Happy Birthday 🎂
What happened 8 years ago? Vitalik Buterin was annoyed by Bitcoin a little. Worked out well for DeFi, Dapps and NFTs. The birth of Ethereum.
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Whose birthday, was it?
On a sunny day, precisely eight years ago, the crypto world witnessed the birth of a legend - Ethereum.
Here's what happened:
In 2013, a young programmer named Vitalik Buterin found himself frustrated with Bitcoin's limitations. Sure, Bitcoin was a revolutionary digital currency, but Vitalik saw a world where blockchain technology could do so much more.
So, he thought, Why not create a platform that lets anyone write decentralised applications (DApps) using smart contracts?
With this spark of an idea, Vitalik penned Ethereum's white paper, and soon a talented team formed around his vision. Ethereum's initial coin offering (ICO) was a big hit, raising over $18 million, and the platform officially launched in July 2015.
Life in the Ethereum universe wasn't always smooth sailing. There was the infamous DAO attack, where a flaw in a smart contract let someone siphon off millions of Ether. This led to a hard fork, creating two separate chains: Ethereum (ETH) and Ethereum Classic (ETC).
Then there were CryptoKitties, those adorable virtual cats that, at one point, practically brought the network to a standstill. Who knew digital pets could cause such chaos?
Ethereum became a hotbed for innovation, especially in the world of decentralised finance (DeFi) and non-fungible tokens (NFTs). It allowed folks to lend, borrow, and trade assets in a way that was more transparent and didn't require a middleman.
Of course, Ethereum's success wasn't without growing pains. The network got a bit clogged, and gas fees (the cost to perform transactions) sometimes skyrocketed. Vitalik and his team weren't idle, though. They embarked on a journey to Ethereum 2.0, a scalable and more efficient version, transitioning from a proof-of-work to a proof-of-stake model.
The transition from proof-of-work to proof-of-stake brought forth a new era for Ethereum, reducing its energy usage and unlocking staking rewards for validators and investors alike.
And now?
Ethereum, the second largest crypto, has 1.6 million weekly active users, 1,900 monthly active developers, thousands of communities, and $226 billion in market cap.
The birthday is being celebrated in Bangalore👇
TTD Wishes 🥳
The community and famous crypto names gathered to shower Ethereum with love and well-wishes on its special day.
The special one, from CZ
We didn’t wish. Who did?
And oh, not to forget:
TTD Names👤
Ethereum was conjured into existence by a remarkable team of wizards and sorcerers - Vitalik Buterin, Charles Hoskinson, Gavin Wood, Joseph Lubin, and Anthony Di Iorio.
Together, they paved the way for a world where smart contracts could work their magic, enabling the ICO boom of 2017 and the enchanting rise of DeFi in 2020 - fondly remembered as "DeFi summer.”
Birthdate: January 31, 1994
Co-founded Ethereum Foundation
Visionary leader and advocate for decentralisation
Co-founder of Bitcoin Magazine
Birthdate: April 5, 1987
Co-founded Ethereum Foundation
Early CEO of Ethereum
Co-founder of IOHK and Cardano (ADA)
Birthdate: July 6, 1980
Co-founded Ethereum Foundation
Co-authored Ethereum Yellow Paper
Co-founder of Parity Technologies/Polkadot/Kusama
Birthdate: September 7, 1964
Co-founded Ethereum Foundation
Co-founder of ConsenSys
Entrepreneur and advocate for blockchain adoption
Birthdate: August 17, 1975
Co-founded Ethereum Foundation
Creator of Jaxx (now Exodus) wallet
Founder of Decentral blockchain innovation hub
TTD Top 10🔢
From decentralised apps (DApps) to DeFi and NFTs the top 10 projects in Ethereum:
MakerDAO (DAI) - A crypto lending project enabling users to borrow DAI stablecoins by collateralising assets like UNI, YFI, or BTC.
1INCH (INCH) - A decentralised exchange (DEX) aggregator providing the best cryptocurrency exchange rates from various DEXs.
The Sandbox (SAND) - A metaverse platform with SAND as the native token for buying property, creating assets, and participating in governance.
Uniswap (UNI) - An Ethereum-based DEX offering UNI as the governance token, enabling users to trade Ethereum tokens.
Aave (AAVE) - An Ethereum lending protocol where lenders earn rewards by providing assets to liquidity pools, and borrowers can obtain loans using collateral.
Curve Finance (CRV) - An AMM DEX platform optimised for stablecoin trading, allowing quick and low-fee token swaps.
OpenSea: Leading NFT Marketplace on Ethereum - OpenSea offers a vast collection of NFTs and recently launched its own Decentralised Autonomous Organisation.
Axie Infinity (AXS, SLP) - A play-to-earn NFT game where players collect Axies and engage in battles, utilising AXS and SLP for gameplay and governance participation.
Decentraland (MANA) - A virtual real estate platform where users can build, charge, and buy virtual goods using the native token MANA.
Chainlink (LINK) - A decentralised network bridging real-world data to blockchain smart contracts with LINK as its native token.
TTD Future 🚀
As the eighth candle on Ethereum's birthday cake is blown out, the future of the platform continues to shine brightly. Its versatile blockchain serves as the backbone for countless applications, from DeFi platforms to supply chain systems. The transition to a proof-of-stake model holds the promise of addressing scalability and environmental concerns.
The Ethereum roadmap focuses on four main goals: reducing transaction fees, enhancing security, refining user experience, and ensuring Ethereum's longevity.
The Challenge of Soaring Gas Fees
With the surge in transaction volumes, Ethereum faced the challenge of network congestion, leading to soaring gas fees. Layer 2 solutions, like rollups, helped alleviate the situation, but they too faced limitations as transactions increased.
Introducing Proto-Danksharding
Enter the solution - Proto-Danksharding! Ethereum plans to upgrade rollups to use temporary data "blobs," discarded when no longer needed. This advancement will further reduce transaction costs, making Ethereum more affordable and accessible to users.
Safeguarding the Future with ZkEVMs
As Ethereum turns eight, it looks to Zero-Knowledge Ethereum Virtual Machines (ZkEVMs) to enhance scalability. These cutting-edge technologies hold the potential to drive Ethereum's growth and ensure its relevance in the future.
Refining the Ethereum Virtual Machine
A critical focus for the Ethereum Foundation is refining the Ethereum Virtual Machine (EVM) codebase. Simplifying development and reducing the risk of bugs will empower developers to create even more amazing applications.
Preparing for Quantum Computing
Even on its 8th birthday, Ethereum remains proactive about the future. Quantum computing, with its unparalleled processing power, poses a distant but potential threat to modern blockchains' cryptography. To safeguard against this, the Ethereum Foundation conducts proactive research to fortify the network against possible quantum attacks.
Okay that’s it for now. Bye.
TTD Surfer 🏄
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