Ethereum Created A Revolution In The Crypto Industry Against The Father Of Cryptocurrency
In the world of cryptocurrencies, one name that stands out is Vitalik Buterin. A Russian-Canadian programmer and writer, Vitalik's journey into the realm of digital currencies began back in 2011 when he started contributing articles to Bitcoin magazine. An interesting aspect of his early involvement was that he received 5 BTC for each article he wrote, setting the stage for what would become a groundbreaking career.
During the year 2013, Vitalik embarked on a six-month-long journey that took him across the globe, where he had the opportunity to meet and interact with some of the brightest minds in the Bitcoin development community. It was during this period of exploration and collaboration that a pivotal idea began to take shape in his mind.
Vitalik realized that while Bitcoin was a remarkable innovation, there was room for something more versatile and adaptable. He believed that a truly successful blockchain should not be limited to a single use case but should instead possess the potential for a wide range of applications.
A Turing-complete programming language in computer science allows a machine to solve any issue given the suitable method and sufficient quantities of time and memory. After being turned down by existing initiatives, he opted to do it himself, giving birth to Ethereum.
Ethereum, unlike its predecessor Bitcoin, wasn't designed solely for peer-to-peer digital currency transactions. It was a platform that allowed developers to create a diverse array of applications and programs using the power of cryptocurrencies, particularly its native currency, ETH.
Smart contracts, which are essentially programs that can be saved and operated on the Ethereum platform, are how the platform accomplishes this.
With Ethereum, Vitalik Buterin had opened up a world of possibilities, offering a platform where innovation knew no bounds, and the blockchain could be a playground for creative minds seeking to build a decentralized future.
The Beginning of Ethereum
Initially, Buterin presented his proposal in a white paper in late 2013, which he distributed to a handful of his friends, who spread it even more. As a consequence, some 30 people contacted Buterin to discuss the idea.
The idea evolved over time, and by the end of January 2014, the team recognized that it was very simple to construct decentralized file storage and that concepts like name registry could be achieved with just a few lines of code.
Ethereum was launched publicly in January 2014, with Buterin, Alisie, Anthony Di Iorio, Charles Hoskinson, Joe Lubin, and Gavin Wood as the core team.
Vitalik Triumphs World Technology Awards Against Mark Zugerbeck
Vitalik Buterin won the renowned IT software prize at the 2014 World Technology Awards, defeating Mark Zuckerberg and others.
Buterin has achieved yet another award this year. In July, he received a Thiel Fellowship, a US$100,000 maintenance award to help him advance his start-up ideas, including Ethereum.
Ethereum, the Only Cryptocurrency Trailing Bitcoin
The Ethereum token, which was launched in July 2015, has a programmable smart contract framework and is presently the second most costly cryptocurrency behind Bitcoin.
Ethereum's inventor, Vitalik Buterin, summarized the rationale behind the cryptocurrency's rising price and demand:
"Application developers recognize that the Ethereum platform is a very powerful technology that provides benefits in a wide range of areas." The number of individuals and enterprises interested in Ethereum private chains, Ethereum-based financial applications, smart contracts, IoT, and other Ethereum applications has surged significantly in recent months, notably in January."
Recommended by LinkedIn
The Price of Ethereum Touches an ATH of $750
According to data, on December 16th, 2017 Ethereum's price boom continued into today, with the digital currency surpassing $700 to hit a high of $750. This increased Ethereum's market capitalisation to an astounding $72.5 billion.
The price rise appears to have been impacted by the network's transaction speed and fee normalization. Vitalik Buterin announced on Twitter that the network has exceeded 10 transactions per second for a whole day. Ethereum performed a total of 828899 transactions, according to Etherscan.io. on that day.
Buterin Becomes The Youngest Crypto Billionaire
Vitalik Buterin, the co-founder of Ethereum blockchain, the world's most popular smart contract platform, has officially become a crypto billionaire.
Buterin's public Ether address, which he defined as his main wallet back in 2018, now has a balance of $1 billion, thanks to Ether's stratospheric surge past $3,000 in May 2021.
The address has around 333,500 Ether, which has quadrupled in value from roughly $700 at the start of 2021. According to several online cryptocurrency players, 27-year-old Buterin may suddenly be the cryptocurrency industry's youngest self-made billionaire.
The PoW to PoS Mechanism is Finally Streamlined
As the clock approached the closing seconds before the huge Ethereum Merge, co-founder Vitalik Buterin, joined the Ethereum Foundation's Ethereum Mainnet Merge Viewing Party webcast to provide his final views.
The co-founder continued, saying that the network's historic shift from proof-of-work (PoW) to proof-of-stake (PoS) has been on the table for years.
"[It] has obviously been a dream for the Ethereum ecosystem since its inception." We began the proof-of-stake investigation in January 2014, with the blog post on Slosher."
The Merge ultimately occurred on September 15, 2022 at 06:42:42 UTC at block 15537393, just after Vitalik's small spotlight on the livestream.
Future Vision Of Ethereum
According to Vitalik Buterin, one of the most serious issues confronting the Ethereum network is the concentration of nodes, which should be addressed by making node operation more affordable and simple.
The bulk of the 5,901 operational Ethereum nodes are now hosted by centralized web providers like Amazon Web Services, which many experts believe exposes the Ethereum blockchain to a centralized point of failure.
The idea of statelessness refers to the removal of dependency on centralized service providers to validate network activities. True decentralization, according to the Ethereum Foundation, is not achievable until node operators can operate Ethereum on small and affordable hardware.
Aside from statelessness, Buterin stated that the next most major steps toward diminishing Ethereum centralization would be to make documentation simpler, decrease barriers to distributed staking, ensure staking was safer, and make it more convenient to stake Ether in general.
Many developments are yet to come in Ethereum and it will make Ethereum more scalable, low fees for transactions, and easily accessible to all. The future development will increase the price of Ethereum and attract many crypto fans to it.
