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January 14, 2023 at 8:58 am #11925shayna8052Guest
Ethereum is a decentralized, open-source blockchain platform, was first suggested in 2013 by Vitalik Buterin (a Russian-Canadian programmer as well as a cryptocurrency researcher and programmers). The Ethereum network was officially launched on July 30th, 2015 and has been used by many people around the globe.
The concept for Ethereum was to create an Ethereum-based platform that could permit the development of decentralized apps (dApps) and smart contracts, which are self-executing contracts that have the conditions of the contract directly written into code. This will allow for the creation of decentralized autonomous organization (DAOs), or organizations that are controlled by code, not humans.
Ethereum began a pre-sale in the year 2014 for Ether (ETH) which is the cryptocurrency that is its primary currency. It serves as the fuel for the network and also to purchase computational services and transactions. The pre-sale raised more than 18 million dollars and was a huge success. It was the first step in the development of the Ethereum Project.
The Ethereum network was officially launched in 2015 and it was the Genesis block, the first block that was mined, was also the very first block. This was the start of the Ethereum blockchain and the start of the Ethereum network.
In 2016 the Ethereum network was hit by its first major event, known as the DAO hack. A hacker discovered a security flaw in code of the Decentralized Autonomous Organization. This is a decentralized investment company that is based on Ethereum. The hacker stole over $50,000,000 worth of Ethereum. This resulted in a hardfork of Ethereum’s Ethereum blockchain. The Ethereum Classic (ETC), and Ethereum (ETH) were both created.
Since since then, Ethereum continues to grow and develop. In 2017, Ethereum went through a major upgrade called the Metropolis fork. It included many improvements to the network such as the introduction Smart Contract programming language Solidity, and the creation Ethereum Virtual Machines (EVM).
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