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Gaining Steam, in June 2017, Ethereum was positioned to surpass bitcoin as the world's largest cryptocurrency by market cap, according to Coindesk. Ethereum was created by Vitalik Buterin, a young programmer who was told about bitcoin by his father and decided to create a platform for smart contracts; which bitcoin is not designed. They're built on a technology called blockchain. The Ethereum platform is powered by ether tokens, according to The Huffington Post, and can be used as both a currency and can "represent virtual shares, assets, proof of membership, and more." Its numerous applications are partially responsible for its popularity and recent rise. And how is it different than bitcoin?
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We've broken it down for you. There are multiple ways you can acquire ether tokens.
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"We are more convinced each day of the growth and value of digital currencies, and our company is uniquely positioned to be a leading provider of processing power to relevant blockchains McAfee said in a statement. So now you know what Ethereum is).
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The word has been in a lot of headlines as the cryptocurrency world's new favorite thing soared in value. The ethereum price of something called an ether token grew in value up over 3,02017.
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The reason you've been hearing about bitcoin for years, but Ethereum only recently, is that the latter was only developed two years ago while bitcoin's been around for almost eight years. According to Coindesk, JPMorgan Chase, Microsoft, and a number of other firms joined forces in February to create the Enterprise Ethereum Alliance. Almost 94 of surveyed firms said they feel positive about the state of Ether tokens. These so-called smart contracts create trust between two parties. Its upward march was underpinned by a spike in interest by big Wall Street and tech firms into the cryptocurrency.
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But Buterin conceived of Ethereum as a platform on which two parties could enter into a contract on a price without a third party, according to Paul McNeal, a Bitcoin Evangelist and long-time cryptocurrency investor. But what exactly are ether tokens and Ethereum? MGT Capital, the company run by John McAfee, is one such firm. Lately, the idea that both sides of a party say two banks that buy and sell shares from each other can get an accurate and verifiable record of the transaction instantly, has gripped Wall Street and other institutions as something that can be used.