Ethereum is consistently near the top of the list for cryptocurrencies by market cap. Most often Ethereum sits below Bitcoin at the number two spot, sometimes being overtaken by Ripple. Both trend at roughly 25% of Bitcoin’s market cap value, but there is a major gap between any other cryptocurrencies from the 4th spot down. The next closest cryptocurrencies are hardly 20% of Ethereum’s market cap. This has given Ethereum a great deal of attention over the years due to the fact that many people are first introduced to blockchain technology through the coins as an investment.
However, Ethereum was founded on a much different basis. The network piggybacked off of the founding principles and technology if Bitcoin, but added a much richer featureset. Ethereum stands as a kind of gateway to understanding the incredible potential of the technology overall. Co-founder Vitalik Buterin, only in his 20s, has become a celebrity within the industry. He stands out in support of the deeper implications of peer-to-peer networks and cryptocurrencies:
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.” - Vitalik Buterin
Ethereum Foundation Growth
The Ethereum Foundation is a non-profit that was founded by a group of early Ethereum developers to establish a method to gain funding and allocate the resources for continuing development of the Ethereum network in a fair and organized way.
“When the Ethereum Foundation was founded, the Ethereum Foundation was ethereum. People in the Foundation were the ones that were building ethereum. Now, that’s not the case.” - Aya Miyaguchi, executive director of the Ethereum Foundation
Aya Miyaguchi assumed the role as executive director of the Ethereum Foundation in early 2018, following the massive surge in market cap value for all cryptocurrencies. In that time, interest in the technology and emerging startup blockchain companies exploded. When Ethereum was founded, it was truly forging a new path. Now, there are a myriad of similar networks working to accomplish similar goals using slightly different techniques.
“I believe the role of the Ethereum Foundation also needs to shift … What are things that only the Ethereum Foundation can do?... I believe the Ethereum Foundation has established this trust relationship in the world where we do have the brand. People trust us to be neutral or honest about information so we just want to deliver the true information.” - Aya Miyaguchi
By: BGN Editorial Staff