The road to the birth of miracles
In 2014, a 20-year-old Russian boy came to Hangzhou, China alone. At the exhibition, he gave away virtual coins on the street, 5,000 coins per person. Come if you want, and introduce his technology to everyone. Almost everyone regarded him as a liar, and few people believed him.
Unexpectedly, a few years later, these 5,000 coins given away for free were worth 150 million. . .
This coin is ETH Ethereum, and this boy is the famous vitalik, known as V God!
You ask me what ETH is? I don’t know how to answer,
ETH is a currency? Is it a technology? Is it a tool? Or the future of the world?
For me, ETH is more of a legendary story, and this story is even more exciting than BTC!
1. The road to growth
13-16 years old V God is an Internet addict. He likes the warlock in World of Warcraft the most, but Blizzard deleted V God’s favorite skill because of an upgrade.
V God was very angry and realized that all players are vulnerable groups on the Internet, which is the disadvantage of all centralized services.
Since then, V God gave up World of Warcraft and kept thinking about whether there was any way to break the centralized model until he discovered Bitcoin at the age of 17.
V God was deeply attracted by the decentralization of blockchain, but after a long period of understanding, he discovered the limitations of BTC and the huge market demand, so he created ETH
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2. The miracle began
At the end of 2013, V God published the paper "Ethereum: The Next Generation of Smart Contracts and Decentralized Application Platform"
V God analyzed the design, advantages and disadvantages of the BTC system in detail, and explained the role of ETH in detail, and various decentralized applications can be built on it!
Unexpectedly, this paper exploded as soon as it was launched, and received wide acclaim from the BTC community. Some people even came to the door to cooperate with V God
In May 2014, V God came to China for the first time to explore the way for the upcoming pre-sale of Ethereum.
During this trip to China, V God visited many bigwigs and introduced Ethereum to them in detail. Some people also told him "You are a liar" and kicked him out.
In July 2014, Ethereum officially launched the crowdsale of Ether to raise funds. The entire fundraising process went very smoothly, and the Ethereum team successfully raised 31,000 bitcoins.
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III. The birth of ETC due to the helpless fork
In 2016, the Ethereum community launched a project called "The DAO"
The DAO became the "target" of hackers with ulterior motives.
Due to the loopholes in the contract, 3.6 million ETH were transferred by hackers, which made everyone very suspicious of the security of ETH.
In order to make up for the loss, Vitalik and the Ethereum Foundation decided to hard fork and switch to a new chain to recover the previous losses, while many miners insisted that the code could not be changed and insisted on mining on ETC
So two completely different chains were generated, namely ETC and ETH, but what was unexpected was that the forked ETC was also widely praised for a period of time, and countless people had bought it.
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IV. The rise of graphics cards
In 2017, with the advent of the bull market and more and more people using ETH, several domestic mainstream exchanges took the initiative to launch ETH transactions. Before that, no coins had been launched for many years, which shows the charm of ETH!
The rise of ETH this time has made many people discover business opportunities, because ETH can only be mined with graphics cards, and graphics cards are essential hardware for computers, which almost everyone has. From then on, an era when everyone wanted to mine began.
And the price of graphics cards has also risen all the way, and even at that time, at least 9.5 out of 10 graphics cards sold were used for mining, and only half of the graphics cards could be used for playing games.
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V. Crazy ICO
ICO is crowdfunding, and decentralized fundraising can be easily completed using ETH. Therefore, almost all projects in 2017 used ETH to raise funds, such as EOS and Quantum Chain. While generating a lot of wealth, it also generated a lot of bubbles. Even an electronic pet on ETH can be hyped up to hundreds of thousands. It was not until September 4, 2017 that the state banned ICO, and this feast gradually came to an end.
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Six, Falling from the Altar
March 12, 2020 With the spread of the bear market and the continuous circuit breakers of the Federal Reserve, the market value of virtual currencies plummeted. ETH also fell from $1,500 in the bull market to $87, which can only be described as horrible.
Many investors have become extremely pessimistic about ETH, leading to a loss and leaving the market.
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Seven, DeFi Explosion
DeFi is decentralized finance, which can be obtained through code and pledge certain virtual currencies to get new token dividends.
In September 2020, after the booming development of liquidity mining and aggregators, the total value locked (TVL) of DeFi protocols exceeded $10 billion.
DeFi achieved a growth of more than 2,000% in 2020, realizing an open, trustless financial service global ecosystem hosted on the blockchain.
As a dividend coin, YFI has also increased by thousands of times, which shows how crazy the market is. Most DeFi uses ETH network staking, which also makes the entire system more and more prosperous.
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Eight. The birth of a new king
With the opening of the bull market in 2021, ETH has risen all the way to $4,850, which has increased 16,000 times from the issue price
All products linked to ETH have seen a significant price increase, and hundreds of thousands of dollars of Metaverse land and millions of NFTs can be seen everywhere
Created one myth after another.
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Nine. The era of scalping begins
With the successful conversion of ETH to POS and the success of some projects such as OP and ARB, many people have found a new way to get rich, that is, to test new projects in the unlaunched test network, and get token rewards when the project is launched.
Many scalpers opened hundreds of new ETH addresses, and after a few random interactions in the test network, they earned millions or even tens of millions of dollars, which made countless people jealous. So many people rushed in like crazy and participated in the scalping airdrop, and the basic tokens used by most projects are ETH
