💵🚀Let’s delve into the fascinating history of Ethereum.
Founding (2013–2014)
Vitalik Buterin, co-founder of Bitcoin Magazine, conceptualized Ethereum in 2013, aiming to create decentralized applications using blockchain technology beyond financial transactions.
Here are the key milestones
Conception & White Paper:
In 2013, Buterin proposed Ethereum as a platform for creating decentralized applications with a robust scripting language, expanding beyond its primary role as a digital currency.
Colored Coins Project:
Buterin collaborated with eToro CEO Yoni Assia on the Colored Coins project, exploring blockchain technology's potential to attach real-world assets like stocks and property.
Birth of Ethereum:
Buterin proposed a new platform with a Turing-complete programming language for complex DApps, which officially launched Ethereum on July 30, 2015, after gaining consensus on the Colored Coins project.
Ethereum Today
Fast forward to the present, Ethereum has become a powerhouse in the crypto world. Here are some highlights:
Decentralized Applications (DApps):
Ethereum allows for the deployment of permanent and immutable DApps on its blockchain, enabling users to interact without intermediaries like brokerages or banks.
Decentralized Finance (DeFi):
DeFi applications on Ethereum provide financial instruments that operate independently of traditional financial institutions. Users can borrow against their cryptocurrency holdings or lend them out for interest
Non-Fungible Tokens (NFTs):
Ethereum enables the creation and exchange of NFTs, which are unique tokens linked to digital assets like images or collectibles.
ERC-20 Tokens & ICOs:
Ethereum, a popular platform for initial coin offerings (ICOs), utilizes the ERC-20 token standard, making it a popular choice for many other cryptocurrencies.
Transition to Proof-of-Stake (PoS):
Ethereum's Merge upgrade, implemented on 15 September 2022, significantly reduced its energy consumption by 99% from proof-of-work to proof-of-stake.
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