Ether is the token of Ethereum, a network based on blockchain technology that serves as the basis for the famous smart contracts. (Illustration: Jovani Perez)

Ethereum is a digital platform that adopts blockchain technology and extends its use to a wide variety of applications, while ether is its native cryptocurrency. In the world of digital finance, it is common for cryptocurrency to be referred to as the network, although in reality it is not the same thing.

The Ethereum platform, founded in 2015 by programmer Vitalik Buterinsought to be an instrument for decentralized and collaborative applications on which smart contracts (dAPPs) can be concluded

However, among its flaws is its limited scalabilityi.e. it only allows 15 transactions per second, this situation has already put ethereum in check when in December 2017 the CryptoKitties app ‒a game where users could trade digital kittens for speculative purposes‒ led to huge congestion on the platform in which many transactions failed to take place. Currently working on version 2.0 to make improvements.

Like bitcoin, the value of ether skyrocketed in a short time. In January 2016, ether was trading around one dollar and currently has a record of 4891.7 units. It has not been spared from major disasters either.

Ethereum cryptocurrency price

The ethereum cryptocurrency value for today at 1:05 p.m. (UTC time) is $1655.39. This means that the declared digital currency a change of -0.84% over the past 24 hours, as well as a -1.62% move over the past hour.

Due to its level of capitalization, this digital currency occupies the position #2 among the most popular.

Ethereum and its latest update

After several months of delay and with the fear that it will never happen, finally the September 15, 2022 Ethereum has achieved its long-awaited merger or upgrade to the new 2.0 level with the promise of improving the user experience of this cryptocurrency.

Representation of the Ether cryptocurrency. (Reuters)
Representation of the Ether cryptocurrency. (Reuters)

This merger concerns combine the Ethereum blockchain with a new separate blockchain known as proof of stake, which It reduces energy consumption of the Ethereum blockchain by 99.9%, according to its own developers, which makes it more “friendly” with the environment while transactions would be cheaper.

its defenders think the merger will give Ethereum a favor over its main rival, Bitcoinas this could increase its use.

In the Proof Stake process, Ether owners lock up set amounts of their cryptocurrency to verify new records on the blockchain, earning new coins on top of their “staked” crypto.

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