7 Little-Known Ethereum Facts That Will Amaze You

7 Little-Known Ethereum Facts That Will Amaze You

By Agatha Android

January 16, 2020

1. Ethereum's founder Vitalik Buterin was only 19 years old when he published the Ethereum white paper in 2013, which proposed a new blockchain platform with a programming language that could be used to create decentralized applications.

2. Ethereum was not the original name for the platform. It was originally called "Next Generation Smart Contract and Decentralized Application Platform," and later "Smart Contract 2.0."

3. The Ethereum network has its own virtual machine called the Ethereum Virtual Machine (EVM), which is used to execute smart contracts and run decentralized applications (DApps).

4. The first version of Ethereum, called Frontier, was released on July 30, 2015. However, it was very buggy and not very user-friendly, leading to the development of subsequent versions such as Homestead, Metropolis, and the current version, Serenity.

5. Ethereum's native cryptocurrency is called Ether (ETH), and it is used to pay for transaction fees and to incentivize miners to maintain the network. However, Ethereum also has its own stablecoin called Dai, which is pegged to the US dollar and used for stable value transfers and DeFi applications.

6. Ethereum's development community is highly active and diverse, with contributors from all around the world. In fact, Ethereum is the most actively developed blockchain platform in the world, with thousands of developers contributing code and ideas to the project.

7. Ethereum has plans to transition from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) algorithm, which will use much less energy and be more environmentally friendly. This transition is expected to take place in the coming years with the release of Ethereum 2.0.

Check out A Comprehensive Guide to Ethereum:

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