A Brief History of Ethereum
January 14, 2019 12:46 pm
Now that we have had the time to get familiar with cryptocurrencies and blockchain technology. Let us delve deeper and learn about Ethereum.
Ethereum is the second-most popular cryptocurrency after Bitcoin which was developed by Vitalik Buterin in 2013. The original proposal and whitepaper of the Ethereum network were published long before the actual project. It is speculated that the original model was published not too long after the introduction of Bitcoin.
What is Ethereum?
Ethereum is an open-source public software platform which is based on blockchain technology. It features Smart Contracts that allow developers to build and launch decentralized applications. This essentially removes the need of a third-party intermediary from the equation, resulting in enhanced security in terms of data storage and personal information.
Ethereum has its own cryptocurrency called Ether. It can be used to sell and purchase digital currencies.
How is Ethereum similar to Bitcoin?
- They run on blockchain technology
- They are cryptocurrencies
How is Ethereum different from Bitcoin?
The Bitcoin blockchain is used to track the ownership of a digital currency while the Ethereum blockchain focuses on running programming code for decentralized applications.
Ethereum features Smart Contracts, Ether and Ethereum Virtual Machine (EVM), these features are missing from Bitcoin.
While Bitcoins use centralized ASICs (Application Specific Integrated Circuits), Ethereum uses Ethash, an algorithm used for decentralized mining.
Advantages of using Ethereum
Ethereum has faster transaction times when compared with Bitcoin thanks to the Ghost protocol that it utilizes.
Ethereum features Turing complete internal code which allows calculations void of any limits as long as the required time and power is available.
Bitcoin’s transactions are limited by block size while Ethereum transactions are based on bandwidth, storage needs, and computational complexity.
Now let’s have a look at the timeline of Ethereum’s development and the most notable events in the digital currency’s history.
The Ethereum Timeline
Vitalik Buterin, a Bitcoin programmer writes his first paper describing Ethereum.
Later that year, he proposes the development of this new platform.
Vitalik formally announces Ethereum at the North American Bitcoin Conference in Miami.
Vitalik publishes Yellow Paper specifying the Ethereum Virtual Machine (EVM) and helps in coding its first functional implementation in seven programming languages, giving birth to Ethereum’s first prototype.
The Ether Sale is launched to repay legal debts. It exchanges 31,591 Bitcoins in return for 60,102,216 Ether.
Ether’s pre-sale is wildly successful, managing to raise over $14 million.
The value of Ether keeps increasing. Pre-sale investors are given 60 million Either, the remaining tokens are given to the non-profit Ethereum Foundation in Switzerland.
DEVCON-0 event brings Ethereum developers together from across the globe to Berlin. Their proposals help in making the project reliable, scalable and secure.
The DEVgrant programme is launched to fund the Ethereum platform and related projects. It is also developed to reward and support developers for their contribution to the Ethereum project.
Frontier is released, making it a major milestone in the history of Ethereum. This Smart Contract becomes highly successful and helps improve the overall ecosystem.
DEVCON-1 is organized in London, attracting over 400 participants and 100+ presentations. UBS, IBM, and Microsoft are also a part of this event. This event makes blockchain technology mainstream.
The Ethereum network receives Homestead, a planned protocol upgrade.
Ethereum receives mainstream media attention, Distributed Autonomous Organization (DAO) raises $150 million via crowd sale.
First hacking occurs in Ethereum network. The anonymous group takes over $50 million in ETH.
Following the hack and ongoing disputes, Ethereum gets split into Ethereum (ETH) and Ethereum Classic (ETC).
The Enterprise Ethereum Alliance is announced in collaboration with Microsoft and other major companies to promote the adoption of Ethereum’s blockchain technology.
As we can see, the Ethereum platform has come a long way from its humble beginnings. As time goes by, we are bound to see new ways in which the platform can be utilized and improved. Stay tuned to CoinDelite.com for the latest news and updates.