Crusher of the Month – September 2018:

Ethereum (ETH)

Decentralized smart contract platform

September 27, 2018

PROJECT OVERVIEW

What is Ethereum?

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• Ethereum is a popular decentralized platform that

runs smart contracts.

• A smart contract is a piece of code stored on the

blockchain that reads and writes data and is triggered

by blockchain transactions.

• Ethereum features smart contract functionality that

enable developers to create markets, store registries

of debts or promises, etc., all without involving any

middleman or third parties.

• The Ethereum project was bootstrapped through a

presale that took place in August 2014. It is being

developed by the Ethereum Foundation.

PROJECT OVERVIEW

The Ethereum Wallet

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• The Ethereum Wallet provides access

to various decentralized applications

on the Ethereum blockchain.

• The wallet enables users to hold

ether and other crypto-assets built

on Ethereum, and write, deploy and

use various smart contracts.

• Easy template-based smart contract

creation process.

PROJECT OVERVIEW

Key features

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• Create tradeable digital tokens that can

be used as a currency, a representation of

an asset, a virtual share, a proof of

membership, and more.

• Create a contract for raising money that

will hold the contributor's money until a

given date or when the fundraising goal

has been reached.

• Create a democratic autonomous

organization (DAO).

• Create decentralized applications

(dApps).

PROJECT OVERVIEW

Token information

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• Ticker: ETH

• Listing date: August 7, 2015

• Markets: BitForex, DOBI trade, Binance, OKEx, Bibox, Huobi,

Bitfinex, LBank, Coinsuper, CoinEx, BCEX, IDCM, HitBTC, etc.

• Circulating market cap: US$22.3 billion

• Circulating token supply: 102,221,823 ETH

• Total token supply: TBD

• 7-day average volume: US$2.0 billion

• % of circulating market cap: 8.9%

• Historical high: US$1,433 (January 13, 2018)

• Historical low: US$0.42 (October 21, 2015)

PROJECT OVERVIEW

Price chart

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Source: Coinmarketcap

ETH HISTORICAL MARKET CAP AND PRICE MOVEMENTS

Market Cap (USD B)

Price (USD)

Price (BTC)

24h Volume

WHY DO WE LIKE IT?

Overly bearish sentiment; rebound imminent

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• Recently, there has been a lot of negativity surrounding Ethereum.

• TechCrunch published an article saying "the collapse of ETH is inevitable”. Bitmex published

a post saying it is a double digit shitcoin.

• We went to Singapore during blockchain week and talked to some OTC desks, and learned

that there were a lot more sellers than buyers of ether.

• ICOs that raised in ether need to periodically sell the coin in order to maintain runway for

their project.

• As a general smart contract platform, Ethereum has a lot of competitors promising better

platform (most of them promise faster, more scalable solution with some compromise in

decentralization and/or security), such as EOS, Cardano, Tezos, Zilliqa, and more.

• ETH is now trading below what it was one year ago and the price has been very volatile

recently. At one point, it was overtaken by XRP and became the third most valuable

cryptocurrency. In terms of diluted market cap, ETH is also behind Stellar Lumens.

WHY DO WE LIKE IT?

Overly bearish sentiment; rebound imminent

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• We believe Ethereum still has a strong network effect that is difficult to overcome and

innovation that is needed to maintain very competitive.

• Vitalik recently proposed a new scaling solution to potentially reach 500 TPS.

• There are numerous layer 2 solutions, including Plasma, state channels (implemented by

Loom, Funfair, Spankchain, etc.), that are already live or close to being deployed.

• Strong developer community – Devcon 4 was sold out in seconds.

• Unmatched liquidity after Bitcoin – many exchanges have trading pair in ETH alongside BTC,

so investors are accustomed to trade using ETH. This is a huge network effect that other

coins have a hard time to overcome.

• The network keeps improving. The Constantinople hard fork is expected to hit the Ropsten

testnet on October 9, 2018. It will then be implemented on the main chain soon after

Devcon 4 in early November 2018.

MORE INFORMATION

Resources

• Website: https://ethereum.org

• Whitepaper: https://github.com/ethereum/wiki/wiki/White-Paper

• Homestead documentation: http://www.ethdocs.org/en/latest

• GitHub: https://github.com/ethereum

• Reddit: https://www.reddit.com/r/ethereum

• Blog: https://blog.ethereum.org

• Twitter: https://twitter.com/ethereum

• Facebook: https://www.facebook.com/ethereumproject

• Data and network stats: https://ethstats.net

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