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Ethereum

Ethereum

Ethereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.

Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "Ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. Gas (Ethereum), an internal transaction pricing mechanism, is used to prevent spam and allocate resources on the network.



The Ethereum network runs on a blockchain which is secured by miners. These miners run a Proof-of-work system consensus algorithm called Ethash. There are future plans to move to a Proof-of-stake consensus algorithm.



History

Origins

Vitalik Buterin proposed the ethereum protocol in his 2013 whitepaper with the goal of creating a general purpose blockchain platform to support decentralized applications and smart contracts. Buterin had previously contributed within the Bitcoin developer community and found limitations to the Bitcoin scripting language including lack of Turing-completeness, value-blindness, lack of state, and blockchain-blindness. Ethereum was formally announced at the North American Bitcoin Conference in Miami, Florida.





In early 2014 additional developers joined Buterin, including Gavin Wood and Jeffrey Wilcke listed as Lead C++ Developer and Lead Go Developer respectively as well as Anthony Di Iorio, Mihai Alisie, Joseph Lubin, and Stephen Tual in primarily non-development roles. The Ethereum Foundation (Stiftung Ethereum) was founded in July 2014 in Switzerland.



By April 2014, Gavin Wood published the Ethereum Yellow Paper describing the formal definition and technical specifications of the Ethereum Virtual Machine (EVM).



Fundraising

Ethereum was funded by an initial coin offering (ICO) launched in July 2014. According to the Ethereum foundation, within the first two weeks more than 50 million ETH were sold. In total, the 42-day public ether pre-sale raised 31,591 bitcoins worth approximately $18 million dollars at the time.



Pre-launch

Prior to the official launch of Ethereum, a series of proof of concept versions of were released culminating in the beta release named Olympic on May 9th, 2015. The purpose of Olympic was to engage the community to stress test the network, build decentralized applications, and start running nodes. Total rewards of 25,000 ethers were distributed to community members for contributions in the four categories of transaction activity, virtual machine usage, mining prowess, and general punishment.



Frontier release

The initial public launch named Frontier was released on July 30, 2015. This release provided instructions for generating the first block in the ethereum blockchain known as the genesis block, which was created with a unique parameter from the hash of the ethereum testnet block #1028201 and contained all transactions from the ethereum crowdsale.



Homestead release

The second major release of ethereum named Homestead went live on March 14th, 2016 on block 1,150,000. Homestead included protocol changes providing changes to the network giving increased ability for further upgrades, improved transaction speed, and improved security.



Metropolis (Byzantium)

The Metropolis release will be split into two parts - the first of which called Byzantium was released on block 4,370,000 on October 16, 2017. The Byzantium release introduced privacy features zk-snarks and zero-knowledge proofs to the ethereum blockchain, a feature added due to collaboration with the developers of Zcash including Zooko Wilcox. Additionally, the Metropolis release will include account abstraction, returndata, and revert capabilities. The release date for second part of metropolis named Constantinople has not yet been determined.



Serenity

The last planned release of ethereum named Serenity plans to include features to transition ethereum from a proof-of-work consensus protocol to the a proof-of-stake based on the Casper protocol being developed by Vitalik Buterin, Vlad Zamfir, and others. Serenity is also scheduled to implement sharding.

Timeline

April 4, 2018

Bitmain develops Ethash ASIC

The mining firm Bitmain starts selling the Antminer E3, an ASIC capable of mining Ethereum and other cryptocurrencies using the hashing algorithm ethash. The revelation inspires an EIP within the Ethereum developer community to open discussion on "bricking" these ASICs by changing the hash function to stop these specific ASIC units from working on Ethereum.

November 1, 2017

DevCon 3 takes place in Cancun

DevCon 3 Developers Conference was held in Cancun, Mexico.





October 16, 2017

Metropolis (Byzantium) hardfork upgrade

The planned Byzantium hardfork is successfully released. The upgrade provides support for zk-snarks, account abstraction, and other changes.

May 18, 2017

AVATrade adds Ethereum trading

March 1, 2017

Enterprise Ethereum Alliance launches

EEA is a consortium of companies developing standards for working with Ethereum distributed ledger technology.

February 23, 2017

eToro adds Ethereum trading

July 28, 2016

Ethereum Foundation community disassociate themselves from ETC

July 21, 2016

Coinbase adds Ethereum trading

Ethereum becomes the second cryptocurrency after bitcoin to be added to the coinbase exchange.

July 2, 2016

Ethereum splits into two groups: Ethereum (ETH) and Ethereum Classic (ETC)

The decision to perform a hardfork of the network is made via a CarbonVote whereby 97% of the network supported the hardfork and returning of funds lost in the DAO. Ethereum argued for decentralized decision making and conflict resolution using an extra protocol. Ethereum Classic argued for 'code is law' and blockchain immutability.

June 18, 2016

The DAO gets hacked

The DAO is hacked and 1.5m ETH worth ~$50m is claimed by an anonymous group.

May 8, 2016

Gemini exchange adds Ethereum trading

Gemini becomes the first licensed ether exchange.

March 14, 2016

Homestead hardfork upgrade

A planned hardfork protocol upgrade to the Ethereum network that went live on block 1,150,000. Homestead included protocol changes providing changes to the network giving increased ability for further upgrades, improved transaction speed, and improved security.

November 9, 2015

DevCon 1 takes place in London from November 9-13

A conference with a focus on research and development of blockchain applications.





July 30, 2015

Ethereum is launched

The Ethereum Frontier network is launched and the genesis block is created. Ethereum is written from scratch and is not a fork from any other existing blockchain.

May 9, 2015

Olympic: A Frontier testnet released

The Olympic testnet is released with a prize fund of 25,000 ether for stress testing the network.



September 2, 2014

Investors in presale receive 60m Ether

~12m (~16.5% of genesis) Ether are allocated to the development group.

August 6, 2014

Ethereum presale raises 31,591 Bitcoins worth ~$18,000,000 at the time.



July 22, 2014

Ethereum launches pre sale

Ethereum launched Ether tokens to the public. The initial price is 2000 ETH per BTC for 14 days until reaching a final rate for the token sale of 1337 ETH per BTC.

April 1, 2014

Ethereum yellowpaper published

The Ethereum yellowpaper, written by Dr. Gavin Wood, is released. The yellowpaper describes the technical details of the ethereum virtual machine.

March 1, 2014

Ethereum Switzerland GmbH develops first Ethereum project

January 25, 2014

Vitalik Buterin presents Ethereum at Bitcoin Miami 2014

Youtube video of Vitalik's presentation





Coindesk coverage of Miami 2014 including Ethereum.

January 23, 2014

Ethereum announced on bitcointalk and bitcoin magazine.

The bitcoin talk announcement and bitcoin magazine article on Ethereum is posted by Vitalik Buterin. The post describes his vision of a trustless decentralized database with a Turing-complete scripting language.



November 1, 2013

Vitalik Buterin proposes development of Ethereum

October 1, 2013

Vitalik Buterin describes Ethereum on paper

People

Name
Role
LinkedIn

Alex van de Sande





Anthony Di lorio





Bob Summerwill





Charles Hoskinson





Christian Reitwiessner





Evan Van Ness





Fabian Vogelsteller





Gavin Wood





Hudson Jameson





Jeffrey Wilcke





Joseph Lubin





Mihai Alisie





Ming Chan





Nick Johnson





Péter Szilágyi





Stephan Tual





Taylor Gerring





Vinay Gupta





Vitalik Buterin





Vlad Zamfir





Further reading

Title
Author
Link
Type
Date

Accounts, transactions, gas, and block gas limits in Ethereum

Hudson Jameson





Basic terminology for Ethereum — from gas to dapps (distributed apps)

Matt Condon





Building Ethereum Dapps : Decentralized applications on the Ethereum blockchain

Roberto Infante







Ethereum Casper 101

Jon Choi





Ethereum Design Rationale

Vitalik Buterin





Ethereum Foundation research initiatives — primary topics in both pure and applied research

Ethereum Foundation





Ethereum scalability research and development subsidy programs

Vitalik Buterin





Ethereum sharding: overview and finality

Hsiao-Wei Wang





Ethereum Whitepaper: A Next-Generation Smart Contract and Decentralized Application Platform

Vitalik Buterin





Ethereum Yellow Paper: Ethereum: A Secure Decentralised Generalised Transaction Ledger

Gavin Wood





Exploring Ethereum Dapps

Roberto Infante







How does Ethereum work, anyway?

Preethi Kasireddy





Making sense of Ethereum’s Layer 2 scaling solutions: state channels, Plasma, and Truebit

Josh Stark





Mastering Ethereum

Andreas M. Antonopoulos, Gavin Wood





Vitalik Buterin, creator of Ethereum — Unchained: big ideas from the worlds of blockchain and cryptocurrency

Laura Shin





What is Ethereum? The Most Comprehensive Guide for Beginners

Akash Takyar

Web

June 27, 2019

Documentaries, videos and podcasts

Title
Date
Link

Decentralizing Everything with Ethereum's Vitalik Buterin | Disrupt SF 2017

Sep 18, 2017

Ethereum in 25 minutes

Oct 10, 2016

Ethereum Vs. Bitcoin: What Sets Them Apart? | CNBC

Jun 23, 2017

Ethereum: The World Computer

Jul 30, 2015

Vitalik Buterin explains Ethereum

Jul 29, 2014

What is Ethereum?

Jun 4, 2014

Companies

Company
CEO
Location
Products/Services









News

Title
Author
Date
Publisher
Description
February 17, 2020
Express.co.uk
CRYPTOCURRENCIES suffered a nightmare weekend across the board as what looked like a storming bull market stalled and crashed. Bitcoin - riding high on Friday - collapsed with a dramatic $500 loss after a hard-fought and steady build-up over the psychological $10,000 barrier was left in tatters.
Romain Dillet
December 3, 2019
TechCrunch
On December 11 and December 12, some of the brightest mind in fintech are coming to TechCrunch Disrupt in Berlin. While we'll sit down with some of the most famous tech CEOs and investors, the agenda is particularly packed when it comes to fintech. On the main stage, I'll interview GoCardless CEO Hiroki Takeuchi about [...]
Charlie Wood
December 2, 2019
Business Insider
Ethereum cofounder Vitalik Buterin has defended Virgil Griffith, a cryptocurrency expert accused of helping North Korea evade US sanctions.
Adrian Potoroaca
December 2, 2019
TechSpot
To put things in context, Virgil was previously denied permission to travel to North Korea and even warned multiple times about the consequences of such an act. Despite that, he went there earlier this year and gave a technical talk...
Mike Butcher
November 20, 2019
TechCrunch
Sharding and scalability. Transactions per second. Crypto-ecosystems. The decentralized web. These are the voyages of the Starship Blockchain, on it's 5-year mission to seek out... Ok, you get the drift! But as you can tell, there remain many, many issues to tease out of this burgeoning new tech world, one we will be unpacking at Techcrunch Disrupt Berlin this [...]
Gregory Barber
October 28, 2019
Wired
Not long ago, blockchain technology was touted as a way to track tuna, bypass banks, and preserve property records. Reality has proved a much tougher challenge.
Invalid Date
ComputerWeekly.com
We explore the technology around blockchain shaping how businesses use data
Swipe Wallet
September 13, 2019
www.prnewswire.com:443
LONDON, Sept. 13, 2019 /PRNewswire/ -- Swipe Wallet is excited to announce the launch of the Swipe App, a Digital Wallet application, on the Apple iOS and...
Meagan Simpson
September 3, 2019
BetaKit
Anthony Di Iorio, the co-founder of Ethereum and founder and CEO of Decentral, has stepped down from his role at the Canadian blockchain company.
July 8, 2019
WebWire
Multiven today announced the launch of the Multiven Open Marketplace ("MOM"), the world's first blockchain marketplace decentralised application (DApp) for the global €4 Trillion Information Technology (IT) software, hardware and services Industry, on the Ethereum mainnet. The MOM will enable everybody to legitimately buy and sell IT products such as smartphones, laptops, software licenses, switches, routers, firewalls, etc. on a peer-to-peer basis, with no intermediaries, powered solely...
Danny Crichton
June 17, 2019
TechCrunch
Video is the core entertainment medium of the web. Platforms like YouTube, Twitch, Netflix and more deliver millions of hours of videos to hungry consumers every day, and those deliveries will only intensify as video games move increasingly to streaming models. Yet, delivering all of that content remains an expensive and challenging endeavor. The largest [...]
May 8, 2019
WebWire
As crypto and blockchain continue to take the world by storm, a number of offshore financial centres have sought to position themselves as jurisdictions of choice for those looking to operate within the sector. The British Virgin Islands is no exception. According to a report last year from CoinShare, BVI is the second largest cryptocurrency market in the world, after the USA which pips it to number one position. As well as being a well established and highly respected centre for financia...
NATHANIEL POPPER
April 23, 2019
www.nytimes.com
To understand where cryptocurrencies are going, it helps to look beneath the price gyrations to see how people are actually using the technology. The data provides reason for both hope and concern.
Jon Russell
March 11, 2019
TechCrunch
Crypto represent a "border-less" asset that anyone can own, but actually getting hold of it isn't easy for everyone. Amun, a company that wants to make buying crypto as easy as stock, has pulled in $4 million in funding to offer more established channels for crypto ownership. The ...
Tom Wilson
Invalid Date
U.S.
Ethereum, the world's second biggest cryptocurrency, was set on Thursday for major software upgrades that traders and analysts predicted would significantly reduce its supply.
ChainFront
Invalid Date
www.prnewswire.com:443
CHICAGO, Feb. 15, 2019 /PRNewswire/ -- ChainFront, an API-as-a-Service company that removes the complexity of using, building, and managing blockchain wallets...
SKALE Labs, Inc.
Invalid Date
www.prnewswire.com:443
SAN FRANCISCO, Feb. 13, 2019 /PRNewswire/ -- SKALE Labs Inc. today announced the launch of the SKALE DevNet. The SKALE Network helps decentralized applications ...
Mike Butcher
Invalid Date
TechCrunch
In the world of blockchain, it is the sector of fintech where most think Satoshi's invention will have the greatest impact. And in finance, there are few more elite worlds than those of asset management. So it's of some significance that a two-year project to disrupt and open up this world using bl...

References