Who and When Created Ethereum?


June 6, 2018

Who and When Created Ethereum

No one knows the exact date when was Ethereum created. Just four years after the launch of the first cryptocurrency a 19-year-old developer from Toronto conceived an entirely new way to apply the blockchain principle to everything beyond finance. The Ethereum founder Vitalik Buterin, a Canadian programmer from Toronto, was also involved in the development of Bitcoin since 2011. The Canadian of Russian origin also co-founded Bitcoin Magazine and was involved in the creation of anonymity-focused Dark Wallet as well as Mastercoin. So it’s quite possible that Ethereum has been invented a lot earlier than it was presented to the public.

The creator of Ethereum revealed the principles of the innovative platform in Bitcoitalk forum. Buterin conceived the principle of the global network to be used not just for a financial transaction such as Bitcoin. In 2013 Ethereum founder published a white paper which introduced a system that allowed to create any decentralized application. The Ethereum network permitted developers to write smart contracts which were small pieces of self-executing code which could be implemented in a variety of applications. This way, the new system offered more functionality than the Bitcoin blockchain did.

It soon became evident that the new platform has a promising future, and the project was joined by prominent figures in blockchain industry such as Dr. Gavin Wood and Joseph Lubin, the founder of decentralized application development startup.

To fund the development of the new decentralized platform, the successful ICO was held which helped fund the launch of the first iteration of the platform. It was not the most glamorous solution, but it’s single interface offered a way for a developer to access the code needed for creating their own decentralized apps and the smart contract. The platform also supported the launch of new cryptocurrencies which were used in various ICOs or to power new applications as they were developed.

The project took off the ground, and its groundbreaking idea of smart contracts found practical application in thousands of solutions in many industries. The first rise of ETH was noted in 2017 when the price of Ether token grew by a thousand percent, outpacing Bitcoin.

Currently, the platform is managed by Ethereum Foundation based in Zug, Switzerland. The primary goal of this non-profit organization is to support and promote the uses of decentralized apps in various spheres as well as working with such impressive partners as Microsoft and Intel. Meantime the developers headed by Buterin are working on the remarkable update for Ethereum, the Metropolis which already promised to simplify many functions and allow for designing user-friendly applications.