Ethereum launched on July 30, 2015, with a bold vision to be more than just a cryptocurrency. Its core innovation was the introduction of smart contracts, which transformed blockchain from a simple ledger into a decentralized, programmable computer. This foundational change laid the groundwork for a new era of decentralized applications, or dApps.
In its early years, Ethereum faced significant challenges, most notably the DAO hack in 2016. This event led to a controversial hard fork, splitting the community and creating two separate blockchains: Ethereum (ETH) and Ethereum Classic (ETC). This moment, while difficult, demonstrated the network's resilience and its community's ability to evolve.
Over the next few years, Ethereum's ecosystem exploded. It became the dominant platform for a range of new technologies: the DeFi (Decentralized Finance) movement, which aimed to recreate traditional financial systems; the NFT (Non-Fungible Token) boom, which tokenized digital art and collectibles; and the widespread use of stablecoins. This growth, however, brought new challenges like high transaction fees and network congestion.
Ethereum's most significant upgrade came in September 2022 with "The Merge." This monumental event transitioned the network from its original Proof of Work (PoW) consensus mechanism to a more energy-efficient Proof of Stake (PoS) model. The move drastically reduced Ethereum's environmental footprint and set the stage for future upgrades focused on scalability.
Today, Ethereum remains the leading smart contract platform and the foundation of the Web3 ecosystem. While it continues to work on improving scalability through Layer 2 solutions and future upgrades like sharding, its first ten years have solidified its place as the bedrock of decentralized innovation.