From its humble beginnings to its current status as a leading cryptocurrency, here's a rundown of Ethereum's journey.
Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Ethereum is a decentralized, open-source blockchain platform that has gained immense popularity in recent years.
Buterin, along with co-developers Gavin Wood and Jeffrey Wilcke, formally announced the start of the Ethereum project in early 2014. This announcement marked the beginning of an ambitious journey to create a platform where all efforts could share a common set of trustless interactions. The first major hard fork occurred in 2016 following the infamous DAO attack, where 3.6 million ETH were stolen due to a vulnerability in the DAO's code. This incident led to a controversial decision to perform a hard fork, resulting in the creation of two separate chains: Ethereum and Ethereum Classic.
It also showcases Ethereum's commitment to continuous innovation and improvement, despite the challenges that come with such significant changes.As we delve into the comparison between Ethereum and Bitcoin, it's important to understand that these two leading cryptocurrencies were developed with distinct visions and purposes.
While both Bitcoin and Ethereum utilize blockchain technology, their consensus mechanisms differ. Bitcoin employs proof of work, where miners compete to solve complex mathematical problems to add new blocks to the blockchain. Ethereum, initially also using proof of work, is now running on proof of stake. This mechanism is considered more energy-efficient and enables faster transaction processing times.
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