Who’s Vitalik Buterin? And what’s the story of his creation of the Ethereum Network?
In 2008, the unknown developer (or group of developers) invented the most famous digital currency to date, bitcoin, as a new way to send money over the Internet. Four years later, a 19-year-old boy named Vitalic Buterin dreamed of developing a new platform based on this innovation in an effort to completely reshape the world of the Internet.
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Born in Moscow, Russia, Vitalik Butern moved to Canada when he was only five years old. During primary school, teachers discovered something special at Metallic Buttern, which led to him joining a number of talent programs in Canada and receiving a number of awards.
Vitalik Butern, a Russian programmer with Canadian citizenship, first entered the bitcoin world in 2011 and co-founded the Bitcoin Magazine website. In the same year he wrote hundreds of articles about the world of encryption and cryptocurrencies. He began programming and writing codes for the Dark Wallet with egora standards.
During this time, Vitalic Buterin came up with the idea of creating a platform that would go beyond the financial use of bitcoin. He released a “technical paper” in 2013 describing an alternative platform designed to target decentralized application developers who want to build new products and applications. This new system was called the Ethereum network.
What distinguishes the Ethereum network is the ease of creating smart contracts that help developers rely on them to develop a range of applications. As a result of his work, Vitalic Buterin was selected in 2014 by the Peter Thiel Fellowship, a competition that awards winners 100,000$.
Vitalek Buterin and Community Development
After Vitalk Buterin published the ethereum network’s technical paper, other developers joined Vitalic Butern to achieve its goal.
Co-founder Dr. Gavin Wood developed the Ethereum technical paper or “technical book” and defined the specifications of the virtual device ethereum (EVM), the device responsible for dealing with the state of the ledger and managing smart contracts.
Co-founder Joseph Lubin went on to establish ConsenSys, a Brooklyn-based startup that focuses on building decentralized applications and significantly supports the Ethereum network.
To complete the project, Vitalique Buterin and the other founders launched a crowdfunding campaign in July 2014, where participants purchased the etheum currency known as eth, which acts as a core currency within the ecosystem.
After raising more than 18 million$ in the INITIAL MARKET (ICO) stage, ETH has become one of the most successful currencies to date.
It took another year for the results of Vitalk Buterin’s ideas to emerge, but the first live version of Frontier was released on July 30, 2015. It wasn’t an exciting program, but it provided an interface that made it easier for developers to use the platform to create their own decentralized applications.
Launched in the ecosystem today, the Smart Contracts platform has spread to hundreds of developers and even attracted the attention of technology giants such as IBM and Microsoft.
Ethereum succeeded in occupying second place after Bitcoin in the world of cryptocurrencies, changing the concept of blockchain and cryptocurrencies from a financial tool to new applications that benefit from technology in business.
The 18 million$ funds initially created by Ethereum are now managed and developed by Ethereum, a Swiss-based non-profit organization.