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Ethereum (ETH) Tl;dr

Founded: 2015

Founders: (2013) V. Buterin, M. Alisie, C. Hoskinson, A. Di Iorio, and A. Chetrit (2014) G. Wood J.Lubin along with J. Wilcke

Website: https://ethereum.org/en/

White Paper: https://ethereum.org/en/whitepaper/#further-reading

Yellow Paper: https://github.com/ethereum/yellowpaper

Foundation: https://ethereum.foundation/

Token/cryptocurrency/altcoin symbol: ETH

Coin limit: No current supply cap

Consensus mechanism: Originally proof-of-work. Switched to proof-of-stake in August 2021.

Purpose: General blockchain layer for decentralized applications

ICO details: 31,529 BTC received in exchange for more than 50 million ETH. The value on August 1st, 2014, was $17.3 million

Financial products: Futures, Options, Greyscale Ethereum Trust, 3iQ Ethereum Funds and 3iQ CoinShares ETFs in CAD and USD +

What is ETH? 

ETH is the trading symbol for Ether. Ether is the native token on the Ethereum blockchain. ETH is used as a cryptocurrency, a form of payment and a consumable.

ETH also represents a vote in the direction of the platform.

What is Ethereum? 

Ethereum is a technology stack that supports decentralized applications. These include DeFi, stablecoins, DEXs and tokens like NFTs.

Ethereum is the second biggest cryptocurrency by market cap after Bitcoin. It is designed around a scalable, open architecture for others to build on. The project runs as a decentralized autonomous organization (DAO). In all DAOs, hodlers of the native tokens determine the direction of the protocol.

How does Ethereum work? 

Ethereum began as a proof-of-work consensus. To increase scalability, Ethereum converted to a proof-of-stake consensus. The change increased speed, cut energy use and stabilized transaction fees.

Ethereum’s founders have gone on to found other blockchain platforms. These include Cardano and Polkadot.

ETH Taxes

Ether is considered a commodity for tax purposes in Canada. Exchange of ETH for products and services or other cryptocurrencies is considered barter for tax purposes.

How to Buy ETH

You can buy Ether on a cryptocurrency trading platform or exchange. You can also get ETH through various financial products like futures, options and an Ethereum trust.