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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

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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

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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

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Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Guest Author
October 7, 2021
Crunchbase News
Regulators are increasingly circling crypto, leading the sector's biggest players to take steps to reign in policies that represent a more extreme deviation from standard practice in the mainstream markets, writes Reuben Jackson, a blockchain security consultant.
USA TODAY
October 4, 2021
USA TODAY
A new study shows the public's limited understanding of cryptocurrencies, with some believing that Ethereum is a drug and that Cardano is a cheese.
FinSMEs
September 29, 2021
FinSMEs
About | Advertise | Contact | Disclaimer | News | The Daily Deal Newsletter FinSMEs.com by FinSMEs is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
September 28, 2021
The Economic Times
Among the top 10 names, Ethereum was the biggest loser, down over 5 per cent. Polkadot, Cardano, Binance Coin and XRP dropped 3-5 per cent. Others also declined over 2 per cent.
September 27, 2021
The Economic Times
Among the top 10 coins, Ethereum was the biggest gainer, up nearly 10.30 per cent. Solana, XRP and Bitcoin rallied 4-7 per cent. Others were also in the green. Uniswap was among the biggest major gainers beyond the top 10 bracket, surging 32 per cent.
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References

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