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History Of Ethereum From A To Z

Published: 10/01/2018
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Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?

Release of Ethereum on June 30, 2015 is rightfully considered to be the most prominent event in the crypto world since the appearance of Bitcoin. Still, few know about the origins of Ethereum and the person behind Ether. Let’s find out more about this crypto phenomenon.

 

The origins

 

It is not inconceivable that this idea came to mind of Vitalik Buterin, the creator of Ethereum, right after the appearance of Bitcoin in 2009, however, it is abundantly clear that Blockchain had a great impact on the creation and development of Ethereum as it also takes an advantage of decentralization.

 

Still, if launching of Bitcoin and Blockchain has just revealed the possibilities of new technologies, the real date of the start of Ethereum history would be 2012 – the year when Buterin started to take part in different crypto projects dropping out from the University of Waterloo. That was the year when the young gifted programmer came up with an idea of Ethereum, the platform that utilizes the advantages of Blockchain to empower any kind of decentralized applications.

 

Ethereum Whitepaper

 

Soon afterwards, in December 2013, Buterin started to translate the idea into action, beginning with the Ethereum Whitepaper. It is a document with grounding for the implementation of a new technology with its fundamentals and ways of usage. This Whitepaper was essential for the development of the new platform.

 

On January 23, 2014, the announcement about the start of Ethereum project appeared on the Bitcointalk forum. Then and there Dr. Gavin Wood and Jeffrey Wilcke were mentioned as the principal core developers. Wood is well-known for his recognizable style in work and he has made the most prominent contribution to the development of Ethereum after Buterin. Wood’s “Yellow Paper” was published in April 2014 specifying all details about Ethereum Virtual Machine. The first prototype of Ethereum platform appeared after the implementation of its code into seven programming languages, processed by Wood.

 

 

Ether

 

Blockchain is impossible without the peer-to-peer network that creates the most powerful system in the world – actually, such a network is more powerful than any supercomputer. Bitcoin blockchain is extremely powerful, as, apart from the network, investors and individuals invest heavily into the ecosystem of this mega popular cryptocurrency – in mining equipment, trading, Bitcoin-related technologies and business solutions.

 

Ethereum platform required the same amount of investments, so to get needed money the Ethereum Foundation introduced Ether – digital token of the platform. Presale of 60 million of Ether brought the Foundation more than $18 million in 42 days – and such huge success of the campaign can be explained by the publications in media, both crypto and common one.

 

Of course, such crowdfunding campaigns require a legal entity, responsible for all the marketing and legal actions – that very Ethereum Foundation, based in Zug, Switzerland.

 

After all lawyering was settled, developers got a possibility to focus on the development of the project.

 

 

Project expansion

 

The next step of the development of the platform was ETH DEV, the legal entity that was focused on the management and planning of the platform development. To make sure that the community is interested in the process of development of the platform, ETH officials shared several Proof-of-Concept versions of the software to the members of the community. Also they turned up the heat with the help of the blog posts dedicated to the issue.

 

Ethereum communities enlarges with a lightning speed, so no wonder that within half a year the first Ethereum-dedicated conference took place.

 

DEVCON-0

 

The very first conference that was dedicated to new crypto platform was conducted in November 2014 in Berlin. The result of the meeting of the developers who utilized the platform in their projects was in boosting of the protection and scalability of the project. The importance of the protection is crucial for the authors of the platform so much prominence is given to this issue, despite the fact that some people still think that Ethereum is vaporware.

 

For example, to improve security of the platform developers utilize randomize fuzz testing that is performed without human-code interaction.

 

Since April 2015, the Ethereum Foundation launched the DEVgrants program aimed to support the most deserving project of the network and it works still supporting developers.

 

 

Launch preparations

 

Olympic was the ninth version of Proof-of-Concept code that was marked as the final version. To make sure that the code is flawless, several independent companies conducted an audit. More than that, Ethereum Bounty Program was launched – any loophole detected in the code of the platform by the any developer is rewarded, and there is still a possibility to get a hatful of Bitcoins as this program is still active.

 

After that scrutinous check it became clear that the platform is ready for launching.

 

Release

 

It took a year and a half for Ethereum to develop from the concept expressed in Whitepaper to the implementation of the completed program. Despite the fact that it is considered to be a beta version of the platform it is trustworthy and stable so developers make no bones whether to create something on the basis of this platform or not.

 

The platform and network attracts developers all over the world due to the advantages of Blockchain technology, so the number of apps and projects grows every day.

 

Still, the work over polishing the code of the platform is not over yet. The next conference that took place in November 2015 in London welcomed more than 400 developers from all over the world.

 

And the presence of representatives of IBM and Microsoft on the conference was perceived as a sign that Ethereum is acknowledged as a promising and perspective trend in fintech industry.

 
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