Happy birthday Ethereum. Eight years already since the Ethereum was born. Since then, the network has become a must-have, and looks set to take second place in marketcap’s crypto rankings.
Ethereum celebrates its 8th birthday
On July 30, 2023, the network Ethereum celebrated its eighth birthday. In fact, the genesis block was mined on July 30, 2015marking the start of a wild adventure.
The launch of the channel follows two years of intensive work. Indeed, the first ideas about Ethereum emerged in 2013. Subsequently, the first Ethereum white paper was published in 2014.. Following this, many developers came together to carry out the vision presented by Vitalik Buterin.
And which developers? In practice, Buterin was surrounded by renowned developers such as Gavin Wood, Anthony Di Iorio and Joseph Lubin.
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Ethereum at the heart of innovation
Although one of the first blockchains, Ethereum has successfully navigated the succession of bull runs and bear markets.
In practice, Ethereum’s longevity can be explained by the centrality of blockchain to crypto innovation..
In 2016, Vitalik Buterin and other network members founded the first decentralized autonomous organization via The DAO. Its aim was to create a kind of decentralized investment fund. Unfortunately, a reentrancy flaw allowed a hacker to steal all the funds. This hack led to the fork between Ethereum and Ethereum Classic.
The following year, in 2017, Ethereum was once again in the spotlight during a period called « ICO craze ».. For example, Ethereum was the main blockchain for many of the ICOs that took place in 2017.
In 2020, Ethereum will also have been forerunner of the bull run to come. Indeed, the protocol witnessed the rise of a new ecosystem: the decentralized finance. This was followed by the « DeFi Summer ». At the same time, many other innovations were being introduced, such as governance tokens, which are now well democratized.
In 2021, it’s it’s the NFTs’ turn to take center stage. Once again, Ethereum is the place to be. Cryptopunks, Bored Ape Yacht Club and so many other collections have exploded the NFT ecosystem on Ethereum.
Ethereum: trendsetter?
The Ethereum network is now in the spotlight with the development of its second-layer solutions. Once again, the blockchain is the breeding ground for a major innovation.
So much so that other layer 1 blockchains are following suit and focusing on L2. This is particularly true of BNB Chain, which announced its L2 opBNB last June..
Even eight years after its creation, the Ethereum network continues to lead innovation in cryptocurrencies. This may well accelerate in the near future with the rollout of Cancun, an update designed to improve rollup performance.
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