Cryptocurrency’s second step: An Ethereum story — Part 2
Today I am going to discuss in continuation of our previous story. If you haven’t read the first story, make sure to check out our previous post.
In the previous post, I talked about the events following up to 2016, so today I’ll discuss the events that occurred in the recent five years from 2017–2022.
(Hard fork is still occurring since 2017, and it is said to wrap up by the end of 2022).
Let’s start with 2017:
It’s definitely the golden age of bitcoin. Look at that price growth rate!
(If only I had bought it then…Let me go cry in the corner once again.)
In December 2017, a dApp-based game called CryptoKitties was successfully released, resulting in network paralysis.
It was successful, but due to paralysis, the limitations were met again.
A Byzantine hard fork is implemented.
(If you don’t know the definition of a hard fork, read the definition in An Ethereum story — Part 1.)
Because of the implementation, Ethereum mining compensation changes from 3ETH to 5ETH.
($1423.2 → $131.9)
Didn’t it properly drop? 😱
The investors were trembling, because it dropped by over 90%.
However, in Ethereum’s point of view, 2018 is a year that helped many people use Ethereum in different ways.
It’s called the year of Buidl, because creating apps on Ethereum has been easily transformed. (Buidl is a spelling error of build, and it has been used as a trend on Ethereum. Instead of blindly holding cryptocurrency and waiting for the price to rise, we will focus on building a new cryptocurrency project.)
At this time, it was possible to actually learn how to use Ethereum, and in 2016, there were many important tools that made it easier to use smart contracts beyond the discovery of limitations in Ethereum.
It was a year when Ethereum took a step further, even though it was a shame in terms of price.
( $106.71→ $129.21)
During this time, there was an interesting event that took place in terms of pricing.
Bitcoin showed a huge increase of nearly 100%. On the other hand, Ethereum doesn’t have much of an increase.
The structure of a cryptocurrency and legal currency operating system, Codefi, was unveiled for Ethereum-based enterprise customers in September. (Recently, it’s been showing.)
This feature provides modular services that allow existing companies to issue and manage various digital assets in public networks or licensed blockchain networks through cost-effective processes using blockchain technology.
Simply put, you can think of it as similar to payment data processing companies!
Ethereum has risen tremendously in price but has made a lot of efforts to upgrade technology as well.
In December, the beacon chain that is a part of Ethereum 2.0 was operated, and Ethereum 2.0 was introduced to reduce exchange time and operating costs.
With the huge price increase, the Berlin Hard Fork was implemented in April, upgrading the Ethereum network such as revising gas cost requirements.
In August, a London hard fork was implemented to reduce the bottleneck.
Through a technology called EIP-1559, the basic fee value was introduced and Ethereum that was paid as the basic fee was incinerated.
There’s a lot of places to use Ethereum.
What stands out now is what is used for NFTs. There are Matic, SOL, and Klay, but Ethereum is still popular up to this day.
(I don’t think it’s an exaggeration to say that NFT is Ethereum, haha.)
This is the end of the 2nd part of Ethereum that I prepared today.
I hope you enjoyed it.
If you have any questions, please visit our feed and feel free to ask!
You studied hard today, and I hope we have fun studying together!