📤2nd Post: The transformation of the blockchain king 👑

From being one of the biggest polluters to an eco-friendly blockchain, what made #Ethereum... achieve this landmark? 💪

The Ethereum blockchain was launched in July 2015 under the codename "Frontier." This first iteration of Ethereum used the same proof-of-work (PoW) consensus mechanism as #BTC;

(Well I guess a majority of people invested in crypto know the difference between PoW and PoS. But I'll come up with one post explaining the difference in the simplest way possible)

So, ethereum goes live in 2015 and unlike bitcoin it's founders didn't hide their identities. The white paper outlined by Vitalik Buterin in 2013-2014 (Founder) outlined many innovations explaining how developers will use blockchain tools like #smartcontracts to develop dapps. (decentralised apps...... will post explaining about dapp & smart contracts 🙂)

The introduction of self-executing smart contract code helped expand the possibilities for blockchain tech. Instead of solely using blockchain to record financial transactions, Ethereum set out to decentralize the internet.

But it was not going to be a smooth ride. Enter 2016( the year of 2nd BTC #Halving ) and the ethereum community faced a major controversy called the "DAO hack". In crypto DAO stands for (decentralised autonomous organisation....... will post about this as well 🫡). The DAO at the heart of the 2016 hack was a specific smart contract protocol on Ethereum that raised $150 million in ETH. But hackers had different plans. They found a few bugs in DAO's code and stole around 50 million worth ETH.

The news broke out and as a result the ETH community got divided in two camps. One urged for creating a new chain to reimburse DAO investors but the latter argued to go with the "code is law" approach which is the basic principle behind crypto currencies.

Eventually, most of Ethereum's developers created an offshoot chain (aka a fork) to erase the DAO hack. This new project became today's mainstream Ethereum.

To be continued in part 2.

#Write2Earn $BTC $ETH