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History of ethereum
In short: Vitalik Buterin created Ethereum in 2013 together with Charles Hoskinson, Gavin Wood, Anthony Di Iorio and Joseph Lubin. The network was launched in July 2015 after funding the work on the project through crowdfunding.
Now that we know the outline, let's go deeper into the history of Ethereum:
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The history of Ethereum - an in-depth overview
Ethereum co-founder Vitalik Buterin said in 2013:
"I always felt that (people in the cryptocurrency community) did not approach issues in the right way. They always wanted one cryptocurrency project to address all their needs and solve all their problems at once - they wanted a Swiss Army Knife."
Vitalik had a different vision - he wanted to focus on solving only specific problems - correctly and completely. This vision he is trying to implement to this day.
Ethereum's history begins between 2011 and 2013
Blockchain technology intrigued Vitalik when he got involved in Bitcoin as a 17-year-old programmer in 2011, when he co-founded Bitcoin Magazine. He began to envision a platform that went beyond the financial use cases allowed by Bitcoin and published his whitepaper in 2013, preparing the first foundations for Ethereum.
A key function of Bitcoin was the platform's ability to trade more than just cryptocurrency.
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The project was made possible by funds raised from the community
In 2014, Buterin and other Ethereum co-founders launched a crowdsourcing campaign in which they sold Ether (Ethereum tokens) to participants to make their vision a reality and raised more than $18 million. The first "live" version of Ethereum, known as Frontier, was launched in 2015. Since then, the platform has grown rapidly and today there are hundreds of developers involved.
Ultimately, Buterin hopes Ethereum will be the solution for all blockchain use cases that don't have a specialized system to turn to.
The history of Ethereum is filled with similar problems as the history of Bitcoin
Ethereum continues to suffer from the same problems that Bitcoin has, most notably those related to the difficulty of scaling the project. In 2016, an anonymous hacker stole $50 million worth of Ether, raising questions about the platform's security. This caused a split in the Ethereum community and a split into two blockchains: Ethereum (ETH) and Ethereum Classic (ETC).
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There have been dramatic fluctuations in the price of Ether, but the Ethereum currency rose more than 13,000% in 2017. This tremendous growth, caused by the large volume of ETH trading on exchanges (via bank accounts) and at Bitcoin ATM Eth ereum (via cash) was a very attractive time for many investors, although the surge in volatility made it considered somewhat volatile(source).
It's still a very young platform, but its potential and applications are limitless. Ethereum's infrastructure has been improved over the past few years, when security issues were encountered. And because ETH is less monopolistic than Bitcoin, it is also more open to reforms that could ultimately make it a better solution than Bitcoin.
What is Ethereum's known historical problem?
Problems with Ethereum: The Ethereum blockchain has an inherent scalability problem, which limits it to about 30 transactions per second. Network congestion resulting from the huge number of transactions often results in delays and soaring fees. Subsequent updates, described in the detailed Ethereum story below, attempt to address this problem.
Ethereum Bitcoin ATM
Due to its low fees, Ethereum is the cryptocurrency to trade which is often used Bitcoin ATMs. While exchanges once led the way, with Bitcoin ATMs offering commissions of more than 15%, the situation is now changing. One of the operators of Bitcoin ATMs Poland sometimes offers promotions for buying and selling Ethereum, even 0% or +3% of value against exchanges. Besides, exchanges are accused of not being able to trade in cash, and having to use centralized institutions such as banks.
According to Ethereum's proposers, this "defeats the whole purpose of it," as using centralized systems for cryptocurrencies actually misses the purpose of their existence. The latest blow to exchanges was also the famous collapse of FTX, which reflected a wave of declining trust in these institutions. If you want to learn more about cryptocurrency ATMs, browse Ethereum Bitcoin ATMs in Warsaw - all described on the home page of Bitcoin ATMs-Warszawa.pl offer to sell and buy ETH.
Ethereum Course History
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What was the first price of ETH?
On August 7, 2015, the first Ethereum transaction was conducted using transaction hash 46147. Since its inception in 2015. Ethereum kept its value below $1 for most of 2015, but in March 2016. Ether unexpectedly crossed the $10 mark when it briefly reached $10.03 on March 4, 2016.
Ethereum's native token, Ether (ETH), has appreciated tremendously in value since its inception in 2015. Launched by computer programmer Vitalik Buterin, Ether's price rose from $0.311 at its launch in 2015 to around $4,800 by the end of last year. This was the highest price for ETH to date. During this journey between these amounts, ETH volatility was relatively high.
When did Ethereum cost $1?
ETH price history: since its inception in 2015. Ethereum cost less than $1 for most of 2015, but by March 2016. Ether crossed the $10 mark when it briefly reached $10.03 on March 4, 2016. That is, at the time, to buy 10 ETH, you only had to put in about $100. Today, when you put a code with such 10 ETH in Bitcoin ATM , the device would instantly pay out almost PLN 60,000 to your hand. So it's worth taking a couple of sizable ladybug bags with you!
The beginning of the ETH price - historical summary
Ethereum (ETH) is the world's second largest cryptocurrency, just behind Bitcoin (BTC). It was launched in July 2015 and first sold on August 7 for $2.77. The next day, the coin's value dropped to $0.81.
How much was ETH worth 5 years ago?
- 7,10 USD
According to Coindesk historical data, the price of ETH five years ago (i.e. April 12, 2016) was $7.10 per Ether. If you bought $10 worth of currency, you would now have 1.4 ETH, or about 8125.83 PLN (as of 01/12/2022).
What was the lowest value of Ethereum in history?
0.00000001 ETH
What is the smallest amount of Ethereum I can buy?
The minimum purchase size of Ethereum for buy/sell is 0.00000001 ETH.
Ethereum course 2017
On 01/12/2017, the Ethereum exchange rate was $467 (PLN 2,193.51), and the volume was 594.10k.
Ethereum Classic price history
The history of the price of ETH classic is shown in the chart below. In 2017, it was around 90zl, on Thursday, May 6, it was 170zl (the highest peak on the chart), and on Thursday, November 17, it was 90zl.
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When was ETH invented?
Creation of Ethereum: In 2013, Canadian programmer= Vitalik Buterin, proposed a new platform that, according to him, would allow the decentralized application to usher in a new era of online transactions. In 2015, after the first fundraiser, Ethereum was launched and 72 pieces of ETH created.
How did Ethereum become so popular?
The Ethereum ecosystem is growing by leaps and bounds thanks to the increasing popularity of dApps in areas such as decentralized finance or DeFi applications, non-convertible tokens or NFT, gaming and technology.
One of the main reasons for Ethereum's price rise is the growing popularity of DeFi (decentralized financial systems). Ethereum supports many DeFi projects on its blockchain network.
Many users trade Ethereum using Bitcoin ATMs, which sometimes allow commission-free transactions. Learn more about the nearest locations that allow such transactions in the article Bitcoin ATMs in Poland.
What is ETH's forecast for, say, 2030?
Ethereum has incredible potential over the next few years, as cryptocurrency acceptance grows. Market forecasts suggest that by 2030. ETH could reach a new all-time record of $12,640.06. However, this is not certain.
Where to buy Ethereum?
After the collapse of FTX, many investors are opting for a clearer, simpler solution -. Bitcoin ATMs. Especially since these already offer even sometimes more attractive commissions than on exchanges (during promotions). Unlike exchanges, Bitcoin ATMs allow cash transactions.
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How to understand changes in Ethereum's history
Before we delve into the details of Ethereum's history, let's take a look at the basics of the technology's updates.
Protocol changes, also known as hard forks, can be "planned" or "unplanned." The reason for a planned fork may be, among other things, to adapt the system to manage new features, introduce security protocols or improve the mining process. Unplanned bifurcations may be the result of discovered security vulnerabilities that some believe should not be patched, or other events where no consensus has been reached. For example, a cyber-attack may encourage miners to adopt protocol changes, while others want to stay with the old protocol and address issues as needed. The biggest example of this is the break between Ethereum and Ethereum Classic.
The split followed a 2016 system manipulation that resulted in the theft of $50 million worth of Ether. Some wanted to change the protocol to render the stolen money useless, while others wanted to stick to the original protocols, claiming that the money was taken using a vulnerability in the protocol. This bifurcation is referred to as a DAO event after the distributed autonomous organization (DAO) from which the cryptocurrency was stolen.
Ethereum Classic (ETC) is based on the original protocol and is managed by a collective that seeks to stay true to the original version of Ethereum. Ethereum (ETH) has a watchdog group called the Ethereum Foundation, which continues to develop the platform.
Planned hard forks
Changes to Ethereum's protocol make it run more efficiently and securely. Since the DAO event, there have been seven hard forks. We list them briefly below, and discuss them in more detail later in the text:
- Tangerine Whistle - October 2016
- False Dragon - November 2016
- Byzantium - October 2017
- Constantinople - February 2019
- St. Petersburg (unplanned) - February 2019
- Istanbul - December 2019
- Muir Glacier - January 2020
- ETH 2.0 - A planned fork referred to as Ethereum 2.0, which will allow for faster processing times, greater processing efficiency, greater interoperability and lower processing fees.
Forks can be planned updates to a system or unplanned forks of a project's development path. That's why their name is "fork," hence "fork."
As proper validation and smart contracts become increasingly important for companies in 2022, Ethereum has positioned itself to meet this growing need in an increasingly technology-dependent world.
Ethereum history for 2013
beginning
- November 27, 2013
- ethereum.org on waybackmachine
An introductory article published in 2013 by Vitalik Buterin, founder of Ethereum, before the project's launch in 2015. This is the beginning of the project's history.
ETH History - 2014
Ether sale
- July 22 - September 02, 2014
- ethereum.org on waybackmachine
Ether officially went on sale for 42 days. It could be purchased with BTC.
Read the Ethereum Foundation announcement
Published Yellowpaper
- April 1, 2014
The Yellow Paper, by Dr. Gavin Wood, is a technical definition of the Ethereum protocol.
Ethereum story for 2015
Border thawing
- 07-09-2015 21:33:09 +UTC
- Block number: 200 000
- ETH price: $1.24
- ethereum.org on waybackmachine
Summary
5000 gas block limit and set the default gas price at 51 gwei. This allowed for transactions - transactions require 21,000 gas. Difficulty Bomb was introduced to provide future hard-fork for proof-of-stake.
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Update "Frontier"
- 30-07-2015 15:26:13 +UTC
- Block number: 0
- ETH price: not applicable
- ethereum.org on waybackmachine
Summary
Frontier was a live, but from scratch implementation of the Ethereum project. It followed a successful Olympic testing phase. It was intended for technical users, especially programmers. The blocks had a gas of 5,000. This "unfreezing" period allowed miners to get started and first-time users to install their clients without having to "rush."
Read the Ethereum Foundation announcement
ETH story for 2016
Spurious Dragon Update
- 22-11-2016 16:15:44 +UTC
- Block number: 2 675 000
- ETH price: $9.84
- ethereum.org on waybackmachine
Summary
Dragon was the second response to denial of service (DoS) attacks on the network (September/October 2016), including:
- operation code prices were adjusted to prevent future attacks on the network.
- Enabling the "debloat" of the blockchain state.
- addition of protection against replay attack
Read the announcement from the Ethereum Spurious Foundation
"Tangerine Whistle" update
- 18-10-2016 13:19:31 +UTC
- Block number: 2 463 000
- ETH price: $12.50
- ethereum.org on waybackmachine
Summary
Tangerine Whistle was the first response to denial of service (DoS) attacks on the network (September/October 2016), including:
- Addressing the network's urgent health concerns about underpriced surgery codes.
Read the Ethereum Foundation announcement
Fork DAO
- 20-07-2016 13:20:40 +UTC
- Block number: 1 920 000
- ETH price: $12.54
- ethereum.org on waybackmachine
Summary
The DAO was a response to the 2016 DAO attack in which an insecure DAO was stripped of more than 3.6 million ETH as a result of a hack. Fork moved funds from the flawed contract to a new contract with one feature: withdrawal. Anyone who lost funds could withdraw 1 ETH for every 100 DAO tokens in their portfolios.
This course of action was voted on by the Ethereum community. Every ETH holder was able to vote through a transaction on the voting platform. The decision to fork reached more than 85% of the votes.
Some miners refused to fork because the DAO incident was not a protocol flaw. They then created Ethereum Classic.
Read the Ethereum Foundation announcement
Homestead
- 14-03-2016 18:49:53 +UTC
- Block number: 1 150 000
- ETH price: $12.50
- ethereum.org on waybackmachine
Summary
Homestead fork that looked to the future. It included several protocol changes and a network change that gave Ethereum the opportunity for further network updates.
Read the Ethereum Foundation announcement
History of Ethereum in 2017
Byzantium
- 16-10-2017 05:22:11 +UTC
- Block number: 4 370 000
- ETH price: $334.23
Summary
Fork Byzantium:
- Mining was reduced from 5 to 3 ETH.
- The difficulty of bombs was delayed by a year.
- Some cryptographic methods have been added to enable Layer 2 scaling.
Read the Ethereum Foundation announcement
Ethereum history in 2019
Istanbul
- 08-12-2019 12:25:09 +UTC
- Block number: 9 069 000
- ETH price: $151.06
Summary
Fork in Istanbul update:
- Gas has been optimized in some activities in EVM.
- Improved resistance to denial of service attacks
- Ethereum and Zcash have been enabled to work together.
- Allowed contracts to introduce more creative features.
Ethereum Fork "Contantinopole"
- 28-02-2019 19:52:04 +UTC
- Block number: 7 280 000
- ETH price: $136.29
Summary
The Constantinople Fork:
- Made blockchain not stop work before proof-of-stake implementation
- The gas cost of certain activities in EVM has been optimized.
- Added the ability to interact with addresses that have not yet been created.
Read the Ethereum Foundation announcement
ETH history - 2020
Beacon Chain Genesis
- 01-12-2020 12:00:35 +UTC
- Beacon Chain block number: 1
- ETH price: $586.23
Summary
Beacon Chain needed 16384 deposits of 32 stacked ETH to ship safely. This happened on November 27, meaning Beacon Chain began producing blocks on December 1, 2020. This is an important first step in realizing the Ethereum vision.
Deposit contract implemented
- 14-10-2020 09:22:52 +UTC
- Block number: 11 052 984
- ETH price: $379.04
Summary
The staking deposit agreement introduced staking into the Ethereum ecosystem. Although it was Mainnet, it had a direct impact on the timing of the launch of Beacon Chain, a major Ethereum upgrade.
Muir Glacier
- 02-01-2020 08:30:49 +UTC
- Block number: 127,18
- ethereum.org on waybackmachine
Summary
Muir Glacier introduced delayed difficulty bombs. The increase in difficulty of the proof-of-work block threatened to degrade Ethereum's usability by increasing the time it takes to send transactions and use dapps.
ETH story in 2021
"Arrow Glacier" Update
- Dec-09-2021 19:55:23 +UTC
- Block number: 13 773 000
- ETH price: $4111
- ethereum.org on waybackmachine
Summary
The Arrow Glacier network update has set Difficulty Bomb back several months. This is the only change made in this upgrade and is similar in nature to the Muir Glacier update.
Update "Altair"
- 27-10-2021 10:56:23 +UTC
- Age number: 74,240
- ETH price: $4024
- ethereum.org on waybackmachine
Summary
The Altair update was the first scheduled Beacon Chain update. Altair was the first such major network update to have an exact deployment time. Each previous update was based on the declared block number in the proof-of-work chain, where block times vary.
London
- 05-08-2021 12:33:42 +UTC
- Block number: 12 965 000
- ETH price: $2,621
Summary
The "London" update introduced EIP-1559, which reformed the transaction fee market,
Berlin
- 15-04-2021 10:07:03 +UTC
- Block number: 12 244 000
- ETH price: 2454 USD
- ethereum.org on waybackmachine
Summary
Berlin update optimized gas cost for some EVM activities.
History of Ethereum in 2022
"Paris" update (The Merge)
- 15 Sep 2022 06:42:42 + UTC
- Block number: 15537394
- ETH price: $1472
Summary
This was probably the most significant update in Ethereum's history since Homestead!
Update "Bellatrix"
- 06-09-2022 11:34:47 +UTC
- Age number: 144,896
- ETH price: $1558
- ethereum.org on waybackmachine
Summary
The Bellatrix update was the second scheduled Beacon Chain update, preparing the chain for The Merge.
Read Bellatrix upgrade specifications
"Grey Glacier" update
- June 30, 2022. 10:54:04 +UTC
- Block number: 15 050 000
- ETH price: $1069
- ethereum.org on waybackmachine
Summary
An update to the Grey Glacier network has shifted the difficulty of bombs by three months. This is the only change made in this upgrade and is similar in nature to Arrow Glacier and Muir Glacier . Similar changes were made in the Byzantine, Constantinople and London network upgrades
ETH history - summary
Ethereum was first described in late 2013 in a whitepaper by Vitalik Buterin, a programmer and co-founder of Bitcoin Magazine, which described how to build decentralized applications.
