In 2013, Vitalik Buterin, a 19-year-old computer programmer and one of the co-founders of Bitcoin Magazine, unveiled a whitepaper for a blockchain platform called Ethereum, designed to support a wide array of transactions through its highly adaptable design. Buterin, together with co-founders including Gavin Wood, raised $18 million through a pre-launch token sale in 2014 to fund the project.
The initial public version of the Ethereum blockchain was introduced in July 2015, marking the beginning of smart contract functionality on the platform. Since its inception, Ethereum has experienced several protocol upgrades, referred to as milestones, aimed at enhancing the platform’s functionality, efficiency, and security. These updates are the result of consensus within the Ethereum community, reflecting the project’s commitment to continuous improvement and innovation. A significant update occurred in 2022 when Ethereum transitioned from a proof-of-work to a proof-of-stake model, significantly improving its security and reducing its energy consumption.
