A grand vision, an elegant idea, and a solid development team 🛠️
That's the recipe for Ethereum, our first Project of the Week 🚀
From pre-launch, an unplanned hard fork, countless upgrades to the unknown 👀
Learn everything about @ethereum 🧵
📃 Think of Ethereum as a public service that uses blockchain technology to enable and execute smart contracts without a central coordinator.
The vision is to create a self-sustaining, censorship-resistant world computer.
🥇 It turned out to be the world’s first smart contract platform, enabling the deployment of applications ranging from ICOs to smart contract-based insurance.
Ethereum smart contracts have the apparent advantages of standardization, support, and security.
🤔 The inception of Ethereum came from @VitalikButerin's curiosity about Bitcoin & to disempower centralized systems!
Vitalik saw the people behind corporate control as pure evil & realized he could reiterate the idea of Bitcoin for a potentially better one 🚀
👨💻 Bitcoin, the first true cryptocurrency, is limited in functionality.
Ethereum is more flexible and programmable to build dApps using the native Solidity scripting language and EVM.
Ethereum proves better for innovation and provides a more scalable network than Bitcoin.
❓ Why Ethereum?
- Open Internet: Control over personal data with a wallet
- Business applications: Re-usable & open-source code
- Banking for all: Easy remittances & payments for the unbanked
- Censorship-resistant: Transparent data verification without central authorities
📝 19-year-old @VitalikButerin set out to publish the whitepaper titled "A Next-Generation Smart Contract and Decentralized Application Platform" to tackle Bitcoin's limitation of peer-to-peer electronic cash transfers & dive into programmable apps.
📢 Ethereum was finally introduced at the North American Bitcoin conference in Miami in Jan 2014. @gavofyork, @diiorioanthony, @jeffehh, and @IOHK_Charles joined Vitalik for the development of Ethereum.
📜 In 2014, @gavofyork published the yellow paper titled "Ethereum: A Secure Decentralized Generalized Transaction Ledger" highlighting details of the Ethereum Virtual Machine, which is the technical framework of Ethereum.
📈 Ethereum's upgrades:
Olympic: Mining of genesis block
Frontier: Enabled ETH mining & smart contracts
Homestead: 1st planned hard fork leading to 'The DAO' incident
Metropolis: Improvement of Ethereum’s security, privacy & scalability
Serenity: AKA The Merge, Yes to PoS!
⤴️ The Eth1 blockchain was renamed to the execution layer while the Eth2 blockchain was renamed to the consensus layer.
As Ethereum's execution layer integrates into Beacon's PoS consensus mechanism, sharding is on the roadmap next.
The next upgrade "Shanghai" scheduled on the H2 of 2023 will aim to reduce gas fees for layer-2 solutions, withdrawal of staked ETH tokens, and more updates to smart contract facilities.
This is the complete journey of Ethereum till now!
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This is the first Project of our Project of the Week series.
We will be covering more projects every week!
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#web3 #crypto #project #ETH #forweb3 #Ethereum #Blockchain #web3
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