Ethereum was founded for the first time in 2013 and currently owns the second spot in the vast world of cryptocurrencies. It is an open-source blockchain with smart contract capability designed to run decentralized applications that do not rely on a central server.
Ethereum network has expanded significantly over the past several years, and one of its practical uses is to eliminate intermediaries and build user trust. If you are enthusiastic to know more about Ethereum’s journey follow the article.
Vitalik Buterin initially recognized as the co-founder of bitcoin magazine is one of the main co-founders of Ethereum. Bitcoin served as an inspiration for the creation of Ethereum. Decentralized blockchain technology was made possible by Bitcoin. However, its capabilities are restricted to peer-to-peer electronic currency transactions. Buterin intended to expand the capabilities of blockchain to include programmable applications after realizing this constraint.
Buterin initially described Ethereum in a white paper in 2013. Later that year Butrin published his paper in which he described the idea of Ethereum. In January 2014, Ethereum was first introduced at the North American Bitcoin Conference in Miami. This idea attracted many developers, including Gavin Wood, who published the famous “Yellow Paper” on the technical implementation of Ethereum 2.
At the end of 2014, Ethereum had its first crowdfunding, raising more than $18 million by selling its native token, Ether. The founders and early developers of Ethereum 2.0 also hosted the first Ethereum conference, DEVCON 0, where developers met for the first time.
Frontier, the initial version of Ethereum (Ethereum 1.0), was published on July 30, 2015. The two fundamental functions of this version were user implementation of Ethereum smart contracts and ether mining. The original stage’s goal was to build up the network
so that miners could begin their mining operations and developers could test their decentralized apps (DApps). Following this came a brief fork known as the Frontier Thawing, during which gas was restricted to 5,000 per transaction in order to ensure that transaction costs were not excessive enough to restrict usage.
version of Frontier. The DAO hack brought Ethereum’s security flaw to the public’s attention. Launched in 2016, The DAO was an innovative idea that allowed users to pool funds. But it failed because hackers were able to exploit the smart contract code to steal some of the organization’s funding.
In order to recover the cash that had been stolen, it was controversially decided to perform a hard fork on the Ethereum network. A part of the community rejected this change and established the still-operational Ethereum Classic branch.
With Metropolis, Ethereum’s security, privacy, and scalability have all been significantly enhanced. When we look at the history of Ethereum, we can see that this cryptocurrency overcame many of the difficulties that Ethereum encountered during its scaling process, giving its users and developers a more comfortable and effective experience. The upgrade was issued in two phases, Byzantium and Constantinople, due to its complexity.
The first phase, known as Byzantium, saw the introduction of significant updates in nine patches (EIP). Important components such as zk-SNARKs3, account abstraction 4, and bomb difficulty 5 were among these features.
The launch of Constantinople, which was scheduled for mid-2018, was postponed by more than six months due to a serious issue that was found only hours before the scheduled launch. Any issues that could occur under Byzantine control were meant to be resolved by Constantinople. Additionally, it opened the way for the switch from proof-of-work to proof-of-stake, which will drastically lower the amount of energy required for Ethereum validation.
Currently, the Serenity stage of Ethereum is still under development. The goal of this update, commonly referred to as Ethereum 2.0, is to get Ethereum to a point where it can be utilized extensively without running into security or high-volume difficulties.
In particular, Ethereum 2.0 aims to solve two major challenges that Ethereum faces: a blocked network that can only handle a limited number of transactions per second (with increased gas fees for faster transactions) and high energy consumption. which exists by proving the working mechanism.