Talking about history of ethereum, it was first proposed in 2013 by a programmer named Vitalik Buterin, who had previously been involved in the development of Bitcoin. Buterin’s vision was to create a platform that would allow for the creation of a wide range of decentralized applications, beyond just digital currencies.
The development of Ethereum began in 2014, with the launch of a crowdsale to fund the project. This crowdsale, which was one of the first initial coin offerings (ICOs), raised over $18 million from investors. The Ethereum network was officially launched in July 2015, and the first version of the Ethereum software, known as “Frontier,” was released.
In the years that followed, Ethereum has undergone several major upgrades and developments. One of the most significant was the introduction of smart contract functionality, which allowed developers to create self-executing contracts that automatically perform specific actions based on the data received. This opened up a wide range of possibilities for decentralized applications, including everything from decentralized exchanges and prediction markets to gaming and social media platforms.
Another major development was the introduction of the Ethereum Virtual Machine (EVM), which is a virtual machine that allows for the execution of smart contracts on the Ethereum network. This made it much easier for developers to create and deploy decentralized applications on the Ethereum network.
In recent years, Ethereum has also seen the rise of decentralized finance (DeFi) applications, which use smart contracts to automate financial transactions and create decentralized financial products. Decentralized exchanges, lending platforms, and yield farming are examples of DeFi applications that are built on Ethereum blockchain.
Ethereum’s most notable development is the Ethereum 2.0, also known as Serenity, which is a major upgrade to the Ethereum network. Ethereum 2.0 introduces a new consensus mechanism called Proof of Stake, which is designed to be more energy-efficient than the current Proof of Work consensus mechanism. Additionally, Ethereum 2.0 will also introduce shard chains, which will increase the number of transactions that can be processed per second.
In conclusion, the history of Ethereum is a story of continuous development and growth, from being a platform for digital currencies to becoming a platform for creating decentralized applications and automating financial transactions. With the introduction of Ethereum 2.0, it is expected to scale even more and address the current limitations of the network.