Ethereum Marks 10 Years Since Genesis Block Production

Today marks 10 years since the layer-1 Ethereum blockchain recorded its genesis block production. Over the past decade, Ethereum (ETH) has grown into the second-largest crypto project, trailing Bitcoin (BTC). Let us discuss various feats that have helped the blockchain achieve this feat.

Ethereum: 10 Years and Counting

Vitalik Buterin, a blockchain programmer, and a small team introduced Ethereum in 2013. A year later, the team launched an initial coin offering (ICO) for nearly two months, offering early investors a portion of Ether coins at a predefined price.

Despite these milestones, it was not until July 30, 2015, that Ethereum saw the first block mined. This was possible through the network’s first live release, Frontier. At the time, the blockchain utilized the proof-of-work (PoW) consensus mechanism. However, the blockchain network has evolved into the energy-efficient Proof of Stake (PoS) model within the past decade. It also unlocked various milestones in its blockchain infrastructure. These were possible through various upgrades after Frontier, such as The Merge and Dencun.

From its early days, Ethereum began to garner attention through its smart contract compatibility. This feature allows developers to create codes that execute independently when specific conditions are met. This way, users can automate transactions, build decentralized applications, facilitate on-chain governance, and deploy other sophisticated blockchain infrastructures. Interestingly, this feature enabled Ethereum to stand out from blockchains like Bitcoin, which served solely as a means of sending and receiving digital money.

Ethereum’s smart contract feature became a primary reason for various layer-2 and layer-3 networks to launch on the Ethereum mainnet. These networks include Arbitrum, Base, Polygon,  Ronin, and Optimism.

From Small Project to Global Network

When Ethereum launched, ETH was valued at around $0.4. Today, it trades above $3,700 and supports over 1.3 million developers worldwide.

One of the things that has aided this surge is the launch of the spot Ethereum exchange-traded fund (ETF) in the United States. This investment vehicle enables local investors to gain exposure to ETH through traditional investment platforms.

Another thing that has propelled ETH’s market value is the recent trend of companies adding the coin to their corporate treasuries. Thus, they show their trust in Ethereum as a long-term asset. Some of these firms are BTCS Inc., BitMine, Bit Digital, GameSquare, and SharpLink. Surprisingly, some of these companies ditched their BTC business to join the Ethereum bandwagon. This is likely because the PoS network promises more returns through its staking feature. Notably, several of these firms have recorded hundreds of ETH coins generated from staking alone.

The extensive use of the Ethereum blockchain has propelled the number of produced blocks to incredible heights. According to data from the blockchain explorer, Etherscan, the L1 network has produced over 23 million blocks.

Global Celebrations and Looking Ahead

To celebrate the 10-year mark, the Ethereum community is hosting global events, online meetups, free NFT giveaways, and even a special time capsule on the blockchain. People can leave encrypted messages, artwork, or predictions that will be revealed on Ethereum’s 11th anniversary next year. Cities like Hong Kong are holding gatherings, and Ethereum’s co-founder, Vitalik Buterin, is among those joining in the celebrations.

As Ethereum enters its second decade, its focus is on growing even bigger, with faster transactions, lower fees, and more tools for developers through L2 solutions. From a small idea to a global tech movement, Ethereum’s 10-year journey shows that the world of crypto is just getting started.

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