Not long after Bitcoin became the first cryptocurrency to take the public imagination by storm due to its novelty and concept, its limitations also came to the fore. Vitalik Buterin, a programmer and co-founder of the Bitcoin Magazine felt the need for a project with the functionality of a scripting language to facilitate application development. Bitcoin lacked this. And so, Ethereum came into being.
Some of the prominent co-founders of Ethereum, besides Buterin, are Gavin Wood, Anthony Di Iorio, and Joseph Lubin. It was late 2013 when Buterin first proposed the concept, with an online crowdsale in July-August 2014 taking care of the funding for development. The system then went live on 30 July 2015, with 72 million coins minted.
Ethereum is best described as a decentralized open-source blockchain featuring smart contract functionality. Its native cryptocurrency os Ether or ETH.
What makes Ethereum unique is its programmable nature allowing developers to build decentralized applications (DApps) using it. Some of the key areas where it finds its uses are:
- Cryptocurrency wallets
- Financial applications
- Decentralized markets
The blockchain has undergone several hard forks, most prominently Ethereum Classic. Despite its proven success in technical innovations, there are still questions about its security and scalability. Ethereum 2.0 intends to address this with a rollout in three phases. Phase 0 is about transitioning the platform from proof of work to proof of stake. Phase 1 deals with implementing shard chains while Phase 2 is for implementing state execution.
In this section, we bring you all the latest news related to Ethereum in terms of finance and funding, product releases and updates, and business partnerships.