Ethereum is a decentralized, open-source blockchain platform that enables programmable smart contracts and decentralized applications (dApps). Ethereum powers thousands of DeFi protocols, NFT platforms, DAOs, and digital identities, making it a cornerstone of the Web3 movement.
Note: This article does not constitute financial advice.
2013: Vitalik Buterin publishes the Ethereum whitepaper, proposing a more general-purpose blockchain beyond Bitcoin.
2014: Ethereum is crowdfunded through a token sale that raises over $18 million.
2015: Ethereum mainnet launches on July 30, bringing smart contracts to life.
2016: The DAO hack results in a controversial hard fork — creating Ethereum (ETH) and Ethereum Classic (ETC).
2020: Ethereum 2.0 launches with the Beacon Chain — the first step in switching to proof-of-stake.
2022: Ethereum completes “The Merge,” successfully transitioning from proof-of-work to proof-of-stake.
2023+: Focus shifts to scalability and user experience, with Layer 2 rollups, account abstraction, and proto-danksharding (EIP-4844).
Ethereum is built to be a general-purpose smart contract platform. Its technology stack is modular and constantly evolving through community-driven upgrades. Core elements include:
Ethereum Virtual Machine (EVM): The execution environment for smart contracts. It defines how Ethereum computes and processes logic.
Proof of Stake (PoS): Since The Merge in 2022, Ethereum uses a PoS consensus mechanism where validators secure the network by staking ETH.
Rollups (Layer 2s): To address scalability, Ethereum uses rollups like Optimism and Arbitrum that bundle transactions off-chain and post compressed data back on Layer 1.
Account Abstraction (ERC-4337): Introduces smart contract wallets with programmable logic, improving UX and security.
Danksharding (EIP-4844): A future upgrade to scale Ethereum through data blobs for rollups, reducing gas fees and improving throughput.Ethereum’s design favors gradual, upgradeable decentralization with a strong focus on real-world usability and composability.
Ethereum is governed by an open community of developers, researchers, stakeholders, and independent organizations. Its governance structure includes:
Ethereum Foundation: A nonprofit supporting protocol development, research, and grants — not a central authority.
EIPs (Ethereum Improvement Proposals): Anyone can propose changes through EIPs. The community debates, implements, or rejects upgrades via open processes.
Core Dev Calls: Regular meetings where Ethereum client teams discuss proposed changes, upgrades, and timelines.
Off-chain Social Governance: Ethereum governance is informal and off-chain — based on developer consensus, public discourse, and social legitimacy.
Client Diversity: Multiple implementations (like Geth, Nethermind, Besu) ensure decentralization at the software level.
The ethos of Ethereum governance is "rough consensus and running code" — favoring transparency, technical merit, and decentralization over formalized voting.
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