Ethereum starts back in 2013, when Vitalik Buterin, a 19-year-old Russian-Canadian programmer started working on a new blockchain platform, at the time he believed that this new blockchain could be the evolution of Bitcoin.
Vitalik was interested in making a more flexible and versatile platform that had the ability to use a variety of applications in a decentralized way rather than just one digital currency.
The 19-year-old programmer started working on his idea that would soon be named ETHEREUM, and in 2014, he co-founded the ethereum foundation with fellow developers including Gavin Wood and Joseph Lubin. They raised around $18 million through crowdfunding to fund the development of the platform.
The ethereum platform is based on a programming language known as Solidity, which allows developers to create smart contracts. These smart contracts are standalone programs that automatically execute the rules and conditions specified in them, with no human intervention required.
Ethereum smart contracts can be used to create a wide variety of decentralized applications, from electronic voting systems to online gaming and market prediction. The Ethereum ethereum platform is designed to be highly scalable and able to handle a large number of concurrent transactions.
Ethereum launched its first version called frontier in July 2015. Since then the platform has gone through several updates seeking to improve more and more.
The currency of the ethereum platform is ether (ETH), which is used to pay transaction fees on the ETHEREUM network. Ether can also be used as an investment, with its value fluctuating against the dollar and other currencies.
Since its launch, ethereum has rapidly grown in popularity and usage. Many developers have chosen to use the platform to build their own decentralized applications, leading to a vibrant ecosystem of dApps (decentralized applications) and ethereum-based tokens.
Furthermore, Ethereum was also the basis for the explosion of Initial Coin Offerings (ICOs) in 2017 and 2018, where companies and projects could raise funds by selling Ethereum-based tokens to investors.
However, ethereum has also faced challenges and criticism over time. In particular, scalability has been an issue, with the network suffering from congestion and high transaction fees at times of peak usage. In addition, the platform also faced security and governance issues including a hack in 2016 which resulted in the loss of millions of dollars in ether.
Despite these challenges, Ethereum remains one of the leading platforms in the cryptocurrency market.
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