Crypto News

Who Founded Ethereum?

While working on various Bitcoin projects, a 19-year-old programmer from Toronto, Vitalik Buterin, came up with the idea of ​​Ethereum. Ethereum was originally intended to be a powerful platform that would allow programmers to build applications on the Blockchain chain. Buterin was inspired by the weaknesses in building Bitcoin blockchain applications. He believed that the potential of blockchain technology was not only in the financial sector, so he quickly proposed using blockchain in computing tasks. Vitalik Buterin first encountered Bitcoin and cryptocurrencies in 2011. That was the year he co-founded Bitcoin Magazine, where he wrote numerous articles about the potential and future of the currency. He then worked on Mastercoin and other coins based on the Bitcoin codebase. This work convinced him that the potential of the Bitcoin blockchain was limited. The Ethereum white paper was released in 2013. It documented a new open-source protocol that allows for the creation of decentralized applications. Ethereum was officially announced on the Bitcointalk forum in 2014. In addition to Buterin, the co-founders were Mihai Alisie, Anthony Di lorio and Charles Hoskinson.

Buterin also revealed that he was working with developers Dr. Gavin Wood and Joseph Lubin. Wood quickly introduced the Ethereum yellow paper, which included the Ethereum Virtual Machine (EVM) creating a runtime environment that would destroy all smart contracts on the network. Lubin, for his part, founded ConsenSys, an investment firm focused on developing decentralized applications.

The Ethereum Foundation held an Ether Crowdsale in July 2014, where they sold 60 million tokens. 12 million ether (ETH) were created to fund development and marketing. The Ethereum community and network have grown exponentially over the past year. The Ethereum Enterprise Alliance, a consortium of giants, is connecting the world’s largest companies to the Ethereum network, with Microsoft, Intel, and BP being three of the newest partners. Ethereum hit the mainstream in early 2017 when the price of Ether increased by 1000% in just a few months. This led to a surge in the price of alternative blockchain tokens, also known as Altcoins. A slew of investors quickly jumped on the Ethereum network as Ethereum was endorsed by major media outlets such as CNBC, Reuters, and Quartz. Now, investors and developers are eagerly awaiting Metropolism, the next Ethereum upgrade, which promises many new features with a user-friendly design.

Trade Cryptocurrency a Pro with PayCoin

"Experience the ultimate in cryptocurrency trading with PayCoin. Our platform offers a comprehensive suite of benefits designed to elevate your trading experience to new heights. Trade with confidence on our secure and reliable platform, backed by state.