Development was funded by an online public crowd sale from July to August 2014, with the participants buying the Ethereum value token (Ether) with another digital currency, Bitcoin. Subsequently, a Swiss non-profit foundation, the Ethereum Foundation ( Stiftung Ethereum), was created as well. This work was done by Gavin Wood, then the chief technology officer, in the Ethereum Yellow Paper that specified the Ethereum Virtual Machine.
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The basic idea of putting executable smart contracts in the blockchain needed to be specified before the software could be implemented. Development (2014)įormal development of the software began in early 2014 through a Swiss company, Ethereum Switzerland GmbH ( EthSuisse). He stated, "I immediately realized that I liked it better than all of the other alternatives that I had seen I suppose it was the fact that sounded nice and it had the word ' ether', referring to the hypothetical invisible medium that permeates the universe and allows light to travel." Buterin wanted his platform to be the underlying and imperceptible medium for the applications running on top of it.
Joseph Lubin, Gavin Wood, & Jeffrey Wilcke were added in early 2014 as founders." Buterin chose the name Ethereum after browsing a list of elements from science fiction on Wikipedia. Anthony Di Iorio wrote: "Ethereum was founded by Vitalik Buterin, Myself, Charles Hoskinson, Mihai Alisie & Amir Chetrit (the initial 5) in December 2013. Įthereum has an unusually long list of founders. Hoskinson left the project at that time and soon after founded IOHK, a blockchain company responsible for Cardano. Six months later the founders met again in a house in Zug, Switzerland, where Buterin told the founders that the project would proceed as a non-profit. Peck subsequently wrote about the experience in Wired.
Di Iorio invited friend Joseph Lubin, who invited reporter Morgen Peck, to bear witness. During the conference, Gavin Wood, Charles Hoskinson, and Anthony Di Iorio (who financed the project) rented a house in Miami with Buterin to develop a fuller sense of what Ethereum might become. Įthereum was announced at the North American Bitcoin Conference in Miami, in January 2014. However, after failing to gain agreement on how the project should proceed, he proposed the development of a new platform with a more robust scripting language-a Turing-complete programming language -that would eventually become Ethereum. In 2013, Buterin briefly worked with eToro CEO Yoni Assia on the Colored Coins project and drafted its white paper outlining additional use cases for blockchain technology. Buterin argued to the bitcoin core developers that Bitcoin and blockchain technology could benefit from other applications besides money and needed a more robust language for application development that could lead to attaching real-world assets, such as stocks and property, to the blockchain.
Įthereum co-founder Vitalik Buterin in 2015Įthereum was initially described in a white paper by Vitalik Buterin, a programmer and co-founder of Bitcoin Magazine, in late 2013 with a goal to build decentralized applications.
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Additionally, many other cryptocurrencies operate as ERC-20 tokens on top of the Ethereum blockchain and have utilized the platform for initial coin offerings.Įthereum has started implementing a series of upgrades called Ethereum 2.0, which includes a transition to proof of stake and aims to increase transaction throughput using sharding. Ethereum also allows for the creation and exchange of NFTs, which are non-interchangeable tokens connected to digital works of art or other real-world items and sold as unique digital property. Decentralized finance (DeFi) applications provide a broad array of financial services without the need for typical financial intermediaries like brokerages, exchanges, or banks, such as allowing cryptocurrency users to borrow against their holdings or lend them out for interest. The platform allows anyone to deploy permanent and immutable decentralized applications onto it, with which users can interact. In 2014, development work commenced and was crowdfunded, and the network went live on 30 July 2015. Additional founders of Ethereum included Gavin Wood, Charles Hoskinson, Anthony Di Iorio and Joseph Lubin. Įthereum was conceived in 2013 by programmer Vitalik Buterin. Among cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Ether ( ETH or Ξ) is the native cryptocurrency of the platform. London / 5 August 2021 7 months ago ( )Įthereum is a decentralized, open-source blockchain with smart contract functionality. Ethereum Foundation, Hyperledger, Nethermind, OpenEthereum, EthereumJS
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