The world has stood aghast and akimbo in respect to the king of cryptocurrencies (bitcoin). It seems that a greater number of players in the cryptocurrency industry woke up too late after bitcoin had left the kindergarten. As bitcoin continues to break barriers and resisting walls which has made it out of reach for many, the big question has been what is the next outside the confines of bitcoin?
Ether is the next unrefined digital gold in the refining furnace of the cryptocurrency and blockchain industry. What is ether? Ether is the coin second to bitcoin in market capitalization. Ether is a coin while Ethereum is the network upon which ether is programmed on.
Ethereum was initiated in 2013 by vitalik Buterin, one of the major essence of Ethereum network is to give room for programmers to write in and launch their programs.
Transactions under the Ethereum network take a maximum of 15 seconds to complete. As at the time of putting up this article, Ethereum has a total market capitalization of four hundred and two billion, two hundred and eighty five million, five hundred and seventy five Thousand, nine hundred and seventy five Dollars and thirty six cents (402,285,575,975.36 USD) while its circulating supply stood at 117,880,684 ETH, hence its trading volume is $17,472,133,670. Therefore, the current market price of Ethereum is $3,514.
Crypto and financial analysts have projected the price of ETH to hit $10,000 before the end of the last quarter of 2022.
Mining in the Ethereum blockchain is the creation of block of transactions to be added to the Ethereum blockcahain. Just like bitcoin mining, Ethereum also employs the proof –of-work consensus mechanism.
HOW ETHEREUM TRANSACTIONS ARE MINED
Every transaction is mined (included in a new block and propagated for the first time) once, but executed and verified by every participant in the process of advancing the canonical EVM state. This highlights one of the central mantras of blockchain.(ethereum.org)