happy birthday ethereum. Eight years already that the network Ethereum was born. Since then, the network has become essential and seems to be well established in second place in the ranking of cryptos by marketcap.
Ethereum turns 8
On July 30, 2023, the network Ethereum celebrated its eighth anniversary. Indeed, the genesis block was mined on July 30, 2015marking the beginning of a crazy adventure.
The launch of the channel follows two years of intensive work. Indeed, the first ideas concerning Ethereum emerged in 2013. Subsequently, the first Ethereum white paper was released in 2014. Following this many developers came together to carry out the vision presented by Vitalik Buterin.
And which developers? In practice, Buterin was surrounded by renowned developers such as Gavin Wood, Anthony Di Iorio or Joseph Lubin.
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Ethereum at the heart of innovation
Although it is among the first blockchains, Ethereum has been able to navigate the succession of bull runs and of bear markets.
In practice, Ethereum’s longevity can be explained in particular by the centrality of the chain in crypto innovation.
In 2016, Vitalik Buterin and other members of the network founded the first decentralized autonomous organization via The DAO. This aimed to create a sort of decentralized investment fund. Unfortunately, a reentrancy flaw allowed a hacker to steal all the funds. This hack will notably lead to the fork between Ethereum and Ethereum Classic.
The following year, in 2017, Ethereum was once again in the spotlight during a period called “ICO madness”. Thus, Ethereum was the main blockchain for many of the ICOs that took place in 2017.
In 2020, Ethereum will also have been precursor to the upcoming bull run. Indeed, the protocol has witnessed the rise of a new ecosystem: the decentralized finance. Will follow the DeFi Summer. It was at the same time that many other innovations emerged, such as governance tokens, which are now well democratized.
In 2021, it is NFTs turn to be at the heart of trends. Once again, it is on Ethereum that this is happening. Cryptopunks, Bored Ape Yacht Club and so many other collections have blown up the NFT ecosystem on Ethereum.
Ethereum: trendsetter?
From now on, the Ethereum network is at the heart of the news via the development of its second layer solutions. Once again, the channel is fertile ground for significant innovation.
So other layer 1 blockchains are following suit and focusing on L2s. This is particularly the case of the BNB Chain, which announced its L2 opBNB last June.
Even eight years after its inception, the Ethereum network continues to lead innovation in cryptocurrencies. This could well accelerate soon with the Cancun rollout, an update that aims to improve rollup performance.
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