Ethereum price in euros

Ethereum is an open-source blockchain that runs smart contracts, meaning programs with shared execution rules, and Ether (ETH) is its native cryptocurrency. Vitalik Buterin proposed it in 2013 and a team of co-founders developed it, including Gavin Wood and Joseph Lubin, with the mainnet launching on July 30, 2015.

Its purpose is to enable asset transfers and applications without a central administrator. Think of it as shared infrastructure where different services can run on publicly verifiable rules.

What it’s used for

Ethereum users transfer digital assets, use stablecoins, swap tokens and lend or borrow through decentralized finance (DeFi) apps. The network also hosts unique digital tokens (NFTs) and digital representations of assets.

ETH is used to pay transaction fees, as collateral in apps and for staking, through which it helps secure the network. Fees depend on demand for block space and can make small transactions expensive.

How many ETH are there

ETH has no fixed maximum supply. Since 2022 it hasn’t been produced through mining: Ethereum uses a proof-of-stake mechanism, where validators stake ETH and receive new ETH as a reward for taking part in consensus.

At the same time, part of the fees is permanently burned. So the total supply can rise or fall, depending on the issuance of new ETH and network activity.

What to watch out for

The concentration of staking among large providers creates risks of undue influence and transaction censorship. Competition from other networks, capacity limits and changes to the rules on staking and DeFi also affect its use.

Smart contract bugs, attacks on cross-chain bridges and key theft can lead to losses without Ethereum itself having been hacked. For users in Greece, as everywhere, the security of the network doesn’t guarantee the security of every app or exchange.

We see Ethereum as strong infrastructure for programmable transactions, with real challenges around cost of use and decentralization.