The Ethereum (ETH) network turns 5 today. Envisioned as a “decentralized world computer”, the network was launched on July 30, 2015 by Vitalik Buterin and several others who have achieved success in the industry, including Charles Hoskinson, Joseph Lubin and Gavin Wood.
Now worth over $35 billion, Ethereum has become an indelible part of the market, a home to numerous assets built on top of it. It is also the bedrock of the DeFi space, with a majority of said platforms running their services on top of Ethereum.
Ethereum has grown rapidly since launch, with its smart contract capabilities showing developer that more could be done with blockchain technology. Buterin offers a quick description of Ethereum’s birth on his About.me page,
I went around the world, explored many crypto projects, and finally realized that they were all too concerned about specific applications and not being sufficiently general - hence the birth of Ethereum, which has been taking up my life ever since.
The scale of the influence of Ethereum is easily visible in the number of “Ethereum-killer” clones that have followed. EOS (EOS) and TRON (TRX) have seen modest success, but they still fall behind Ethereum in terms of adoption, dapps and general activity.
It’s not been all smooth sailing for Ethereum - the infamous DAO hack is the biggest stain in its history, but development challenges have also highlighted the reality of implementing revolutionary technologies.
However, Ethereum looks to be on track for what is its biggest change in years, a series of upgrades including staking and sharding that will transform the network into ETH 2.0. The final testnet for Ethereum 2.0 will be launched on August 4. Announced last week, the tesnet will operate until November.