Switzerland: Ethereum launches Ether digital currency

Friday 25 July 2014 14:02 CET | News

Ethereum, a digital currency platform and a programming language, has given green light to the presale of its digital currency, dubbed ether (ETH), an altcoin-based currency, reports.

The source indicates that over 7 million ether (ETH) have been sold in about 12 hours from the presale announcement.

Ethereum, as a programming language, is aimed to enabledevelopers to build and publish applications that do not require third-party integrations to run.

Ether is also known as ‘cryptofuel’ that runs the applications on Ethereum’s decentralized network. In other words, ether will be required by people interested in building upon or using the Ethereum platform which is recommendable for users looking to develop or distribute decentralized applications.

Customers purchasing ether now will lock in their supply at a known price, even though the actual coins will not be available until the genesis block is mined, sometime in the winter of 2014-2015, Ethereum officials inform.

Ether can currently be purchased at a set rate of 2,000 ETH per 1 Bitcoin. The price will stay at this rate for two weeks and then linearly decrease in value down to 1,337 ETH per BTC. The sale will last 42 days in total.

Ethereum has made it clear that ether is not to be viewed as an investment like Bitcoin and offered explanations on its blog guiding customers that their own digital currency must be taken only as a product which does not have security and investment-based capabilities.

On the contrary, it should be seen as a means of value used for paying transaction fees or developing and buying decentralized application services on the Ethereum platform.

Ethereum is the project of Vitalik Buterin, a former college student who, fascinated with Bitcoin, spent a year traveling around the world and learning about the possibilities of the technology.

Buterin saw that all the various block chain projects were focused on developing altcoins with varying features, but that this was a limitation of the block chain’s potential. So he eventually came up with Ethereum, which offers a way for people to connect through trustless distributed applications on its own block chain.

The company’s primary base is in Zug, Switzerland, but it has additional bases in Toronto and London, with more to come. The organization has global reach, although it has communities and meet-ups in Canada, the US, Asia and even Africa.

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Keywords: Switzerland, Ethereum, Bitcoin, altcoin, digital currency, ether, decentralised, online payments, mining, miner
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce