A Brief history of Ethereum

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In November 2013, nearly five years after the birth of the Bitcoin Creation Block, the Ethereum white paper came out.

Vitalik Buterin in 2013

“This first draft is the crystallization of months of thinking and work in what we call” Cryptocurrency 2.0 “.” Vitalik Buterin, founder of Ethereum, later wrote in his blog. In addition, Vitalik Buterin once revealed that his idea of developing Ethereum came from the fact that Blizzard had weakened some of the skills of the warlock characters in World of Warcraft by deleting them, which made him realize that centralization can modify existing content at will.

At the invitation of Fenbushi Capital, Shen Bo, a member of BitShares team at that time, “Cancer” and later created Coin like Gulu, spent more than a month translating the Ethereum white paper into Chinese, and Gulu * named Ethereum as Ethereum in Chinese.

Cancer once explained that “fang” means workshops and studios. Ethereum emphasizes that this is a virtual workshop, where players can find tools and DIY to build their own financial instruments.

At that time, Bitcoin, Litcoin, BitShares and other projects were the center of the cryptocurrency market. Smart contracts were not accepted by most people, and many people did not even know what smart contracts were. Therefore, Ethereum has not received much attention. Some people even think that Cancer and others promote Ethereum purely for the purpose of “cutting leeks”.

However, gradually, the words “Ethereum” and “Ethereum” appeared frequently on the Internet. The cryptocurrency community began to explore the smart contract platform, and the story of Ethereum also began.

“Young” Ethereum

Huge crowdfunding

In May 2014, Vitalik Buterin visited China for the first time. The purpose of this trip is considered to promote Ethereum and build momentum for Ethereum crowdfunding. It is worth mentioning that at that time, the domestic enthusiasm for blockchain was indeed higher than that of foreign countries, although it was still three years after the “bull market” that was believed to attract ordinary people to participate in and understand for the first time.

Vitalik’s view on this trip to China in his blog is that he has seen miners and exchanges, but there are not many interesting things except these companies.

Accompanied by Shen Bo, Vitalik met with China’s cryptocurrency community for the first time at InnoSpace, Chongzhi World, Songhu Road, Yangpu District, Los Angeles. The event was hosted by Bitcoin Venture Camp.

At this activity, Vitalik made a speech about the second generation cryptocurrency for nearly an hour, and there were many important people who later promoted the development of the blockchain, such as Da Hongfei, Early Summer Tiger and Xu Yiji.

In 2014, Vitalik Buterin took a group photo after participating in activities in China

In June 2014, Ethereum launched the ICO and raised more than 30000 bitcoins in 42 days, worth about 18 million US dollars at that time.

This caused a sensation in the industry at that time, and Ethereum was also criticized. Looking back at microblogs or forums in that period, it can be found that many people commented on Ethereum as a “liar” or “money spinner”. However, in 2016, Old Cat said in an article analyzing Ethereum that “99% of the people in the domestic Bitcoin circle missed this opportunity”.

As mentioned above, the domestic ICO of Ethereum is not uniformly optimistic. Da Hongfei, the founder of Neo, is a little worried about investment, while Lv Xujun, the founder of World Wide Chain, and others decisively chose to invest in Ethereum with Bitcoin. Lv Xujun later said that many people thought that the investment was unwise at that time, so he did not dare to disclose the investment too much.

Although the ICO of Ethereum is controversial, it is also the controversy that has brought Ethereum to a wider public view, allowing everyone to start studying what kind of story can make so many people unreservedly “Soha”.

Early development and domestic environment

Although a large amount of Bitcoin was raised through ICO, the sharp drop of Bitcoin at the end of 2014 made many people worried about whether Ethereum had enough funds to support development.

But the fact is that there are many worries. On July 30, 2015, Ethereum successfully released Frontier, the first stage of Ethereum, which is not a fully decentralized network.

As the founder, Vitalik has also made speeches around the world in the field of development. At that time, developers, miners and Ethereum enthusiasts came in droves and began to contribute to the development of a decentralized Internet platform. The magic fish in the F2Pool are the first batch of domestic miners supporting Ethereum. The Divine Fish once said that Vitalik specially came to visit domestic miners in the summer of 2014. Because Ethereum is a PoW mechanism, it must win the support of the miners, and China is clearly its place of contention.

Vitalik Buterin delivered a speech at the 2018 Washington Ethereum Technology and Application Conference

The Divine Fish said that at that time, he did not feel much about Ethereum, but vaguely felt that the smart contract might represent the future. Therefore, when testing the network on Ethereum, he also contributed a lot of graphics computing power. The reality is that until the ban in 2021, domestic miners and mining pools will still be the backbone to protect the security of Ethereum.

In addition to the miners above the interests, Ethereum has also attracted many people who have long recognized its value.

Xie Hanjian, the founder of Secret Ape Technology, founded Ethereum enthusiasts in the Chinese community with other enthusiasts in his early years, but unfortunately, Ethereum enthusiasts have stopped operating. When it was still in operation, Ah Jian, the content director of Ethereum enthusiasts, said that although He Bin, the founder of imtoken, Xie Hanjian and others left the community one after another, they still insisted on funding the development of the community.

A Brief history of Ethereum
 

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