Ether (Cryptocurrency): Difference between revisions
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{{Distinguish|Ether}} |
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#REDIRECT [[Ethereum#Ether]] |
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{{Infobox currency |
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{{R avoided double redirect|Ether (cryptocurrency)}} |
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| currency_name = Ether |
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{{R to section}} |
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| image_1 = ETHEREUM-YOUTUBE-PROFILE-PIC.png |
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| image_background_1 = |
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| image_title_1 = |
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| image_width_1 = 150px |
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| alt1 = |
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| image_2 = |
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| image_background_2 = |
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| image_title_2 = |
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| image_width_2 = |
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| alt2 = |
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| issuing_authority_title = Administration |
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| issuing_authority = [[decentralised system|Decentralized]] {{refn | group = note | The Ethereum platform and thus ether do not have a [[central bank|central authority]].<ref name=NYTvirtual/>}} |
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| issuing_authority_website = {{URL|https://www.ethereum.org}} |
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| date_of_introduction = {{Start date and age|df=yes|2015|7|30}}<ref name="Ethereum-presale-launch"/> |
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| date_of_introduction_source = Genesis block |
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| using_countries = Worldwide |
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| inflation_title = Issuance model |
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| inflation_rate = [[Disinflation]]<ref>{{cite web|url=https://blog.ethereum.org/2014/04/10/the-issuance-model-in-ethereum/ |title=The Issuance Model in Ethereum|website=Ethereum Blog}}</ref>{{primary-inline|date=February 2016}} |
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| inflation_source_date = |
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| inflation_method = |
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| subunit_ratio_1 = 10<sup>−3</sup> |
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| subunit_name_1 = finney |
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| subunit_inline_note_1 = |
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| subunit_ratio_2 = 10<sup>−6</sup> |
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| subunit_name_2 = szabo |
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| subunit_inline_note_2 = |
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| subunit_ratio_3 = 10<sup>−9</sup> |
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| subunit_name_3 = Gwei |
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| subunit_inline_note_3 = (gigawei) |
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| subunit_ratio_4 = 10<sup>−12</sup> |
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| subunit_name_4 = Mwei |
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| subunit_inline_note_4 = (megawei) |
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| subunit_ratio_5 = 10<sup>−18</sup> |
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| subunit_name_5 = wei |
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| subunit_inline_note_5 = |
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| symbol = [[Ξ]]<ref name="Forum">{{cite web|title=The symbol for Ether is...|date=7 June 2014|accessdate=14 August 2014|url=http://forum.ethereum.org/discussion/comment/4823/|website=Ethereum Forum}}</ref>{{primary-inline|date=February 2016}}, ETH |
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| symbol_subunit_1 = <!-- thru |symbol_subunit_5 = --> |
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| nickname = |
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| nickname_subunit_1 = <!-- thru |nickname_subunit_5 = --> |
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| plural = |
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| no_plural = |
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| plural_subunit_1 = <!-- thru |plural_subunit_5 = --> |
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}} |
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'''Ether''' ([[Ξ]] or ETH) is a [[cryptocurrency]] circulating in the distributed application platform [[Ethereum]]. It is the fundamental element needed to operate distributed applications, since it pays for transaction fees and computational services on the Ethereum network.<ref name=NYTvirtual>Nathaniel Popper for the New York Times. March 27, 2016 [http://www.nytimes.com/2016/03/28/business/dealbook/ethereum-a-virtual-currency-enables-transactions-that-rival-bitcoins.html?_r=0 Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin’s]</ref> It was funded and created by an online crowd sale during July-August 2014<ref>https://blog.ethereum.org/2014/07/22/launching-the-ether-sale/</ref>, and officially launched at July 30th, 2015, along with the Etherem platform.<ref name="Ethereum-presale-launch"> https://blog.ethereum.org/2015/07/30/ethereum-launches/</ref> |
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== Creation == |
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The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly<ref>https://ethereum.org/ether</ref>: |
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* 60 million ether were created and given to the contributors of the presale. |
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* 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation. |
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* 5 ethers are created every block (roughly 15-17 seconds) to the miner of the block. |
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* 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward). |
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== Supply == |
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According to the terms agreed by all parties on the 2014 presale, issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key lost, death of holders etc) and there would reach an equilibrium. |
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== Price == |
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Ether is traded on [[cryptocurrency]] exchanges like any other cryptocurrency. The price can be volatile per circumstances, such as a plunge from $21.50 to $15 when The DAO was hacked on June 17, 2016.<ref name="bi20160617">{{cite web|title=Digital currency Ethereum is cratering amid claims of a $50 million hack|url=http://uk.businessinsider.com/dao-hacked-ethereum-crashing-in-value-tens-of-millions-allegedly-stolen-2016-6|first=Rob|last=Price|date=17 June 2016|website=Business Insider}}</ref> |
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== Notes == |
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{{Reflist|group=note}} |
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==References== |
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{{Reflist|30em}} |
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Revision as of 20:07, 4 July 2016
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| Unit | |
|---|---|
| Symbol | Ξ[1][non-primary source needed], ETH |
| Denominations | |
| Subunit | |
| 10−3 | finney |
| 10−6 | szabo |
| 10−9 | Gwei (gigawei) |
| 10−12 | Mwei (megawei) |
| 10−18 | wei |
| Demographics | |
| Date of introduction | 30 July 2015[2]Genesis block |
| User(s) | Worldwide |
| Issuance | |
| Administration | Decentralized [note 1] |
| Website | www |
| Valuation | |
| Issuance model | Disinflation[4][non-primary source needed] |
Ether (Ξ or ETH) is a cryptocurrency circulating in the distributed application platform Ethereum. It is the fundamental element needed to operate distributed applications, since it pays for transaction fees and computational services on the Ethereum network.[3] It was funded and created by an online crowd sale during July-August 2014[5], and officially launched at July 30th, 2015, along with the Etherem platform.[2]
Creation
The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly[6]:
- 60 million ether were created and given to the contributors of the presale.
- 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation.
- 5 ethers are created every block (roughly 15-17 seconds) to the miner of the block.
- 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward).
Supply
According to the terms agreed by all parties on the 2014 presale, issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key lost, death of holders etc) and there would reach an equilibrium.
Price
Ether is traded on cryptocurrency exchanges like any other cryptocurrency. The price can be volatile per circumstances, such as a plunge from $21.50 to $15 when The DAO was hacked on June 17, 2016.[7]
Notes
- ^ The Ethereum platform and thus ether do not have a central authority.[3]
References
- ^ "The symbol for Ether is..." Ethereum Forum. 7 June 2014. Retrieved 14 August 2014.
- ^ a b https://blog.ethereum.org/2015/07/30/ethereum-launches/
- ^ a b Nathaniel Popper for the New York Times. March 27, 2016 Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin’s
- ^ "The Issuance Model in Ethereum". Ethereum Blog.
- ^ https://blog.ethereum.org/2014/07/22/launching-the-ether-sale/
- ^ https://ethereum.org/ether
- ^ Price, Rob (17 June 2016). "Digital currency Ethereum is cratering amid claims of a $50 million hack". Business Insider.