Ethereum (ETH) has attracted a lot of attention as a crypto asset (virtual currency) that implements decentralized platforms and smart contracts.
Ethereum (ETH), which consistently ranks high in the market capitalization ranking of crypto assets, is a popular currency in Japan. However, not much is known about the background of the developer of Ethereum (ETH) and the circumstances surrounding its birth.
Therefore, we will tell you about the developer and the history leading up to its creation, as well as explain how to purchase Ethereum (ETH) with Coincheck.
What is Ethereum (ETH)?
Ethereum (ETH) was invented by Russian-Canadian Vitalik Buterin and was officially announced in 2013.
Buterin was only 19 years old at the time of development, but he has already incorporated the major features of Ethereum (ETH), such as the construction of decentralized applications called “DApps” and the implementation of functions called smart contracts, into the white paper, which is the development specification. I was there.
Ether
Ethereum (ETH) is a decentralized platform, and in the sense of general crypto assets, Ether used on that platform is the currency. The purpose of the Ethereum (ETH) platform is to develop fully autonomous, decentralized applications that run on the platform.
Decentralized applications developed on the Ethereum (ETH) decentralized platform operate completely autonomously, without the intervention of a central administrator such as a country or financial institution. The application can now store information on various transactions and contracts, and also automatically execute transactions and contract details.
smart contract
The execution of these transactions and contract contents is made possible by a function called smart contract implemented by Ethereum (ETH). A smart contract is a system that allows detailed information and contract conditions to be written on the blockchain.
Blockchain is a technology that has already been adopted in Bitcoin (BTC), and it is a technology that manages a certain number of transaction data as a block and records each block as a single chain.
Ethereum (ETH) takes the blockchain technology used in Bitcoin (BTC) one step further, allowing detailed transaction information and conditions for contract execution to be programmed in advance. Then, when all the conditions for executing a transaction or contract are met, the transaction or contract can be executed automatically.
Partnering with large global companies
Ethereum (ETH) not only records and manages detailed information on transactions and contracts, but also automatically executes the details. Therefore, many global companies, including Microsoft, have placed high expectations on its practicality and future potential.
Moreover, since transactions are executed without the use of intermediaries such as real estate agents, operations can be performed quickly and at a low cost. It can be said that it has a greatly improved mechanism compared to Bitcoin (BTC), which could only record transaction information.
The developer of Ethereum (Ethereum/ETH) and the history of the birth of Ethereum (ETH)
Next, we will introduce the developer of Ethereum (ETH) and the history of Ethereum development. Vitalik Buterin, who is said to be the father of Ethereum (ETH), was born in Russia and immigrated to Canada with his family when he was six years old.
Due to the influence of his father, who was a computer analyst, he was obsessed with online games from 2007 to 2010, before he discovered Bitcoin (BTC).
However, one day I found out that my favorite character’s ability values in the game had suddenly changed. After this incident, he experienced the fear of being controlled by a central authority and quit the game.
The encounter between Vitalik and Bitcoin (BTC)
Buterin was looking for something to be passionate about other than gaming, and in 2011 he came across Bitcoin (BTC). Although he was skeptical at first, he eventually became interested and founded Bitcoin Magazine.
After becoming interested in crypto assets, in 2013, at the young age of 19, he finally published a white paper containing the project overview and technical specifications of Ethereum (ETH).
It explains the purpose of Ethereum (ETH) as the creation of an alternative protocol for building decentralized decentralized applications and describes the purpose of Ethereum (ETH) development and smart contract implementation.
Ethereum (ETH) presale began in 2014
Finally, the concept of Ethereum (ETH) was officially announced at the North American Bitcoin Conference held in Miami, USA in January 2014.
Furthermore, in July of the same year, Ethereum (ETH) was launched, and a pre-sale of ETH, its currency, began on the official website.
In this presale, we ultimately sold 31,529 BTC (Bitcoin) worth of Ethereum (ETH). When converted into Japanese yen, 1 BTC was worth about $480 at the time, so it was more than 1.5 billion yen, making the funding a huge success.
The process to purchase Ethereum (ETH) with Coincheck
If you want to purchase Ethereum (ETH) with Coincheck, you will first need to open an account.
You can easily open an account with Coincheck in the following two steps.
- 1. Create an account
- 2. Verify your identity
You can open an account using a smartphone app or a computer browser. The following article explains in detail how to open an account. If you are considering opening an account, please take a look.
Purchase Ethereum (ETH)
The process up to the actual purchase is as follows: First, deposit Japanese yen into Coincheck via bank transfer.
After that, click “Buy Coin” from the “Wallet Page” on the screen and select Ethereum (ETH).
If you specify the purchase quantity, the required purchase amount in Japanese yen will be calculated, so confirm it and click “Purchase” to purchase.
If you want to exchange your Bitcoin (BTC) instead of Japanese yen, select BTC as the currency you want to exchange and the payment amount will be displayed, so you can check it before exchanging.
Coincheck services and minimum purchase amount
The trading offered by Coincheck includes “spot trading” and “leverage trading”.
*Coincheck has discontinued leveraged trading services as of March 13, 2020.
Buying and selling Ethereum (ETH) with cash or Bitcoin (BTC) is called spot trading. Coincheck allows spot trading in more than 26 types of crypto assets, including the following currencies (as of September 2023).
- Bitcoin (BTC)
- Ripple (XRP)
- Ethereum (ETH) *The currency unit is read as “Ether”
- Risk (LSK)
- NEM (XEM) *The reading of the currency unit is “ZEM”
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Monacoin (MONA)
- Stellar Lumens (XLM)
In addition, buying and selling by multiplying the trading funds deposited in your account is called leverage trading. If you have submitted the identity verification documents introduced earlier, you can trade with leverage up to 5 times the margin.
The minimum purchase amount is 500 yen
When purchasing Ethereum with Coincheck, the minimum purchase amount is 500 yen in Japanese yen. Coincheck is a crypto asset exchange with a large market share in Japan and currently allows you to buy and sell over 26 types of currencies that I introduced earlier.
Furthermore, all of these currencies can be purchased with a minimum transaction amount of 500 yen, so you can purchase them with as little as your pocket money.
Can also be purchased with Bitcoin (BTC)
Furthermore, all of the above currencies handled by Coincheck can be purchased with Bitcoin (BTC) in addition to Japanese Yen. The minimum purchase amount when purchasing with Bitcoin (BTC) is “0.001 BTC”.
On the other hand, if you want to sell your crypto assets and exchange them for Japanese yen, the minimum selling amount is 500 yen. When selling crypto assets and exchanging them for Bitcoin (BTC), the minimum sale amount is “0.001 BTC”.
It is also possible to lend the purchased Ethereum (ETH)
In addition, Coincheck offers a crypto asset lending service where you can receive a usage fee by lending the purchased crypto assets to Coincheck, with an annual interest rate of up to 5%.
Users can choose the lending period from 14 days, 30 days, 90 days, or 365 days and lend out their purchased crypto assets.
Summary of Ethereum (Ethereum/ETH)
Ethereum is popular as a major crypto asset, but some people may become even more interested after learning about the developer and the history of its creation.
With Coincheck, you can immediately purchase Ethereum (ETH) with a simple procedure. Moreover, you can easily enter the world of crypto assets with a minimum purchase amount of 500 yen.