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Ethereum is a decentralized, open-source blockchain that allows users to create smart contracts. The platform’s native cryptocurrency is Ether (ETH). After Bitcoin, it is the second-largest cryptocurrency in terms of market capitalization. The Ethereum blockchain is the most widely utilized.

Vitalik Buterin, a programmer, proposed Ethereum in 2013. The network went live on July 30, 2015, with an initial supply of 72 million coins, after being crowdfunded in 2014. Developers may utilize the platform to create and run decentralized apps that consumers can engage with. Decentralized finance (DeFi) apps offer a wide range of financial services, including the ability to borrow against or lend bitcoin holdings. NFTs, which are non-interchangeable tokens that may be linked to digital works of art or other real-world things and sold as unique digital property, can also be created and exchanged on Ethereum. Many other cryptocurrencies use the Ethereum network to function as ERC-20 tokens and have used it for initial coin offerings.

In 2016, a hacker took $50 million in Ether by exploiting a vulnerability in a third-party project named The DAO. As a result, the Ethereum community voted to hard fork the blockchain to reverse the theft, and Ethereum Classic (ETC) was born.

Ethereum has begun rolling out a set of changes known as Ethereum 2.0, which includes a move to proof of stake and the use of sharding to boost transaction throughput.

Ethereum was first outlined in a white paper in late 2013 by Vitalik Buterin, a programmer and co-founder of Bitcoin Magazine, with the objective of allowing developers to create decentralized apps. Buterin claimed that Bitcoin and blockchain technology could be used for more than just money, and that a scripting language was needed for application development, which might lead to real-world assets like stocks and property being linked to the blockchain. Buterin collaborated on the Colored Coins project with eToro CEO Yoni Assia in 2013, drafting a white paper describing new use cases for blockchain technology. He advocated the construction of a new platform with a more broad programming language, which would later become Ethereum, after failing to obtain consensus on how the project should proceed.

In January 2014, Ethereum was announced during the North American Bitcoin Conference in Miami. During the conference, Gavin Wood, Charles Hoskinson, and Anthony Di Iorio (who funded the project) leased a house in Miami alongside Buterin to get a better idea of what Ethereum may become. Di Iorio enlisted the help of a friend, Joseph Lubin, who enlisted the help of reporter Morgen Peck. Peck later published a piece for Wired about the event. Six months later, the founders reconvened in a home in Zug, Switzerland, where Buterin informed them that the project would move on as a non-profit. At that point, Hoskinson walked away from the project.

The list of Ethereum’s creators is exceptionally extensive. Anthony Di Iorio penned the following: “In December 2013, Vitalik Buterin, myself, Charles Hoskinson, Mihai Alisie, and Amir Chetrit (the original 5) launched Ethereum. In early 2014, Joseph Lubin, Gavin Wood, and Jeffrey Wilcke were added as founders.” The program was formally developed in early 2014 by Ethereum Switzerland GmbH, a Swiss business (EthSuisse). Before the software could be built, the basic concept of putting executable smart contracts on the blockchain had to be defined. Gavin Wood, then the chief technical officer, did this work in the Ethereum Yellow Paper, which defined the Ethereum Virtual Machine. Following that, the Ethereum Foundation (Stiftung Ethereum), a Swiss non-profit organization, was established. From July through August 2014, an online public crowdsale was held, with participants purchasing the Ethereum value token (Ether) with Bitcoin, another digital currency.

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