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Introduction
Let's begin a journey through the interesting history of Ethereum. In the ever-evolving landscape of blockchain technology, Ethereum stands as a revolutionary force
From its Origin to its current status as a key player in the crypto World, let's unravel the history of Ethereum and its transformative impact on decentralized systems and smart contracts.
Origin of Ethereum (2013-2014):
Ethereum was conceived in 2013 by a brilliant programmer and cryptocurrency Expert, Vitalik Buterin. He is also a co-founder of Bitcoin magazine.
Acknowledging the limitations of Bitcoin, mainly functioning as a digital currency, Buterin visioned a platform capable of serving a wider range of decentralized applications.
The white paper of ethereum was initially described in late 2013 by Vitalik Buterin
Ether crowdsale 2014
To provide financial support for the creation of Ethereum, a public crowdsale took place in mid-2014. During this event, individuals had the opportunity to (ETH), the platform's native cryptocurrency.
The crowdsale achieved a huge success, bringing more than $18 million. This iconic moment marked the trasition of Ethereum's from concept to reality, solidifying its presence on the . Ethereum, now tradable against Indian rupees and other currencies, emerged as a significant player in the digital financial landscape.
DAO Incident (2016):
During its growth phase, Ethereum encountered a major setback in 2016 known as the DAO (Decentralized Autonomous Organization) incident. A fault in a smart contract gave rise to a significant exploit, leading to the substantial loss of Ether.
In 2016, however, the DAO went through a hack that took over 3.6 million ETH from the DAO's asset pool. The Ethereum community disagreed on how to handle the challenge. So the community wanted to modify the Ethereum blockchain to essentially revoke the hack.
Majority of the ethereum network support to lead the hard fork method to revoke and regain from the DAO hack. It results in two different blockchain and two different assets; this blockchain contains two different transaction histories. Results hard fork holds the name of ethereum, The original version of ethereum asset named as ETC Ethereum classic.
Ethereum 2.0
Ethereum's most ambitious development phase, Ethereum 2.0 or Serenity, is underway.
This upgrade is set to shift the network from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, with the aim of improving scalability and energy efficiency.
The phased implementation of Ethereum 2.0 has sparked widespread interest in the sphere, highlighting Ethereum's commitment to innovation and sustainability.
This remarkable history has made Ethereum coins available for on users' trusted global such as Koinpark
