Birth of Ethereum

About Mining 101

 

We have created this series of informative posts to help new miners understand the basics. Mining and all that comes with it is easy to get at its core. It is a fast paced industry so you will need to keep up with trends on a very regular basis. We will cover all we need to to make sure you’re up to speed and we will make available the tools you need to make a success out of mining. Good luck! 

 

 

Idea of Ethereum came to Vitalik Buterin in 2013. Joined by a number of founders and crowdfund, the network came into existence two years later in July 2015. 

Interestingly, many people use Ethereum when they're actually talking about the cryptocurrency, ETH. Ethereum is a network; not a currency. If you have an Ethereum account, you have an ETH balance and you may use the platform to send/receive ETH.

ETH is mined via proof-of-work method. Miners are rewarded for adding blocks to Blockchain thereby continuing to grow. Due to this, ETH is extremely important for Ethereum as a network. ETH has no supply cap at the moment. 

There was a hacking incident in which $50 million were stolen by hackers. After this, the technology was forced to evolve giving birth to Ethereum 2.0. This is a more robust and more secure network which hasn't seen a repeat of attack since. 

Around the same time, ETC (Ether Classic) was developed. Amazingly, while ETH migrated to the new technology after the hack, ETC continues to run on old technology. In fact it was the resistance of some people that did not support the evolution of technology that led to the birth of ETC. 


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