Nine Years of Ethereum: Milestones and Achievements
Date: 2024-07-30 Author: Oliver Abernathy Categories: BLOCKCHAIN
On July 30, 2015, the Ethereum genesis block was mined, marking the birth of one of the most significant platforms in the world of blockchain technology. Co-founder of the project Vitalik Buterin congratulated the community and expressed expectations for future milestones in the development of the blockchain.
The idea for Ethereum was born in Buterin's mind in 2013. He conceived the project as an alternative to Bitcoin, with an emphasis on supporting decentralized applications (dApps) and smart contracts. In 2014, the Ethereum white paper was published, in which the network was presented as a universal blockchain, designed not only for payments, but also for a wide range of decentralized services.
Ethereum Foundation
A non-profit organization, the Ethereum Foundation, was created to implement the project, which managed to collect 30,000 BTC for the development and launch of the network. On July 30, 2015, the organization announced the deployment of the network, and the first block, or genesis block, was processed.
One of the community members published data on the reward for the genesis block, which was 5 ETH (about $16,500 at the current rate). This start became the starting point for the further development of the Ethereum network.
Initially, the Ethereum network worked on the Proof-of-Work consensus mechanism, where miners processed blocks. In September 2022, a large-scale update was deployed on the network, which transferred the blockchain to the Proof-of-Stake consensus mechanism. This change significantly affected the ecosystem, making it more energy efficient and resistant to attacks.
Dencun update
In 2024, another important update took place - Dencun. The key feature of this upgrade was the introduction of blobs, which significantly reduced fees on both the first and second layers of the network, making transactions more accessible and faster.
At the time of writing, Ethereum (ETH) is trading just above $3,300. It reached an all-time high of $4,868 in November 2021. Despite the slight change in price as it celebrates its ninth anniversary, the platform continues to attract attention and support the development of decentralized technologies around the world.
Ethereum’s nine-year journey has been marked by many significant events and achievements. From the moment the first block was processed to today, the platform continues to evolve, offering new opportunities for developers and users around the world. There are still many new milestones and achievements ahead for Ethereum that will continue to shape the future of blockchain technology.
