2015 – Vitalik Buterin and Birth of Ethereum

Summary

In a podcast, Ethereum co-founder Vitalik Buterin spoke about the decision to implement a hard fork after the DAO hack in 2016. Buterin stated that the decision was pragmatic due to a specific set of circumstances, and it was possible to revert the attacker’s transactions at a technical level. He also noted that the network was still new and full of promise, so the decision to fork was to avoid risk and protect its potential growth.

In 2015, Vitalik Buterin revolutionized the world of cryptocurrency by creating Ethereum, a blockchain platform that allows developers to build decentralized applications. Buterin had first conceptualized Ethereum in 2013, when he was just 19 years old, but it was not until 2015 that the platform was officially launched.

Ethereum differs from Bitcoin, the first and most well-known cryptocurrency, in that it is not just a digital currency, but rather a full-fledged programming language that can be used to create smart contracts and other decentralized applications. The platform operates on a blockchain, which is a decentralized ledger that records all transactions and allows for secure and transparent operations.

When Ethereum was launched in July 2015, it was met with excitement and anticipation from the cryptocurrency community. Many saw Ethereum as the next evolution in blockchain technology, with the potential to disrupt a wide range of industries.

One of the key features of Ethereum is its ability to support decentralized autonomous organizations (DAOs). These are organizations run on the blockchain, with no central authority or management. Instead, decisions are made through a system of voting by members of the organization, all of whom have equal say.

Shortly after the launch of Ethereum, a DAO called The DAO was created, with the goal of allowing members to pool their resources and invest in various projects. The DAO quickly became the largest crowdfunding project in history, raising over $150 million worth of Ethereum in just a few weeks.

However, The DAO was eventually hacked, leading to the loss of over $50 million worth of Ethereum. This incident highlighted some of the risks of using blockchain technology and led to a lot of discussion within the cryptocurrency community about how to prevent future similar attacks.

Despite this setback, Ethereum has continued to grow and evolve over the years. In 2018, Buterin announced plans for Ethereum 2.0, which will bring significant upgrades to the platform, including faster transaction times and more efficient energy use.

Today, Ethereum is one of the most widely used blockchain platforms in the world, with numerous decentralized applications and tokens built on top of it. It has become a cornerstone of the cryptocurrency industry and a key player in the broader blockchain ecosystem.

Original Source: www.coindesk.com