have an account?【sign in】Ethereum Update Timeline:A Comprehensive Overview of Ethereum Development and Progress
craftonauthorEthereum, a blockchain platform founded by Vitalik Buterin in 2015, has become one of the most significant contributors to the blockchain revolution. With its innovative smart contract functionality and Turing-complete programming language, Ethereum has established itself as a leader in the cryptocurrency landscape. This article aims to provide a comprehensive overview of the Ethereum development timeline, highlighting the key milestones and milestones in its journey to become the world's leading blockchain platform.
Ethereum Update Timeline
2013: Founding
Vitalik Buterin, a Russian-Canadian computer programmer, founded Ethereum in 2013. He saw the potential of blockchain technology and envisioned a platform that could support complex smart contracts and decentralized applications.
2014: Initial Coin Offering (ICO)
In 2014, Ethereum held its initial coin offering, raising $18.4 million from more than 800 investors. The funds raised were used to develop the Ethereum platform and support its ecosystem.
2015: Genesis Block
On July 30, 2015, the Genesis Block was mined, marking the beginning of the Ethereum network. The creator of the Genesis Block, Mike Budgen, became the first miner to contribute to the Ethereum network.
2016: Release of Ethereum Virtual Machine (EVM)
The Ethereum Virtual Machine (EVM) is a Turing-complete software that runs on any hardware that supports Java bytecode. It enables developers to write smart contracts in any programming language and execute them on the Ethereum network.
2017: Launch of ERC-20 Standard
The Ethereum Request for Comments (ERC) series is a set of guidelines and specifications for creating smart contracts on the Ethereum platform. ERC-20 was the first in the series and defined the structure for token standards on the Ethereum network. It was developed to facilitate the creation of decentralized exchange tokens, such as Bitcoin (BTC) and Ethereum (ETH).
2017: Initial DEX Launch
2017 saw the launch of the first decentralized exchange (DEX), named Airswap. It allowed users to trade ETH tokens without the need for a centralized exchange. This marked the beginning of the rise in decentralized applications (DApps) and smart contracts on the Ethereum network.
2018: Hard Fork to Save Ethereum Network
In 2018, an attacker targeted the Ethereum network, attempting to steal funds by using a vulnerability in the Parity Wallet. The attack resulted in the loss of $50 million worth of Ethereum coins. To prevent further losses and ensure the security of the network, the Ethereum community hard forked the network, creating two separate chains: Ethereum Classic (ETC) and Ethereum (ETH).
2019: Launch of Ethereum 2.0
Ethereum 2.0, also known as Seth, is a major upgrade to the Ethereum platform that aims to improve its performance, security, and scalability. The upgrade includes the integration of the Proof of Stake (PoS) consensus mechanism, which replaces the Energy (PoW) consensus mechanism. The launch of Ethereum 2.0 is expected to significantly improve the efficiency and scalability of the Ethereum network.
2020: Launch of Decentralized Identity Protocol (DID)
The Decentralized Identity Protocol (DID) is an initiative that aims to create a standard for decentralized identity management on the Ethereum blockchain. It enables users to create and manage their digital identity, ensuring privacy and security.
The Ethereum development timeline has seen numerous milestones and advancements, making it one of the most significant players in the blockchain landscape. As the platform continues to evolve and adapt to the ever-changing digital landscape, its potential to revolutionize industries and transform the way we live, work, and transact remains immense.