Question 1

What is Ethereum?

Accepted Answer

Ethereum is a Layer 1 decentralized open-source blockchain platform that works as the foundation for numerous cryptocurrencies and smart contracts. It’s native token (Ether - ETH) powers thousands of decentralized applications run by the community.

Question 2

How does Ethereum work?

Accepted Answer

Ethereum formerly ran on the proof-of-work (PoW) consensus model which required its community to utilize computational power to validate transactions on the network and create new “blocks”. This has changed in 2022, as Ethereum migrated towards a proof-of-stake (PoS) consensus - becoming less energy intensive and much more secure. This migration also affords Ethereum increased scalability - allowing more applications to be built on the network without compromising security or performance.

Question 3

When was Ethereum created?

Accepted Answer

The idea of Ethereum was first reported in 2013 by Vitalik Buterin in a whitepaper. It was officially launched as a blockchain in July of 2015.

Question 4

How do I purchase Ethereum?

Accepted Answer

There are various ways to purchase the Ethereum (ETH) cryptocurrency. Major exchanges (such as Binance, Coinbase, Kraken and KuCoin) will allow you to purchase Ethereum with fiat currency. You can also purchase it through various cryptocurrency wallets (such as MetaMask), via decentralized exchanges (DEXs) like Uniswap, via ATM’s in certain countries, or even directly via your Paypal account where some transactions can also be conducted using Ethereum as a payment method.

Question 5

What makes Ethereum so popular?

Accepted Answer

Ethereum’s popularity stems from its history. As one of the oldest existing blockchains, it has been used by millions around the world for years. From building decentralized apps (DApps), to executing smart contracts and providing fast and scalable technology - Ethereum has been tried, tested and proven to work which makes it one of the most popular blockchain platforms for individuals, projects and companies alike.

Question 6

Why choose Ethereum for NFTs?

Accepted Answer

The Ethereum Blockchain is where the world of NFTs started. Their smart contracts, just like other blockchains, allow for the transference and the accurate tracking of ownership of on-chain assets. This is done via their ERC-721 token standard - which sets the standard for all tokens on the Ethereum blockchain.

Question 7

How strong is the Ethereum Ecosystem?

Accepted Answer

Ethereum has the second biggest market cap (MCAP) of any blockchain in the world - sitting at $173 billion as of January, 2023. It also has over 500,000 daily active addresses (as of Jan. 2023). At it’s all time high (ATH) the Ethereum cryptocurrency price reached $4,815 (in Nov. 2021). As one of the pioneers of integrating blockchain technology with smart contracts, decentralized applications, NFTs, and undergoing numerous updates, Ethereum has one of the oldest and strongest ecosystems in the web3 space.

Question 8

What are the price predictions for Ethereum by 2030?

Accepted Answer

Based on current price predictions, potential future use cases, updates and market conditions - Ethereum is projected to hit a price range between $4,200 and $11,300 by the year 2030. These price predictions are subject to constant change.

Ethereum NFT archive

Ethereum is the community-run technology powering the cryptocurrency ether (ETH) and thousands of decentralized applications.

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