Ethereum is the second largest cryptocurrency after Bitcoin, but it differs from it significantly.
While Bitcoin focuses on being a "payment system", Ethereum aims to be a "world computer" that runs decentralized applications (dApps) and smart contracts without a mediator.
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🕰️ History of Ethereum (ETH)
1. 2013 – The idea by Vitalik Buterin
In late 2013, Vitalik Buterin, a young Russian-Canadian programmer, wrote a white paper proposing a blockchain network more versatile than Bitcoin.
Its goal: to create a platform that allows programming decentralized applications using "smart contracts".
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2. 2014 – Crowdfunding (ICO)
In mid-2014, Ethereum launched an Initial Coin Offering (ICO) where the team raised about 18 million dollars from the sale of the native currency Ether (ETH), at a price of ~0.30 dollars per coin.
The "Ethereum Foundation" was established in Switzerland as a non-profit organization.
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3. 2015 – Official launch (Ethereum 1.0)
The official network was launched on July 30, 2015, under the name Frontier, being the first version of the Ethereum network.
Developers began building the first decentralized applications on the network using the Solidity programming language.
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4. 2016 – DAO Attack and the Hard Fork
A massive investment project called The DAO was launched on Ethereum, raising over 150 million dollars.
In June 2016, a hacker exploited a vulnerability and stole 50 million dollars from the DAO.
This event led to a split in the community:
Ethereum (ETH): The network refunded users.
Ethereum Classic (ETC): Continued on the original chain unchanged.
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5. 2017–2020 – The spread of applications and DeFi
The popularity of Ethereum began to rise strongly with the ICO wave in 2017.
In 2020, the DeFi (Decentralized Finance) revolution began, where most protocols operated on the Ethereum network like Uniswap and Aave.
Non-fungible tokens (NFTs) also emerged.
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6. 2021 – Network congestion and high fees
The network experienced severe congestion due to the massive demand for NFTs and DeFi, causing gas fees to rise significantly.
This led to pressure to update the network and increase its efficiency.
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7. 2022 – The historic transition to Ethereum 2.0 (The Merge)
In September 2022, what is known as The Merge occurred, a historic update:
The transition from Proof of Work to Proof of Stake occurred.
This reduced energy consumption by 99.95%.
Ethereum became more sustainable and environmentally friendly.
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8. 2023 – Ongoing updates towards scalability
The system was upgraded through updates like the Shanghai Upgrade and Dencun, which improved withdrawals, reduced fees, and accelerated the network.
Interest in using Layer 2 solutions like Arbitrum and Optimism began to reduce congestion.
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