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Ethereum is having its moment in the spotlight thanks to cryptocurrency platforms and public endorsements from Paris Hilton and other celebs.
Simply put, it's the second largest cryptocurrency in the world next to Bitcoin, which we broke down for you last week.
Fun Fact: Ethereum was co-invented by a Canadian named Vitalik Buterin, just your average 27-year-old Crypto billionaire from Toronto.
What makes ethereum's blockchain unique is that it was invented to allow developers to build on it. Developers can use it to build their own blockchain-based programs that can run apps, smart contracts and other transactions.
A larger part of these new applications that are being developed are creating a new, decentralized financial system. Which likely leads you to your next question, what is a decentralized system?
Decentralized means that no one person, or one company owns it. The network relies on computers around the world using specific sets of rules to agree on shared pieces of information. This information is entered as sets of data which is then stored on ethereum's blockchain.
This new decentralized financial system is being used in a similar manner to the traditional financial system to offer loans, mortgages and other digital banking solutions.
One of the biggest developments involving Ethereum in the last few months has been Non-Fungible Tokens (or NFTS) which are essentially one-of-a-kind digital assets where ownership is tracked and stored on a blockchain. One was even sold for a record $69 million back in March!
All of this is just part of the reason why Ethereum is so appealing to investors right now. Ethereum continues to grow and develop incredible real world uses that are likely to only become more applicable in years to come!
If you're eager to start buying and trading it yourself, Coinsmart, Canada's most trusted cryptocurrency trading platform, can help with that.
Right now, Narcity readers who sign up and make the minimum fiat deposit can get $20 in Bitcoin added to their account.
In addition to the GetSmart hub for newbies, the company has other cool features like SmartTrade that allows you to trade one altcoin for another, like Litecoin into ETH or vice versa. It can all be done in just one click which is really fast and efficient. It takes a longer time to place an online Starbucks order.
Coinsmart gives you a live look at how each digital currency is doing on the market with easy to follow graphs so you know what you're getting yourself into when you make your first investment.
Is your mind spinning with crypto questions right now?
The company offers round-the-clock support so you can chat or email with an expert if you're stuck on something and not sure where to invest your money.