The founder of Ethereum: Vitalik Buterin

January 2014: Ethereum is founded

In addition to Buterin, Alisie and Wood, another four people played an important role in the founding of Ethereum.

  • Joseph Lubin: Another veteran who, after graduating from Princeton University in 1987, became Vice President of Technology for Goldman Sachs’ Private Wealth Management Division between 1999 and 2001. In October 2014 he started his current focus, ConsenSys, the decentralized. develops applications and utilities for Ethereum.
  • Jeffrey Wilcke: a programmer who led the development of Go-Ethereum (one of the three original implementations along with C ++ and Python of the Ethereum protocol). He joined around the same time as Wood, but his initial contributions focused on client development rather than protocol research.
  • Charles Hoskinson: In 2013, he co-founded cryptocurrency-focused Invictus Innovations, the company that came up with the term “decentralized autonomous companies” (DAC), and the start-up company for the blockchain-based open source platform Bitshares. He also co-founded the Bitcoin Education Project in May 2013 to bring cryptocurrencies and blockchain technology to the general public.
  • Anthony Di Lorio: He was a founding member of the Bitcoin Alliance of Canada (now Blockchain Alliance of Canada) in August 2013, which it left in late 2014, and also created the KryptoKit wallet. For much of 2016, he was Chief Digital Officer of the Toronto Stock Exchange. He is currently working on the Bitcoin news site Decentral and the Jaxx cryptocurrency wallet, both of which he founded.

The Ethereum Foundation

“The Ethereum Foundation’s mission is to promote and support the research, development and education of the Ethereum platform and base layer to bring decentralized protocols and tools to the world that enable developers to create next-generation decentralized applications ( dapps) and together a globally more accessible, freer and more trustworthy Internet. ‘ – the Ethereum Foundation

The organization, which was founded in Switzerland in July 2014 and originally called the Ethereum Foundation, has similar ambitions as the foundations that have emerged from other cryptocurrencies, including Bitcoin, Litecoin and Ripple.

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Buterin sits on the board of trustees, Wilcke heads the technical steering committee. The third director of the foundation, who is Executive Director, is Ming Chan, a graduate computer and media arts and science alumna from the Massachusetts Institute of Technology (MIT). She specializes in legal and regulatory matters related to blockchain technology.

The ether pre-sale

Ether is a necessary element – a fuel – for the operation of the distributed application platform Ethereum ‘- Ethereum Foundation

In July 2014, a pre-sale of Ether was quickly started, which ran for 42 days until it was closed in August. The event grossed approximately 31,500 bitcoins, which were worth about $ 18.4 million at the time, and resulted in a little over 60 million ethers being sold.

Of the ether created for pre-sale, about a fifth (12 million) went to early contributors and developers, with the rest being administered by the Ethereum Foundation. Buterin, Wood and Wilcke formed a development arm after the presale and left the foundation to focus on marketing and educating the public about Ethereum and Ether.

Is the ether supply infinite?

According to the foundation, the delivery of ether was agreed at the time of the pre-sale and is limited to 18 million ethers per year – that’s a quarter of the initial supply. However, this capped rate is expected to be abandoned once the network transitions from the existing proof-of-work algorithm to a new consensus algorithm called Casper. The test network for Casper was started right at the beginning of 2018 – which Ethereum did on 10.

Check the Ethereum price.

Development in full

With the project now financially stable, a number of new developers came on board interested in developing blockchains. With grants offered to willing developers, progress accelerated from early 2015 and the vision slowly became a reality.

According to a few trial versions that surfaced within months of the extended development team meeting, the Ethereum project wouldn’t release Frontier, its fully functional live blockchain, until July 30, 2015 – just one year after the Ether presale and 18 months after that Ethereum was founded.

Interest in Ethereum and Ether increased, and the second conference, DEVCON1, took place in November 2015. Nick Szabo, a legend in the crypto space and the first to propose smart contracts in 1994, was the keynote speaker.

The Enterprise Ethereum Alliance

The project and its vision received their first official support in February 2017 as a group of the world’s largest banks and technology giants – including JPMorgan, UBS, Santander, BNY Mellon, ING, Microsoft, Intel and Lubin’s ConsenSys – formed the Enterprise Ethereum Alliance (EEA) with the aim of developing versions of Ethereum software that are suitable for big business.

“The Enterprise Ethereum Alliance connects Fortune 500 companies, start-ups, academics and technology providers with Ethereum subject matter experts. Together we will learn from and build on the only smart contract that supports blockchain currently in real production – Ethereum – to define enterprise-class software capable of handling the most complex and demanding applications with the speed of business operations. ‘ – the EEA

Since then, the EEA has grown to become the world’s largest open source blockchain initiative, appointing its first executive director in early 2018. Ron Resnick, a 12 year old Intel veteran, has taken over the helm of the organization and its 200-strong membership, supported by representatives from the organization’s impressive membership group who sit on the board.

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