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Ethereum Origin Story

15:00 10/01/2018

On June 30, 2015, Ethereum was presented to the public as a truly innovative project. This solution was claimed to be the second most important occasion in the cryptocurrency world after Bitcoin. However, many people know little about the path of the Ethereum development and, of course, its creators. This should be fixed.

 

First steps

 

Vitalik Buterin might came up with the Ethereum concept right after Bitcoin was invented and launched in 2009. Such a successful example of the blockchain implementation was a great source of inspiration for the young programmer. And naturally, Bitcoin itself had a big impact on the Ethereum development. After all, it is also based on blockchain and uses PoW approach.

 

However, if we view the launch of Bitcoin and blockchain from the perspective of revealing new technologies to the world, in this case the real starting point of Ethereum was in 2012. That was the time when Buterin started to taking part in different blockchain projects and the idea of Ethereum was formed in the programmer’s mind. Ethereum was supposed to improve Bitcoin and add some novelties to blockchain.

 

Whitepaper Release

 

Real action started in December 2013. Buterin published the Ethereum whitepaper with a huge math and programing content. This is the core document that explained basic principles and functionality of Ethereum.

 

The news about the launch of a brand-new blockchain was published on the Bitcointalk platform on January 23, 2014. Two more persons were presented there as developers: Dr. Gavin Wood and Jeffrey Wilcke.

 

Wood’s original working style is well-known and he is the most contributing participant after Buterin. He is the author of famous “Yellow paper” with the detailed description of the Ethereum Virtual Machine. Besides, he has implemented the EVM code into seven programing platforms.

 

Ether

 

One of the core concepts of blockchain is the peer-to-peer network. This system creates significant calculating opportunities that exceed the power of any supercomputer. Bitcoin environment is large and plentiful because of massive investments. All mining facilities, trading platforms and other solutions require funds.

 

The Ethereum platform falls under the same conditions. It requires investments to grow and work. For this purpose, the ether (ETH) token was introduced. In more than a month, Ethereum Foundation sold 60 mln of ETH thanks to the massive advertising campaign. That brought $18 mln of investments.

 

To be legal, this campaign was tied to the Ethereum Foundation, based in Zug, Switzerland. This allowed to avoid some complications and restrictions. After all legal issues were handled, the development continued.

 

Project growth

 

ETH DEV was the next official institution. Its main purpose was to manage the technical development of the platform. Some efforts were made to keep community interested in the project. ETH demonstrated several Proof-of-Concept program versions in official reports. Many blog posts were published as well. The community expanded rapidly. The proposed solution was so involving that in half of a year, a special conference about Ethereum took place.

 

DEVCON-0

 

The first special conference about Ethereum and all related topics took place in November 2014 in Berlin. The most significant results of the meeting were further protection and scalability focus. The protection issue is considered the most important by the project authors. However, some people were sure that Ethereum is a fictional and fraudile platform. As an example of security improvements, we may take the randomness implementation.

 

Another interesting proposal called DEVgrants was launched by the Ethereum authors in April 2015. It was intended to support valuable projects working on the Ethereum network.

 

Ready to go

 

The ninth Proof-of-Concept solution was considered as the final one and called Olympic. Several companies independently  checked the code for mistakes before the release. Moreover, according to the requirements of the Ethereum Bounty Program, the reward was promised for any code weakness found. It is available so far. Such a kind of testing has proved that, even though the code is not perfect yet, Ethereum is ready to go.

 

Release

 

In about 18 months, Ethereum walked the way from the whitepaper scratch to the fully developed solution. Although it was considered as a pre-release version, the platform was fully functional and stable.

 

This world-wide invitation had response. Many developers started testing their ideas and implementing original solutions on the Ethereum platform. The number of development teams that use this solution keeps growing.

 

Another conference took place in November 2015 in London. The world’s leading developers arrived there to share their opinion about Ethereum.  Among them were IBM and Microsoft representatives. The conference was an awesome evidence of how interesting and reliable the proposed platform is.

 
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