Origin and History Ethereum
In 2013, a young programmer called Vitalik Buterin started working on a visionary idea: a programmable blockchain platform that went beyond Bitcoin. In 2013 he published the Ethereum White Paper, a White Paper is a formal document in which complex topics are explained clearly and detailed, often used to present ideas or projects to a specialized audience. In the White Paper, Buterin proposed a decentralized platform that Smart Contracts (pieces of code that performs certain actions on a blockchain) and can support decentralized applications.
In 2014, after a successful crowdfunding campaign in which more than 18 million dollars was collected, the development team started building Ethereum. The platform was officially launched on July 30, 2015, which marked a milestone in the history of blockchain technology. Between 2018 and 2020, Ethereum started a series of upgrades to improve the scalability and efficiency of the network. These improvements prepared the road for Ethereum 2.0, Ethereum 2.0 was designed to make the network more efficient and environmentally friendly by switching from proof-of-work to proof-of-stake. Proof-of-work and proof-of-stake are consensus mechanisms used in blockchain networks to validate transactions and add new blocks to the blockchain. In September 2022, the technology platform officially switched to proof-of-stake, the consensus mechanism that is less energy intensive.
Applications Ethereum
Below are some applications of the Ethereum blockchain platform:
Decentralized applications (Dapps)
As described, Ethereum is a platform that makes it possible to build decentralized applications. These applications, known as Dapps, are performed on the Ethereum network without the need for a central authority. They range from social networks, gaming, and content platforms to complex financial tools and market places. Unisewap is an example of a decentralized exchange where users can trade different digital assets.
Decentralized Finance (Defi)
Ethereum is the beating heart of the emerging decentralized finance sector. Defi-applications on Ethereum offer financial services such as loans, strike (process in which investors hold their digital assets to support the network and to validate new transactions, and receive interest on the digital assets in the form for this) and trade in a Decentralized environment. Users can fix their digital assets and earn interest without the intervention of banks or financial institutions.
Non-Fungible tokens (NFTs)
Ethereum has fueled the NFT revolution. NFTs are unique digital assets that are made and traded on Ethereum, such as digital artworks, music, videos, virtual possessions in games, and more. The irreplaceability and traceability of NFTs have been made possible by Ethereum's Blockchain, so that they represent a new era of digital property.
Supply Chain Management
Ethereum's blockchain is used to improve supply chain management. Companies can follow the origin of products, increase transparency and prevent falsifications by storing information on the blockchain. This is especially valuable in sectors such as food, pharmaceuticals and luxury goods.
Digital identity verification
Ethereum offers solutions for digital identity verification. Users can safely verify their identity without being dependent on central identity providers. This opens the door to safer online interactions and services without the care for data breaks.
