I will write to you chronologically by year...
2013-2015 ;
Vitalik Buterin, one of the primary players in the cryptocurrency ecosystem, is credited with creating the concept for Ethereum. Similar to how Bitcoin was unveiled to the public, he presented his idea as a white paper. His concepts for smart contracts and the Ethereum Virtual Machine, a global computer, were published in this white paper.
2014 saw the launch of the Ethereum Initial Coin Offering, which was successful in raising $18 million USD. A pre-sale that distributed Ethereum to early donors and supporters was followed by a public sale with an initial exchange rate of 2000 Eth for every 1 BTC. A portion of the Eth raised was set aside by the Ethereum foundation for use in expanding the ecosystem, and the monies raised were utilized to improve the platform.
"Frontier" was the name of Ethereum's first Live release. It went live on July 30. 2015. The network officially began on the exact date that the Genesis block was created.
Official statement just before the launch:
"The Dev team and I would want to express our gratitude to each and every one of you for your support over the past 1.5 years. The development that has occurred since that modest initial commit on Christmas Eve 2013 is astounding. The idea of a 'global computer' that anybody could program and use for free, paying only for what they use, is now a reality.
2016-2018 ;
The DAO hack happened. A decentralized autonomous organization called the DAO was created as a fresh approach to project funding. A flaw in the programming allowed for the theft of 3.6 million ethereum, totaling approximately 70 million dollars. This prompted the Ethereum community to take a divisive action in which they chose to fork the code to a previous version before the hack occurred and reclaim the cash.
The Ethereum Classic network, which has been operating with the original Ethereum code since 2016, was created as a result of Eth purists continuing the version with the hack.
One of the most thrilling times in Ethereum history was the ICO boom. Initial Coin Offerings, or ICOs for short, opened the door to whole new methods of starting new enterprises. The surge also saw the emergence of fraudulent ICOs that used sneaky strategies like Pump and Dump to siphon off investor funds. During the ICO boom, more over $1B in funding was obtained.
Additionally, Crypto Punks debuted this year, paving the stage for the NFT frenzy. Crypto punks are rare valuable NFTs, and as a result, their value has grown considerably over time. Numerous crypto-punks have anonymous owners.
One of the earliest decentralized exchanges, Uniswap, was founded. It was a key development in the crypto economy because it made it possible for anybody to exchange tokens created in accordance with the Ethereum ERC 20 standard and because it made Automated Market Makers, or AMMs, more widely used. Since its introduction, Uniswap and other decentralized exchanges have developed to the extent where their volume is probably going to surpass that of centralized exchanges. DEXs are now even more valuable as a result of the FTX problem in 2022 since they are not likely to be manipulated in the same way.
2020-2023 ;
The Ethereum community's decision to switch to Proof of Stake, which would lower the network's energy consumption by 99%, was the most important development in 2020. Ethereum established the genesis chain in December 2020 to start the procedure. 'Validators' locked in 32 ETH (about 20000 USD at the time) as part of the procedure for an arbitrary amount of time to assist protect the network and aid in the changeover. Considering that there had never been an attempt to go from Proof of Work to Proof of Stake, many critics at the time thought that this would spell the end of Ethereum.
The year 2021 saw a number of significant crypto events that all culminated in all-time high prices for both Bitcoin and Ethereum. With some of the biggest transaction volumes ever recorded, Ethereum-based applications have to pay astronomically high fees. The merging, which would complete the switch to Proof of Stake but did not yet have a set date, was being meticulously prepared for by the Ethereum team throughout this time.
The London hard fork, which transformed Ethereum into a deflationary asset, was also applied on Ethereum. The amount of Ethereum being burned started to exceed the amount being created, which led to a decrease in supply because it was being burned with every transaction. As more apps start to use Ethereum, its value is therefore likely to rise over time.
The year 2022 will see crashes and mergers. The crypto market was destroyed by Terra Luna and FTX, but Ethereum and the DeFi ecosystem continued to operate as intended and weathered an amazing stress test that was induced by nefarious centralized actors. Ethereum thus contributed to demonstrating that DeFi was a much better option to the centralized systems we are accustomed to and was here to stay.
After that, on September 15, 2022, it took place. The Ethereum network accomplished a historically rare achievement by successfully switching to Proof of Stake. There were no faults, downtimes, or malicious activities on the network. It disproved the doubters and brought about a new period of inventiveness.
We now arrive to the Shanghai upgrade. This upgrade's main goal was to give stakers access to the Ethereum they locked into the network in 2019 to support the transition's security. Significant withdrawals that would temporarily drive down the price of Ethereum were anticipated by skeptics. But as of yet, this has not taken place, and instead, the cost of Ethereum has increased. Since Ethereum may now be withdrawn within a fair length of time, most people anticipate this price surge to continue as more institutions start to add it to their balance sheets.
P.S. If you read all of this, you are a true Ethereum fan and thank you.
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