Ether is a virtual currency on the Ethereum platform that may rival bitcoin in the future.
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Here are a few things to know about the ether currency.
- The virtual currency was first introduced in 2015.
- During its introduction, traders could pick the currency up for $1 per token.
- At the start of 2017, the price of ether had reached roughly $8.
- The virtual currency’s value as of Tuesday, May 30, 2017 was a little over $225 per token.
- One of the major reasons for the value of the currency increasing was the forming of the Enterprise Ethereum Alliance in February.
- The Enterprise Ethereum Alliance is a group of large corporations that have come together to learn about and build on the platform.
- Members of the Enterprise Ethereum Alliance include Microsoft Corporation (NASDAQ:MSFT), JPMorgan Chase & Co. (NYSE:JPM), Toyota Motor Corp (ADR) (NYSE:TM) and many others.
- Ether is a virtual currency based on the Blockchain software.
- Blockchain software is currently considered unhackable due to its decentralised nature.
- It is possible that Blockchain will allow users to no longer have to rely on banks and lawyers as a result of its “smart contracts” that are able to execute on their own.
- Just like with bitcoin, ether can be mined with the help of a computer and a modestly powerful GPU.
- There are also exchanges online that traders can use to buy the virtual currency with their own funds or credit cards.
