Ethereum Turns 11: A Decade of Blockchain Innovation
Ethereum marked its 11th anniversary on July 30, and what an incredible journey it's been. Since its inception in 2015 as a decentralized, open-source blockchain platform, Ethereum has evolved to support smart contracts and decentralized applications (dApps) on top of one shared network.
Unlike traditional payment networks, Ethereum's native currency Ether (ETH) is not controlled by any bank or government. Instead, thousands of independent computers, called nodes, run the network together across the globe.
The nonprofit Ethereum Foundation supports the platform's growth by funding research and giving grants to builders. However, even the Foundation does not control Ethereum's rules. The network has come a long way since its early days, with major upgrades like The Merge in 2022 shifting from Proof of Work to Proof of Stake, reducing energy use by over 99%.
Other significant milestones include Shapella, which enabled staking withdrawals for the first time, and Dencun, which cut Layer 2 network fees using data 'blobs.'