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Ethereum is a decentralized, open-source blockchain system, was first suggested in 2013 and developed by Vitalik Buterin (a Russian-Canadian programmer as well as a cryptocurrency researcher and programmer). The Ethereum network officially began operation in July of 2015 and is currently one of the top popular blockchain platforms in the world.
Buterin was inspired to develop Ethereum because it could allow the creation decentralized applications (dApps), as well as smart contracts. These are self-executing contracts that are written directly into the code. This will allow to create decentralized autonomous organizations, which are code-based organizations.
Ethereum began a pre-sale in the year 2014 for Ether (ETH) which is its native cryptocurrency. It serves as the network’s fuel and to purchase computational services and transactions. The pre-sale generated over 18 million dollars, and was a huge success. It was the first step in the development of the Ethereum Project.
2015 saw the official launch of the Ethereum network. The first block, referred to as the Genesis block (or the Ethereum block) was mined. It was the first official announcement of the Ethereum blockchain and also the start the Ethereum network.
In 2016 the Ethereum network experienced its first major incident, known as the DAO hack. Hackers exploited a flaw in the code of the Decentralized Autonomous Organization, a decentralized investment platform that was built upon Ethereum. They stole more than $50 million worth of Ethereum. This led to an Ethereum hard fork blockchain, which resulted in the creations of Ethereum Classic (ETC) and Ethereum (ETH).
Since then Ethereum has been evolving and expanding. In 2017, Ethereum was subject to a major upgrade called the Metropolis hardfork. This involved several improvements to its network, including the introduction smart contract programming language Solidity and the creation of the Ethereum virtual machine (EVM).
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