What is Ethereum? And why it went down from 1000 USD to 93 USD?
The ethereum is one of the most popular cryptocurrencies available in the world. It has been ranked as the best alternative to the very first type of cryptocurrency made available to humanity, the Bitcoin. The ethereum cryptocurrency is based on the blockchain technology which enables easy transaction between two or more people under a well encrypted platform. The ethereum cryptocurrency is not just one of the cryotocurrencies, it has experienced a wide range of application in the financial market, also giving happiness to the face of individuals through investment. The ethereum is a coin of great value which has the potential capacity of replacing the traditional mode of transaction in the later years and cause a reduction in the amount of fiat money used by the world’s ever rising population. The blockchain is believed to take the place of the traditional currency in the world’s economic
So what really happen?
The Cryptocurrency is a simple mode of transaction in which the cryptography is used in conjunction with the in-built blockchain technology which helps to secure, protect and keep away the various transactions and also help to control the creation of some additional units online. The ethereum became a decentralized cryptocurrency in the year 2009 making it the one of the very best of all cryptocurrency to have a well secured and well monitored transaction between two parties. The ethereum has experienced an increase in value over the years and it’s stock value have increased tremendously in rate, however, there have been some fluctuations in value in the recent time causing a reduction in the price of the ethereum by 3% fall in value from $97 to $93 just three days ago. Although there have been an increase in the valuation of the digital asset market over the last twenty four hours, with an increase of $5 billion which determines a turnout of the digital market and asset of the currency from the previous $106 billion to $111 billion where it is as at present. Even though there have been an increase in the valuation of the digital market asset, it has been observed that there have been a fall in the price of the ethereum cryptocurrency and this seems to drop from time to time.
It will be nice to point out that the Cryptocurrency uses by the Ethereum, that is the ether, has lost its value within two weeks due to a 6% decline which caused a fall from $100 to $93. The ethereum have been unable to keep its own technology well secure due to the unforeseen development in the recovery over time. The cryptocurrency have been experiencing a lot of problem as regards its security and capability due to failure to be able to improve the technology by which the ethereum works. The ethereum have been observed to be one of the cryotocurrencies which have performed pretty well in the year 2018 during the bear market. Recently, the ethereum mining hardware have been reported to have been a major target for hackers who plans on cashing out the money before there is an increase in the value of the ether . According to the security guiding the ethereum server, it has been observed that the theft activity have been noticed since the early period of December. These hackers have been heavily scanning the ethereum wallets and the mining hardware. It is paramount that the owners of the ethereum cryptocurrency to find a way to increase the security of the ethereum technology and help to prevent any kind of intervention that can occur around the server of the Cryptocurrency.
Problems appear in ETH and security?
The ethereum have an interface known as the port 8545 which is a perfect target since it is the standardized port for the JSON-RPC interface on which the ethereum wallets and mining hardware was built. There are some conditions in which the exposure of the interface can occur through the port of the ethereum software and this makes it easy to be compromised if scanned and detected. It is therefore required that a better security should be provided for the ethereum software so as to prevent leakage to other servers and if this occurs, there should be a way through which the exposure will be easily detected and efficiently protected.