Cryptocurrencies

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how ethereum started

Ethereum, envisioned by Vitalik Buterin in 2013, has evolved from a whitepaper concept to a thriving ecosystem that powers a vast range of decentralized applications and transformative financial tools.

Oct 16, 2024 at 08:47 pm

Conception and Whitepaper Release (2013)

Vitalik Buterin, a young researcher, publishes a whitepaper outlining a new blockchain-based platform called Ethereum.
Buterin envisions a platform that allows users to create and execute their own decentralized applications (dApps).

Crowdsale and Launch (2014)

Ethereum raises approximately $18.3 million in a crowdsale, selling the native cryptocurrency Ether (ETH).
The Ethereum network goes live on July 30, 2015, with 72 million ETH initially circulated.

Early Applications and Decentralized Finance (DeFi) (2017)

Ethereum sees the development of various decentralized applications, including smart contracts, non-fungible tokens (NFTs), and decentralized exchanges (DEXs).
DeFi, a financial ecosystem built on blockchain technology, emerges on Ethereum and gains popularity.

The DAO Incident and Hard Fork (2016)

The DAO, an Ethereum-based crowdfunding platform, is hacked and funds are lost.
The Ethereum community engages in a contentious debate, resulting in a hard fork that creates Ethereum Classic (ETC) as a separate blockchain.

Enterprise Adoption and Scaling Solutions (2018-2020)

Ethereum begins to gain attention from enterprise organizations and corporations seeking blockchain solutions.
Scaling solutions, such as Plasma and sharding, are introduced to address network congestion and scalability limitations.

Ethereum 2.0 and Proof-of-Stake (2020-Present)

Ethereum 2.0, a major update to the Ethereum protocol, is launched in phases.
The upgrade transitions Ethereum from a Proof-of-Work consensus mechanism to Proof-of-Stake, reducing energy consumption and improving security.

The Merge (2022)

September 15, 2022, marks a significant milestone in Ethereum's history with "The Merge."
The Merge successfully combines the Ethereum mainnet with the proof-of-stake Beacon Chain, finalizing the transition to Ethereum 2.0.

Current Status and Future Prospects

Ethereum remains the second-largest cryptocurrency by market capitalization and is widely used across decentralized applications, DeFi, NFTs, and other blockchain-based systems.
The platform continues to undergo development, with ongoing improvements in scalability, security, and the overall Ethereum ecosystem.

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