Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.
Those within the crypto ecosystem can either love Ethereum, they can hate Ethereum but no one can avoid it. No one can also deny the fact that Ethereum was the first crypto to show the real potential of blockchain and crypto to the world, instead of just being digital gold, now people could look at cryptos as “Programmable Money”.
The founder of Ethereum, Vitalik Buterin famously said, “I thought [those in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.”
Vitalik started a revolution in the crypto ecosystem, a movement that is still shaping up today. Going far beyond Satoshi’s vision, Ethereum, through its remarkable journey, showed the world the true potential of cryptocurrencies.
Timeline of major moments in Ethereum’s iconic journey
Vitalik proposed Ethereum as a teenager in 2013: The idea of Ethereum came to Vitalik in 2013 at the age of 19. He published a white paper describing Ethereum as “a next-generation smart contract and decentralized application platform,” starting Ethereum’s journey.
Ethereum co-founders raised over USD 18 million: Through a crowdsourced campaign in 2014, the co-founders of Ethereum raised over USD 18 million by selling the native token, Ether. Ethereum co-founders included Vitalik Buterin, Anthony Di Lorio, Charles Hoskinson, Mihai Alisie, Amir Chetrit, Joseph Lubin, Gavin Wood, and Jeffrey Wilcke. They happen to be one of the most influential individuals in the crypto world to date.
Frontier goes live: The first live release of Ethereum known as Frontier was launched on July 30th, 2015. It had two primary features; it allowed its users to mine Ether and it gave them smart contract execution capabilities. To limit the Gas to 5,000 per transaction, a minor fork called Frontier Thawing followed which ensued the transaction fees were not too high.
Improving network infrastructure with Homestead phase: Frontier was the working version of Ethereum but to make the network safer, Ethereum moved to the Homestead phase. The security concerns in the network caught public attention through the DAO hack. DAO was an innovative idea to allow users to crowdsource funds, which launched in 2016.
The rift between the community: The DAO project failed due to a bug in its smart contract code exposing a vulnerability to hackers to steal a portion of the organizer’s funds. What followed was a controversial decision to implement a hard fork on the Ethereum Network to return the stolen funds. However, part of the community did not want to accept the way a decentralized network would follow a troubleshooting path of a centralized network. Thus Ethereum Classic was created.
“Flippening” almost happens: In the summer of 2017, Ethereum saw itself cut into Bitcoin’s market share with over 31% market dominance. Bitcoin, at the same time, saw its dominance drop to 37%.
Cryptokitties become the first widely adopted decentralized app (dApp) on Ethereum: Critics always claimed of no widespread use cases within the crypto ecosystem. However, Cryptokitties changed that.
ICO boom of 2018: Due to the ease of launching and programming ERC tokens, there was a wave of projects launched on the Ethereum mainnet. Although it showed the widespread use case of Ethereum, the crypto community, in general, saw many rugpulls and scams during this time.
The Metropolis phase (October 2017 to January 2020): Metropolis was a comprehensive improvement of Ethereum’s security, privacy, and scalability. Due to the complexity of the project, it was released in two phases: Byzantium and Constantinople. Byzantium was the first stage, with main upgrades introduced in nine patches, also called Ethereum improvement protocols (EIP). Constantinople update was purported to fix any obstacles that might arise from Byzantium’s implementation. In addition, it laid the groundwork for the transition from proof-of-work to proof-of-stake
Ethereum 2.0: There is almost a unanimous consensus between the developers around the world that the current blockchain infrastructure is adequate to handle an influx of millions, if not, billions of users. The Ethereum 2.0 roadmap is as determined as the original one which yielded the first Dapps into actuality. While the launch of this technology is anticipated, an important part of knowing Ethereum’s five-year history lies in considering the many iterations that Ethereum 2.0 encountered in its years of planning. Incipiently, Ethereum 2.0 was deemed to be called “Serenity”. This version is meant to solve two main challenges Ethereum is facing: a jammed network that can only handle a limited number of transactions per second, and the large consumption of energy that comes with the proof-of-work mechanism.
Commemorating the Ethereum journey
The journey of Ethereum in many ways is one of the most central stories of the crypto ecosystem itself. The growth and difficulties faced by the Ethereum network are the joy and pain faced by most in the crypto ecosystem. What if you have wanted to own a part of the timeline of Ethereum? If you are a supporter of the network, you might want to own maybe the launch of the Whitepaper or the moment when Frontier went live. If you do not like the network you might want to own the day Ethereum parted ways with Ethereum classic or the day Charles Hoskinson parted ways with Ethereum.
Owning the best moments of a crypto’s journey is not an esoteric concept but a reality. Now, Momento is giving an avenue to its users to immortalize the Ethereum journey through NFTs. Momento is a DEFI and NFT project which aims to exhibit some of the most fascinating moments of the past decade, aiming to bring about a sense of nostalgia to people through art.
Users can not only be a part of Ethereum’s journey but most crypto by owning an NFT of the watershed moments on their path. Nostalgia is at the heart of the project and whatever users can connect with, they can own. Momento does not only give its users the ability to own these moments but earn passive income by holding it too, making it one of the most innovative and out-of-the-box NFT projects out there.