Ethereum, represented by ETH, is a type of blockchain defined by its capability to support smart contracts. This blockchain offers users an in-depth, comprehensive exploration for beginners.
In the world of cryptocurrencies, few have had as significant an impact as Ethereum. This article takes a journey through the history of Ethereum, from its inception in 2016 to its latest upgrades in 2025.
2016: The DAO, a decentralized venture fund, launched on Ethereum via a crowdsale. This marked the beginning of Ethereum's journey as a platform for decentralized applications (dapps).
In June of the same year, a hack on The DAO led to a community vote to hard-fork, creating Ethereum (ETH) and Ethereum Classic (ETC). This event highlighted the importance of security in the decentralized world.
2017: The ERC-721 NFT standard was introduced, enabling unique digital assets like CryptoKitties and CryptoPunks. This paved the way for a new era of digital ownership and trade.
Ethereum's potential extends beyond just being a cryptocurrency. It could underpin a re-imagining of how the internet works, dubbed Web3.
2020: The Beacon Chain launched, initiating Ethereum's transition to Proof-of-Stake. This transition was a significant step towards making Ethereum more energy-efficient.
Ethereum's native cryptocurrency, Ether, serves multiple purposes. It pays for transactions, powers applications, and secures the network.
September 15, 2022: "The Merge" transitioned Ethereum from Proof-of-Work to Proof-of-Stake, cutting energy use by more than 99 percent. This event ended Proof-of-Work mining and made Ethereum more sustainable.
2021: Digital artist Beeple sold an NFT artwork for $69 million, and the Bored Ape Yacht Club launched, becoming a cultural phenomenon. These events showcased the growing importance and value of digital assets on Ethereum.
2024: The Dencun upgrade introduced proto-danksharding, a step towards reducing costs and increasing scalability. This upgrade was another milestone in Ethereum's journey towards becoming a more efficient platform.
2025: The Pectra upgrade, combining Prague and Electra updates, aimed to expand staking flexibility and improve Ethereum's efficiency.
Ethereum is more than just a blockchain-powered platform for creating dapps. It hosts decentralized applications like smart contracts, games, digital art, and assets worth billions. Decentralized exchanges (DEXs) such as Uniswap enable users to trade cryptocurrencies peer-to-peer on Ethereum.
Vitalik Buterin, a Russian/Canadian computer programmer, wrote the whitepaper that Ethereum is based on. However, Anthony Di Loria does not have a known role in the development of Ethereum.
In April 2021, the Berlin hard fork reduced gas costs. In August of the same year, the London hard fork activated EIP-1559, introducing fee burning and reducing inflation.
Ether's sub-units, Gwei and Wei, are named after Wei Dai, an early pioneer of cryptocurrencies.
In summary, Ethereum has come a long way since its launch in 2016. From enabling unique digital assets to reducing energy consumption, Ethereum continues to shape the future of the internet and the world of cryptocurrencies.
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