease, but still higher than other mainstream altcoins. Since then, the price of ETH has been continuously decreasing, and transaction fees have been increasing. Starting in mid-2019, “Ether miners” mined the most of 10,000 ETH to ensure the security and stability of the network, as these ETH were locked in a secure wallet. By the end of 2019, this number had dropped to nearly $68,000, a 60% decline from its all-time high. In addition, in the third quarter of this year, the number of active users on the Ethereum chain reached a record high of about 3,000.

In early 2019, there were only about 300,000 independent validation nodes participating in the Ethereum blockchain network. However, even today, Ethereum still faces many issues, with the most serious being smart contract vulnerabilities.

At the end of October 2018, the Ethereum development team released an updated protocol improvement proposal, EIP-1559, to turn Ethereum into a decentralized system based on the Proof-of-Stake (PoS) mechanism. It increased the issuance of Ether tokens from the original 10 billion to the current 50 billion and further expanded its functionality and enhanced its security: “If we want to make Ether better to use, we need to solve this problem through a hard fork.” Although the initial version of Ether did not receive as much attention from the community as Bitcoin, Ethereum did not receive enough support before the launch of the Ethereum network. “Over time, the number of validators in the Ethereum network has more than doubled, so Ethereum can now support more transactions, achieve higher throughput growth, and process more transactions faster,” said Vitalik Buterin, co-founder of Ethereum at the time.

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