Ethereum Price Quotes Today
12-12-2022 14:25

The price of Ethereum today is ¥8,734.48 per coin.

Ethereum price today is ¥8,733.15 CNY with a 24-hour trading volume of ¥25,510,563,816 CNY. We will update the price of converting ETH to CNY in real time. Ethereum is down 1.12 over the past 24 hours. It is currently ranked #2 on CoinMarketCap with a market cap of ¥1,068,709,624,953 CNY. Its circulating supply is 122,373,866 ETH coins No upper supply information is currently available.

What is Ethereum (ETH)?

Ethereum is a decentralized open source blockchain system with its own cryptocurrency, Ether. ETH serves as a platform for many other cryptocurrencies, as well as a platform for executing decentralized smart contracts.


Ethereum was first described in a 2013 white paper by Vitalik Buterin. Buterin and his co-founders secured funding for the project through an online public crowdfunding in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, while Ethereum sold over 60 million ETH at an initial coin offering (ICO) priced at $0.311. Now at Ethereum prices, this translates to an annualized return on investment (ROI) of over 270%, almost quadrupling your investment every year since summer 2014.


The Ethereum Foundation officially launched the blockchain on July 30, 2015, with the prototype codenamed "Frontier". Since then, the network has undergone several updates - "Constantinople" on February 28, 2019, "Istanbul" on December 8, 2019, "Mur Glacier" on January 2, 2020 , "Berlin" on April 14, 2021, and most recently on August 5, 2021, "London" hard fork.


Ethereum's own stated goal is to become a global platform for decentralized applications, allowing users from around the world to write and run software that is resistant to censorship, downtime and fraud.


Who is the founder of Ethereum?

Ethereum has a total of eight co-founders — a lot for a crypto project. They met for the first time on June 7, 2014 in Zug, Switzerland.


Russian-Canadian Vitalik Buterin is probably the best known of the bunch. He wrote the original white paper that first described ethereum in 2013 and is still working on improving the platform to this day. Before ETH, Buterin co-founded and wrote for the Bitcoin Magazine news site.


British programmer Gavin Wood can be said to be the second most important co-founder of ETH, because he wrote the first technical implementation of Ethereum in the C++ programming language, proposed Ethereum's native programming language Solidity, and is the founder of Ethereum Foundation first Chief Technology Officer. Before Ethereum, Wood was a research scientist at Microsoft. He then went on to build the Web3 Foundation.

Other co-founders of Ethereum include: - Anthony Di Iorio, who underwrote the project during its early development stages. - Charles Hoskinson, who played a major role in establishing the Swiss Ethereum Foundation and its legal framework. - Mihai Alisie, who helped establish the Ethereum Foundation. - Joseph Lubin, a Canadian entrepreneur who, like Di Iorio, helped fund Ethereum in its early days and later created an incubator for ETH-based startups called ConsenSys. - Amir Chetrit, who helped co-found Ethereum but left it early in development.


What are the characteristics of Ethereum?

Ethereum pioneered the concept of a blockchain smart contract platform. A smart contract is a computer program that automatically executes the actions necessary to fulfill an agreement between multiple parties on the Internet. They are designed to reduce the need for trusted intermediaries between contractors, thereby reducing transaction costs while increasing transaction reliability.


The main innovation of Ethereum is the design of a platform that allows it to execute smart contracts using the blockchain, which further enhances the already existing advantages of smart contract technology. According to co-founder Gavin Wood, ethereum's blockchain was designed as a way to "give the entire planet a computer," theoretically capable of making any program more robust and robust by running it on a globally distributed network. Censorship resistant and less prone to fraudulent public node networks.


In addition to smart contracts, Ethereum's blockchain is also capable of hosting other cryptocurrencies called "tokens" by using its ERC-20 compatibility standard. In fact, this is by far the most common use of the ETH platform: over 280,000 ERC-20 compliant tokens have been launched to date. More than 40 of them became the top 100 cryptocurrencies by market capitalization, such as USDT, LINK, and BNB. Since the Play2Earn game, there has been a huge increase in interest in the ETH vs PHP price.


What is the Ethereum Name Service?

The Ethereum Name Service, aka ENS, is a distributed and scalable naming system based on the Ethereum blockchain. It's essentially the Web3 version of DNS, short for Domain Name Service.


In its raw state, a cryptocurrency address consists of a long string of numbers and letters, designed to be read by a computer. It may look like this - "0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E" - which is sometimes difficult to read and in some cases even leads to the loss of funds.


ENS solves this long and confusing problem of encrypted addresses by assigning human-readable names to machine-readable identifiers such as Ethereum addresses, metadata, addresses of other cryptocurrencies, and content hashes. With ENS, the long address above can become something as simple as "Alice.eth" and you can receive any type of cryptocurrency or NFT through your ENS domain.


ENS is based on two Ethereum smart contracts. The first is the ENS registry, which records three key pieces of information: the owner of the domain, the resolver for the domain, and the cache time of all records under the domain. The second smart contract is the resolver, which converts domain names into machine-readable addresses and vice versa.


It's worth adding that, in addition to integrating with .eth names, ENS also supports the most popular DNS names, including .com, .org, .io, .app, and more.


What does Ethereum Killer mean?

Since its inception, Ethereum has maintained its position as the second largest cryptocurrency by market capitalization. But like every other blockchain network in existence, Ethereum is not perfect. Notably, traditional blockchains suffer from high gas fees and low throughput of 15 to 30 transactions per second.


While several upgrades have been planned to address these shortcomings, many competitors have taken advantage of this delay to offer crypto users cheaper and faster transactions.


The term “Ethereum Killer” appeared around 2016/2017 as alternative blockchains such as Cardano started entering the crypto space. In 2018, EOS debuted as the next "Ethereum killer," raising $4.1 billion from investors, the highest amount ever generated by an ICO. Since then, others such as Tezos, Solana, Fantom, Avalanche, and Binance Smart Chain have emerged as possible Ethereum killers.


Each of these blockchains employs a different consensus model to address limitations caused by Ethereum’s PoW. For example, Solana uses Proof of History (PoH), while Binance Smart Chain uses both Proof of Authority (PoA) and Delegated Proof of Stake (DPoS).


However, none of these alternative blockchains have been able to displace Ethereum as the second-largest cryptocurrency by market capitalization. Ethereum is also currently the largest blockchain for NFT trading activity.


What does the eth EIP-1559 upgrade mean?

The EIP-1559 upgrade introduces a mechanism that changes the way gas fees are estimated on the Ethereum blockchain. Before the upgrade, users had to participate in public auctions for miners to withdraw their transactions. The process is called a "first-price auction," and, as expected, the highest bidder wins.


In EIP-1559, this process is handled by an automated bidding system, and there is a set of "base fees" for transactions to be included in the next block. This fee varies depending on how congested the network is. Additionally, users looking to speed up their transactions can pay miners a "priority fee" to speed up their transactions.


EIP-1559 also introduces a fee burning mechanism. A portion of each transaction fee (base fee) is burned and withdrawn from circulation. This is to reduce the circulating supply of Ether and potentially increase the value of the token over time.


Interestingly, less than two months after the London upgrade was implemented, the network burned more than $1 billion worth of ether.


What does Ethereum 2.0 mean

In 2022, Ethereum plans to switch to Proof of Stake with its Ethereum 2.0 update. This transition has been on the Ethereum roadmap since the network's inception and will see new consensus mechanisms and the introduction of sharding as a scaling solution. The current Ethereum chain will become the beacon chain and serve as a settlement layer for smart contract interactions on other chains.


In late 2021, Ethereum’s Arrow Glacier update was pushed back to June 2022. Until then, Vitalik Buterin expects the path to the final phase of the network to be shaped by optimistic rollups and Zk-rollups.


In January 2022, the Ethereum Foundation announced its decision to remove the term "Ethereum 2.0" to "keep all future users from navigating this confusing mental model." It went on to explain that the previously mentioned "Ethereum 1.0" term will be referred to as the "execution layer," while "Ethereum 2.0" will be referred to as the "consensus layer." This is ultimately to provide a more accurate version of Ethereum's roadmap.


In an update on the progress of the merger on April 13, 2022, Ethereum developer Tim Beiko tweeted an update on the progress of the merger, saying they are "definitely in the final chapter of Ethereum's PoW." He also mentioned that users can expect it to happen in the months following June, although no exact date has been provided. This is behind the successful implementation of the first mainnet shadow fork (to test the transition to PoS on Ethereum) on April 11, 2022.


ethereum merger

In 2022, Ethereum will rename its transition from proof-of-work to proof-of-stake from Ethereum 2.0 to The Merge. The merger is scheduled for September 15, 2022, and the merger of the Goerli testnet was successfully completed on August 11, 2022.


The merger implemented several key changes to Ethereum. First, it merges the existing PoW Ethereum mainnet with the PoS chain Beacon Chain. Together, the two chains form the new proof-of-stake Ethereum, consisting of a consensus layer and an execution layer. The consensus layer will synchronize the chain state of the entire network, while the execution layer handles transactions and block production.


Second, Merge greatly reduces the issuance of ETH. This is called the "triple halving," in homage to the Bitcoin halving, as the merger reduced ETH's issuance by 90%. With over 14 million ETH already staked, ETH is likely to become deflationary after the transition. Additionally, stakers are expected to earn between 8% and 12% APR on current projections. The pledged ETH will not be withdrawn immediately after the merger - it will only be enabled after the Shanghai upgrade, which is estimated to be 6 to 12 months later.


Learn more about common misconceptions following the Ethereum merger.


Merge will not increase transaction throughput or reduce gas fees, as the block production rate remains roughly at 12 seconds (currently 13 seconds). It also does not enable on-chain governance, protocol changes are still discussed and decided off-chain by stakeholders.


Importantly, the transition to PoS is expected to reduce Ethereum’s annual energy consumption from 112 TWh/year to just 0.01 TWh/year — a drop of 99.9%. This reduction has led investors to look forward to an influx of institutional money into a "greener" ethereum. On the other hand, ethereum miners in an estimated $19 billion industry sought to support ETHPoW, a potential hard fork of ethereum on proof-of-work. We explained the main differences in our ETH PoS vs ETH PoW article.


How many Ethereum (ETH) coins are in circulation?

In September 2021, there are roughly 117.5 million ETH tokens in circulation, 72 million of which were issued in the genesis block — the first block on the Ethereum blockchain. Of the $72 million, $60 million was allocated to initial contributors to the 2014 crowdfunding that funded the project, and $12 million was allocated to a development fund


The remaining amount is distributed to miners on the Ethereum network in the form of block rewards. The initial reward was 5 ETH per block in 2015, which was later dropped to 3 ETH in late 2017, and then to 2 ETH in early 2019. The average time to mine an Ethereum block is around 13-15 seconds.


In the Ethereum network upgrade in August 2021, the London hard fork included the Ethereum improvement protocol EIP-1559. Instead of a first-price auction where the highest bidder wins, EIP-1559 introduces a "base fee" for transactions to be included in the next block. Users who want to prioritize transactions can pay miners a "tip" or "priority fee". Since the base fee adjusts dynamically with transaction activity, this reduces the volatility of Ethereum gas fees, although it does not reduce prices, which are notoriously high during peak network congestion.


One of the main differences between Bitcoin and Ethereum economics is that the latter is not deflationary, i.e. it has an unlimited total supply.

Ethereum’s developers justify this by not wanting to set a “fixed security budget” for the network. Being able to adjust the issuance rate of ETH through consensus allows the network to maintain the minimum issuance required to be sufficiently secure.


However, with the introduction of EIP-1559, the base fees used in transactions are burned, removing ETH from circulation. This means that higher activity on the network will cause more ETH to be burned, and a decrease in supply will cause the Ethereum price to appreciate, all things being equal. This has the potential to make Ethereum deflationary, which is something ETH holders get excited about — a potential appreciation in the price of Ethereum today.


How to secure the Ethereum network?

As of August 2020, Ethereum is secured by the Ethash proof-of-work algorithm belonging to the Keccak family of hash functions.


However, there are plans to switch the network to the proof-of-stake algorithm in connection with the major Ethereum 2.0 update rolling out in late 2020.


After the launch of the Ethereum 2.0 Beacon Chain (Phase 0) in early December 2020, it will be possible to start staking on the Ethereum 2.0 network. Ethereum staking is when you deposit ETH on Ethereum 2.0 by sending ETH to the deposit contract (32 ETH are required to activate the validator software), thereby helping by storing data, processing transactions, and adding new blocks to the blockchain Protect the network. As of this writing in mid-September 2021, the current price of Ethereum for 32 Ether is around $116,029. The amount Ethereum validators earn now is a 6% APR return, which equates to approximately 1.91952 ETH, or $6960 at today’s Ethereum price. This number will change as the network grows and the number of stakers (validators) increases.


Ethereum staking rewards are determined by the distribution curve (participation and average percentage of stakers): some ETH 2.0 staking rewards for early stakers were 20%, but will drop to between 7% and 4.5% per year.


The minimum requirement for an Ethereum stake is 32 ETH. If you decide to stake Ethereum 2.0, it means that your Ethereum shares will be locked on the network for months or even years in the future until the Ethereum 2.0 upgrade is completed.


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