Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
Given the current pace of development, Ethereum could eventually become the dominant virtual currency.
First introduced in 2013 by developer Vitalik Buterin, Ethereum has turned into one of the leading crytocurrencies. The network has gained support from major corporations, like JP Morgan, Microsoft, and Intel, which are seeking to embrace the blockchain technology to run smart contracts. Last month, Mr. Buterin met with Russian president Vladimir Putin, who considers the possible application of the technology in Russia.
The price of the bitcoin rival has reached record highs over the last few months, escalating by more than 5000% since the beginning of the year. Bitcoin has been on an upward trend as well, more than doubling since the start of 2017. However, the value of the digital currency is facing a major problem: an extreme volatility. After surpassing $3,000 mark last month, the price of bitcoin dropped by 10% in just 24 hours.
Blockchain is playing major role in the current economy, consolidating core value components into a new form of value configuration. We are now moving to a decentralized economy where markets are becoming more cooperatively-driven.
If the latest trends will continue, Ethereum is likely to overtake bitcoin by 2018. The infographic below traces the evolution of Ethereum and highlights the main events in the history of the digital currency.