Five years ago today, the genesis block of Ethereum (ETH) was released. In just seven months, Ethereum remained the second largest cryptocurrency to date, keeping it tightly tight.
Ethereum was launched with an ambitious goal of decentralizing everything on the Internet with the help of programmable smart contracts. Prior to that, $ 18 million was raised in 2014 with Ethereum ICO. The Genesis block included all the transactions from the biggest cryptographic token sale of that time. Ethereum miners were able to get 5 ETH per block initially, but after the hard fork was activated, the reward was reduced to 3 ETH. This was followed by the Constantinople update, which reduced the block reward to 2 ETH.
After 5 Years
After ICO, decentralized finance (DeFi) emerged as something new for Ethereum and stimulated interest in the project.
Vitalik Buterin made statements for the next five years of Ethereum. Buterin said that Ethereum 2.0 will be “really important”. Now, it is expected that the proof of stake upgrade will be implemented in late 2020.
Buterin generally expects Ethereum to take a big step when it comes to mainstream adoption and become a regular part of people’s lives:
“I think it would be great to bring the technology to that point where there are many people from all over the world, and that gets value from Ethereum and do both.”