Ethereum Origins


The birth of Ethereum stemmed from a white paper by Vitalik Buterin created in 2013!



All Hail Ethereum!


In it, he proposed the development of a decentralized platform that would go beyond the simple payment system that Bitcoin was.


He wanted to create a system where developers could build #decentralized applications (#Dapps) on top of the #blockchain. Buterin teamed up with Dr. Gavin Wood, who wrote Ethereum's yellow paper which provided technical specifications for the Ethereum Virtual Machine (EVM)


The EVM is what makes Dapps possible and is integral to how Ethereum works. With the help of Joseph Lubin, they founded ConsenSys which is a software production studio focused on building decentralized applications on Ethereum.


Ethereum's ICO took place in 2014 and raised $18 million dollars in 42 days. The sale was conducted in ETH, which is the #cryptocurrency used on the network. See below

Sale of the Century: Ethereum's 2014 Premine https://buff.ly/3ELLqHm


Ethereum's mainnet went live on July 30, 2015. A few months later, a #DAO (decentralized autonomous organization) was created on Ethereum's blockchain. The DAO was meant to be a decentralized venture capital fund that would be governed by its shareholders.


Unfortunately, due to a flaw in its code, the DAO was hacked and $50 million dollars' worth of Eth were stolen. This led to a hard fork of Ethereum's blockchain and the creation of Ethereum Classic (#ETC)


Despite this setback, Ethereum has continued to grow and thrive. It is now the second largest cryptocurrency by market cap and continues to be a leading platform for Dapps.


Ethereum's popularity can be attributed to a few key factors:


1. Ethereum's blockchain is very versatile. It can be used for a wide variety of applications beyond just payments.


2. Ethereum is much more user-friendly than Bitcoin. For example, it only takes a few lines of code to build a simple smart contract on Ethereum. https://buff.ly/3CvgN6o


3. Ethereum has a strong and growing community of developers and enthusiasts who are constantly building new Dapps and working on improving the platform.


4. Ethereum is backed by some major companies such as Microsoft, J.P. Morgan and Intel Corporation. Further reading from Reuters https://buff.ly/3S6oIwK


These companies are helping to drive adoption of the platform by building Dapps on Ethereum and investing in research and development, the future looks very promising with strong growth in popularity and usage.


Although Blockchain technology is still young, Eth is leading the way in terms of adoption and innovation!


We can't wait to see what the future holds for Eth in the wonderful world of Web3.


Thanks for reading! If you're interested in learning more about #Crypto and #Web3 follow us on Twitter @Mc2Ventures


#Ethereum #Bitcoin #ETH #Smartcontracts #Crypto #NFTs #Metaverse #cryptonews #cryptoeducation #Web3

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