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The Rise of the Ethereum Blockchain

The Rise of the Ethereum Blockchain

For developers building solutions using Ethereum as a foundation, there is a substantial amount of functionality hosted on the Ethereum blockchain, as Cointelegraph reported. The native currency of the Ethereum blockchain is called Ether (ETH), and it is used to pay for transactions on the Ethereum blockchain.

According to Cointelegraph, at a Bitcoin conference in Miami, Florida in January 2014, Buterin introduced the world to the idea of ​​the blockchain project, which is how Ethereum became known. Later that year, the project received money through an initial coin offering (ICO), selling ETH tokens worth millions of dollars in exchange for money to be used for the project development. The Asset Sale sold over $18 million worth of ETH, paid for in Bitcoin, between July 22 and September 2, 2014.

Despite the fact that ETH coins could be purchased in 2014, the Ethereum blockchain did not go live until July 30, 2015, so ETH buyers had to wait for the blockchain to launch before they could transfer or spend their ETH. Why was the Ethereum blockchain originally created? One explanation is that the Ethereum blockchain provides greater development flexibility for the blockchain and its ecosystem.

The move to PoS that was made in order to scale the network is a significant change to the Ethereum blockchain. Over the years, many projects have developed applications for the Ethereum blockchain. Even then, during the 2017 era of CryptoKitties, a digital collectible cat based on the Ethereum blockchain, the network was struggling.

Decentralized Finance (DeFi) projects built on Ethereum attracted a lot of attention in 2020 and 2021, which highlighted Ethereum’s scalability challenges as high network fees hampered participants. Although it is happening gradually, the transition from Ethereum to Eth2 and PoS is trying to scale the well-known blockchain, Cointelegraph said.

(With information from Cointelegraph)

Read also : What is Tokenomics and how does it work

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