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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.

Ethereum 2.0 (Eth2)

The last planned release of Ethereum originally 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. Ethereum 2.0 is planned to come in four phases that incrementally adds features such as the Beacon Chain (Phase 0), Shard Chains (Phase 1), Sharded Mainnet (Phase 1.5), and Fully Formed Shards (Phase 2).

Timeline

May 5, 2021
Ethereum 2.0 (Eth2) staking protocol Lido Finance raises $73 million led by Paradigm.
2020
Ethereum 2.0 Phase 0

The first stage of Eth2, called Phase 0, is planned to launch in 2020

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.

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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 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

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

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Wolfie Zhao
July 29, 2021
The Block
The hashing power securing the world's two largest blockchains is slowly recovering, as some Chinese miners have redeployed overseas.
July 28, 2021
The Economic Times
Buterins gift of 50 trillion Shiba Inu coins -- 5% of the memecoin in circulation -- spurred a 50% crash in the price. The tokens should eventually amount to $400 million, Nailwal estimated in an interview.
Tony Zerucha
July 28, 2021
Crowdfund Insider
Click HERE to find out ⭐ Umbria Network's Narni Bridge Shows Testing Promise. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Yogita Khatri
July 27, 2021
The Block
Solana-based stablecoin exchange Saber has raised $7.7 million from Chamath Palihapitiya's Social Capital, Jump Capital, and others.
Saniya More
July 27, 2021
The Block
EthSign is a decentralized application that's using Web3 technology to record contracts on the Ethereum blockchain.
Michael McSweeney
July 26, 2021
The Block
Lyra, a DeFi platform focused on options trading and built on the Ethereum layer 2 protocol Optimism, has raised $3.3 million in seed funding.
JD Alois
July 26, 2021
Crowdfund Insider
Click HERE to find out ⭐ Tether Management Said to be Target of Criminal Investigation by US Department of Justice. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Brian McGleenon
July 25, 2021
Express.co.uk
GEORGE Osborne's bet on a cryptocurrency that promises to reshape the internet has been today's top cryptocurrency performer, with a 24 hour gain of almost 30 percent.
Tony Zerucha
July 22, 2021
Crowdfund Insider
Click HERE to find out ⭐ Investors More Bullish on Ethereum Than Bitcoin: Survey. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Omar Faridi
July 21, 2021
Crowdfund Insider
Crypto.com has introduced new testnet Cronos, the Crypto.org EVM chain running alongside Crypto.org Chain.
Priyanka Pani
July 20, 2021
Crowdfund Insider
NFT marketplace Opensea raises $100 million in a Series B round led by Andreessen Horowitz at $1.5 billion, as per a TechCrunch report.
Lucas Matney
July 20, 2021
TechCrunch
It's been a wild 2021 for NFT auction marketplace OpenSea. The startup was exceedingly well-positioned in a niche space when NFTs exploded earlier this year seemingly out of nowhere. Since then, the startup has found its user base expanding, the total volume of sales skyrocketing and more investor dollars being thrown at them. The startup [...]
Priyanka Pani
July 20, 2021
Crowdfund Insider
Co-founders of Dogecoin and Ethereum, Palmer and Iorio quit crypto world citing personal reasons and prices of both the currencies rally
Brian McGleenon
July 17, 2021
Express.co.uk
ETHEREUM is due a major code update early next month with many experts predicting it will kickstart a buying frenzy that will set prices 'surpassing $3,000 by the end of August'.
Yogita Khatri
July 14, 2021
The Block
DeFi wallet Phantom, which currently supports the Solana blockchain, has raised $9 million in Series A funding led by A16z.
Katie Sewell
July 14, 2021
Express.co.uk
CARDANO has gained a lot of interest among cryptocurrency followers recently. So what price is Cardano today and what is an altcoin?
Steven Brown
July 12, 2021
Express.co.uk
CRYPTOCURRENCY prices are 'in danger' following a brutal crackdown in China with analysts warning the decommissioned Chinese mining capacity will not return.
Omar Faridi
July 8, 2021
Crowdfund Insider
Ethereum gas prices decrease significantly, active ETH addresses now also less than active BTC addresses: Report.
Omar Faridi
July 7, 2021
Crowdfund Insider
Click HERE to find out ⭐ Decentralized, High-Throughput, Gas Efficient IOST Platform Reports Steady Growth and Adoption for 2021. | Crowdfund Insider: Global Fintech News, including Crowdfunding, Blockchain and more.
Omar Faridi
July 7, 2021
Crowdfund Insider
Bitcoin, Ethereum, 40 other cryptocurrencies will be accepted by Pavilions Hotels & Resorts via Coindirect.
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References

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