have an account?【sign in】Ethereum founding date: A Brief History of Ethereum
bekkaauthorEthereum, a decentralized platform that enables smart contracts and decentralized applications, has come a long way since its inception in 2015. The project was born out of the belief that the internet should be powered by a technology that enabled creators to earn from their work and protected their intellectual property. In this article, we will take a look at the history of Ethereum, from its founding date to its current status as one of the most significant blockchain projects in the world.
Foundation and White Paper Release (2014)
In 2014, Vitalik Buterin, a Russian-Canadian programmer, published the Ethereum white paper. The white paper outlined a new paradigm for decentralized applications called "ethereum," which would use a new blockchain technology to enable smart contracts. The paper also proposed a new currency called "ethereum token" (ET), which would be used to power the platform.
Invention of the Smart Contract (2015)
In 2015, buterin and other early Ethereum developers introduced the concept of the smart contract, a self-executing, autonomous contract that runs on a blockchain. The smart contract allowed for the creation of decentralized applications that could be programmed to execute predefined functions in response to certain conditions being met. This innovation revolutionized the way we could develop and deploy applications on the blockchain.
Initial Coin Offering (ICO) (2015)
To raise funds for the development of Ethereum, buterin and his team conducted an Initial Coin Offering (ICO) in 2015. During the ICO, investors were able to purchase ethereum tokens in exchange for cryptocurrency or fiat currency. The ICO raised a record-breaking $18 million, which was used to fund the development of the Ethereum platform.
Launch of the Ethereum Network (2015)
After years of development and testing, Ethereum officially launched its network on July 30, 2015. The launch marked the beginning of a new era in blockchain technology, with the ability to run decentralized applications and smart contracts on a secure, decentralized platform.
Challenges and Growth (2016-2017)
Following the launch of the Ethereum network, the project faced several challenges, including the famous "Da Vinci Challenge," a malicious attack on the Ethereum network that caused $50 million in losses. Despite these setbacks, the project continued to grow and evolve, with the release of new features and upgrades to the platform.
Ethereum Mainnet Hard Fork (2016)
In 2016, Ethereum developers implemented a hard fork to address the Da Vinci Challenge. The hard fork, known as "Pegasus," restored the stability of the Ethereum network and set the stage for future upgrades and improvements.
Ethcoin (ETC) Split (2017)
In 2017, Ethereum developers split the ethereum token (ET) into two separate tokens: ethereum classic (ETC) and ethereum (ETH). The split was triggered by a disagreement over the future of the Ethereum platform and the implementation of a new consensus algorithm known as "Sleigh". The split resulted in two separate networks, each with its own token and development community.
Ethereum 2.0 (2020-Present)
In 2020, Ethereum developers began the process of migrating to a new consensus algorithm known as "Proof of Stake" (PoS). The migration, known as "Ethereum 2.0," aims to improve the performance and scalability of the Ethereum network, making it capable of handling more transactions and applications. The migration is expected to be completed in 2022 and will mark a significant milestone in the history of Ethereum.
The history of Ethereum is a testament to the power of decentralized technology and the innovation that has driven the project since its inception. From its founding in 2014 to its current status as one of the most significant blockchain projects in the world, Ethereum has revolutionized the way we develop and deploy applications on the blockchain. As the project continues to grow and evolve, we can expect even more significant advancements and innovations in the world of decentralized technology.