The History of Ethereum
Ethereum was proposed in late 2013 by programmer Vitalik Buterin, aiming to create a blockchain platform with greater functionality than Bitcoin. The concept was introduced in a white paper where Buterin envisioned a decentralized platform for applications.
In 2014, a crowd sale raised over $18 million, making it one of the largest crowdfunding efforts at that time. The Ethereum network officially launched on July 30, 2015, with the release of Ethereum Frontier, its first live version.
However, Ethereum faced significant challenges, such as the infamous DAO hack in June 2016. This incident led to the loss of over $50 million in Ether, prompting a community debate that resulted in a hard fork. The fork split Ethereum into two separate blockchains: Ethereum (ETH) and Ethereum Classic (ETC).
Over the years, Ethereum has undergone various upgrades, enhancing its scalability and security. Key updates include the Metropolis phases (Byzantium and Constantinople) and the transition from a proof-of-work to a proof-of-stake consensus mechanism, completed in September 2022 with Ethereum 2.0.
Today, Ethereum is a leading smart contract platform, powering decentralized applications (dApps) and DeFi projects, solidifying its position as a cornerstone of the cryptocurrency ecosystem.