Ethereum is the second most capitalized cryptocurrency and its value is constantly growing. So how did Ethereum start? Ethereum started with one person, and that person is Vitalik Buterin. Unlike bitcoin, there is a real person behind Ethereum. Buterin is a Russian-Canadian programmer and journalist known primarily for his work on Ethereum and for co-founding Bitcoin magazine in 2011. He is also known as one of the creators of the cryptocurrency trading site Egora.
But it was the Ethereum that made Buterin famous. Vitalik developed the platform concept at the age of 19. He received a $100,000 scholarship from Peter Thiel, dropped out of the university where he studied computer science, and began developing his project. He now leads the Ethereum research team, working to modernize the platform. He travels around the world telling the public (including world leaders, many of whom he has met personally) about Ethereum and its possibilities. Buterin is a prominent figure in the cryptocurrency community. You can visit his official website where he publishes his articles, or subscribe to his Twitter feed.
The Early Days of Ethereum
While working on bitcoin in 2013, Buterin noticed that this blockchain did not have its own scripting language. He came to the conclusion that this was a big omission that was worth fixing. Not having received widespread support for the idea, he embarked on his own project. At the end of 2013, a white paper on Ethereum was released. In the paper, Buterin described his goal as “to provide blockchain with a built-in full-fledged programming language that can be used to create smart contracts.”
Smart contracts have made Ethereum famous. These are contracts written in software code and stored in the blockchain. They make transactions “traceable, transparent and irreversible”. Buterin officially announced Ethereum at the North American Bitcoin Conference in Miami in January 2014. He expected people to be quick to point out his flaws and mistakes. But, to his surprise, many unequivocally supported the young project.
Ethereum managed to gain the trust of the public, and a nonprofit organization, the Ethereum Foundation, was created to manage its development. The development was funded by an ICO, which started in July 2014. At the moment, the value of Ethereum is constantly growing, and many new projects use this blockchain.