On July 30, 2015, the blockchain players could not have imagined that when the blockchain network Ethereum was born, it would bring powerful waves in the industry! And, little did they know, Russian-Canadian programmer Vitalik Buterin would light the light for a crypto blast! But now, the crypto players know how well the blockchain network performed from 2010 to 2015, bringing significant developments.
Ethereum, the second most legendary cryptocurrency and blockchain network after Bitcoin, has sparked the crypto industry with numerous thundering projects, initiatives, and developments. As the crypto enthusiasts celebrate Ethereum’s 10th birthday, let’s check how Ethereum has impacted the industry with game-changing moves.
The Whitepaper that ignited blockchain innovation
Holding his creative teenage spirit, Vitalik Buterin, found out that the Bitcoin network lacks innovation: it cannot handle complex applications like DAOs, DeFi, and NFTs. Bitcoin is meant just for secure crypto transactions, which is a major limitation for Vitalik and other blockchain experts. And here begins the vision and birth of Ethereum, with a whitepaper that explained the blockchain network.
Concept: A blockchain with programmable smart contracts and decentralized applications.
“I thought [blockchain] was a very powerful idea, but I realized the Bitcoin protocol was too limited. I wanted to build a more general-purpose blockchain.”
Major developments and incidents happened on Ethereum
Ethereum is far from the reality that it is simply a cryptocurrency! It is much more than that. It’s blockchain network says it all! DeFi boom, NFT explosion, DAO outbroke all happened only because of the one name, and that is Ethereum!
2015: Ethereum Genesis and Mainnet
Ethereum started with Ethereum Genesis in 2015, the first form of the blockchain, hooking several crypto brains. The Genesis also marked the introduction of the Ethereum Virtual Machine (EVM), integrating programmable smart contracts and Decentralized Applications (dApps). The official live Ethereum network is called the Ethereum mainnet.
2016: Ethereum DAO hack and major split
Ethereum’s Decentralized Autonomous Organization (DAO) raised $150 million worth of ETH. But that happy moment just blinked red, following a hack that exploited a vulnerability on the DAO, incurring 3.6 million ETH.
However, the blockchain developers implement a hard fork on the platform to reverse the hack, and that’s the split that happened: a new chain, a new version of the blockchain! The old chain is called Ethereum Classic (ETC).
2017: ICO and price boom
Ethereum’s Initial Coin Offerings (ICOs) led its price to boom and reach at $800 from its initial price of $0.30.
2019: Rise of DeFi and upgrades
Constantinople upgrade on Ethereum occurred to optimize gas fees and make smart contracts run cheaper. The blockchain prepares for a Proof of Stake (PoS) upgrade. Most importantly, 2019 witnessed Decentralized Finance (DeFi) boom as Ethereum’s programmable smart contracts led the way for the birth of DeFi, with MakerDAO becoming a significant platform on Ethereum.
2020: Beacon Chain
More platforms broke out in the wake of the DeFi explosion. Also, Ethereum 2.0 launches Beacon Chain to introduce the PoS mechanism, eyeing a shift from the Proof of Work (PoW) consensus mechanism.
2021: NFT drives crazy and price hikes
As NFT mania bloomed, Ethereum experienced a great milestone, as most NFTs are built on the Ethereum blockchain. The price of ETH went up to $4,878 following a blast in NFT, DeFi, institutional interest, and the anticipated PoS mechanism.
2022- The Merge, a major merge
On September 15, 2022, Ethereum underwent a major upgrade — The Merge — a transition from PoW to PoS, making its energy usage dip and eco-friendly. No more mining rewards, just staking rewards!
2023- Shapella upgrade
The Shapella upgrade enabled Ethereum staking liquidity and proved validator participation.
2025- Pectra upgrade and a decade of achievements
The Pectra upgrade that happened in May ensures scalability and user experience by optimizing staking and reducing costs.
What next? Yes, Fusaka upgrade! This is expected to happen by year-end, aiming to improve scalability and lessen transaction fees, as well as enhance developer experience.
Ethereum launches Ethereum Torch NFT to celebrate 10th anniversary
A digital symbol of celebrating 10 years of Ethereum! A decade is a colorful moment for its developers, users, and the crypto community. Among hundreds of events happening related to the anniversary stands Ethereum’s special NFT, Ethereum Torch. This NF is meant to honor “the people and values that have shaped Ethereum’s first decade and will help build its future.”
You can mint the Ethereum Torch NFT before 4:00 pm (UTC) on July 31.
Ethereum Price shoots to $3,800
Amid all growing developments and crypto market uptrends, Ethereum proudly stands with its head straight, with a staggering price surge at $3,860, at the time of reporting.
The Ethereum blockchain is gaining more weight in terms of its decentralized applications and price. Have you ever wondered why there is a huge number of crypto communities clinging to Ethereum?
The simple answer, as mentioned, is due to its programmable smart contracts that revolutionized DeFi, NFT, games, and DAO to thrive and boom. The blockchain network is paving the way for a global computer, and this adds to the reason why the community goes beyond Ethereum!
