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Ethereum is a decentralized and open-source, open-source blockchain platform. It was initially created by Vitalik Buterin, an American programmer and researcher in cryptocurrency. The Ethereum network was officially launched on July 30, 2015, and has since grown into one of the most widely used blockchain platforms in the world.
Buterin had the concept of Ethereum. He wanted to create an Ethereum-like platform that would enable the development of decentralized applications (dApps) as well as smart contracts. Smart contracts are self-executing agreements which contain the contract’s terms written in code. This would make it possible to create decentralized autonomous organisations, which are code-based organizations.
Ethereum launched a presale in the year 2014 for Ether (ETH), its native cryptocurrency. It serves as the network’s fuel and to pay for computational services and transactions. The pre-sale raised over 18 million dollars, and was a success. It marked the beginnings of the Ethereum Project.
The official launch of the Ethereum network took place in the year 2015. In the year 2015 the Genesis block was mined. This was the beginning of the Ethereum blockchain.
In 2016 the Ethereum network was hit by its first major incident, known as the DAO hack. Hackers exploited a vulnerability in the code of Decentralized Autonomous Organization, a digital investment platform that is decentralized and that was built upon Ethereum. They stole more than $50 million in Ethereum. This led to a hardfork of the Ethereum blockchain and resulted in the development of Ethereum Classic, (ETC), as well as Ethereum (ETH).
Since since then, Ethereum continues to grow and develop. In the year 2017, Ethereum went through a major overhaul, known as the Metropolis fork. It brought many enhancements to the network, including the introduction of Smart Contract programming language Solidity, and the creation Ethereum Virtual Machines (EVM).
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