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Ethereum Blockchain Celebrating the Fifth Anniversary


Ethereum Blockchain Celebrating the Fifth Anniversary Today

Ethereum Blockchain

Today, July 30, the crypto community celebrates an important birthday in the world of blockchains – 5 years ago, that is, in 2015, the first working version of the Ethereum Frontier project was launched. However, the foundations of the blockchain were laid long before that, namely on Christmas Eve 2013.

Ethereum Founders

Ethereum Blockchain

It is widely known that the founder of Ethereum is Vitalik Buterin, but few people know that other people are behind this project: Anthony Di Iorio, Charles Hoskinson, Mihai Alisi, and Amir Chetrit. Joseph Lubin, Gavin Wood, and Jeffrey Wilk later joined the project.

The Ethereum team was founded by the Swiss company Ethereum Switzerland GmbH (EthSuisse), at the same time Gavin Wood described the work of the EVM (Ethereum virtual machine), which was included in the well-known “Yellow Pages”.

ICO Ethereum Blockchain

Around the same time, the Ethereum Foundation was created, and all development was funded through an ICO launched in the summer of 2014. Interestingly, ETH was traded in exchange for bitcoins (BTC).

In the first 2 weeks alone, the Ethereum crowd funding campaign collected more than 25 thousand BTC, the largest purchase was the acquisition of 1 million ETH for 500 BTC.

At that time, 1 BTC cost about $ 591, respectively, in dollars it turned out about $ 300,000. These ETH are now worth around $ 240 million, offsetting the initial investment, which is currently valued at $ 5.6 million at a BTC price of $ 11,200.

Ethereum Updates

Ethereum BlockchainOver the years of the project’s existence, several updates have been made to improve the protocol, also, there were other significant events:

  • July 30, 2015 – Frontier release;
  • September 8, 2015 – the beginning of the Ice Age;
  • On March 15, 2016, the first Homestead upgrade took place at Block 1,150,000;
  • On July 20, 2016, the DAO hack led to the emergence of another Ethereum Classic network at block 1,900,000;
  • On October 18, 2016, a problem was identified related to network congestion at block 2 463 000;
  • On November 23, 2016, there was a Spurious Dragon on block 2 675 000;
  • On October 16, 2017, Byzantium was updated on block 4 370 000;
  • On February 28, 2019, the Constantinople update was released on block 7,080,000;
  • On December 8, 2019, the Istanbul hard fork was activated on block 9,069,000;
  • On January 1, 2020, the Muir Glacier glacier on block 9,200,000 was renewed.

Berlin’s next update will be the last before moving to Proof-of-Stake (PoS), which will increase blockchain scalability and lower costs.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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