{"id":21360,"date":"2022-07-30T10:51:04","date_gmt":"2022-07-30T05:21:04","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=21360"},"modified":"2023-09-14T14:13:17","modified_gmt":"2023-09-14T08:43:17","slug":"7-slices-of-ethereum-birthday-cake","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/crypto\/7-slices-of-ethereum-birthday-cake\/","title":{"rendered":"7 Slices of Ethereum Birthday Cake"},"content":{"rendered":"\n

Today is when the world\u2019s biggest altcoin turns 7! Ethereum has been the talk of the town ever since it launched back in 2015. It has spearheaded or contributed to every significant blockchain revolution<\/a> that many of us invest in. So, we\u2019d like to take this opportunity to give it the appreciation it deserves.<\/p>\n\n\n\n

What good is a birthday without cake? \ud83c\udf82<\/h2>\n\n\n\n

Here are seven slices of the Ethereum birthday cake, each representing elements of Web3 that came into existence because of Ethereum.<\/p>\n\n\n\n

\ud83c\udf70 Decentralised Finance<\/h3>\n\n\n\n

DeFi is our first slice because some say ETH is the only reason it even became a thing. You see, Bitcoin<\/a> is HUGE, but it can\u2019t take Ethereum\u2019s place because Bitcoin can\u2019t do things Ethereum can. Ethereum isn\u2019t just a crypto asset but a software development platform. E-commerce websites, decentralized banks, and dApps – stuff that\u2019s the rage today are built majorly on Ethereum.<\/p>\n\n\n\n

The network had more than $150 billion locked in DeFi applications last year, with values only going up. The premise of the BUIDL movement, or the drive to keep developing real-world applications on the blockchain irrespective of price, is based on Ethereum\u2019s strong foundations.<\/p>\n\n\n\n

\ud83c\udf70 Smart contracts<\/h3>\n\n\n\n

If Ethereum is the Hulk, smart contracts are the gamma rays – it\u2019s the stuff that turns Ethereum from a soft-spoken, bespectacled blockchain to a superhero that fights consolidation of central authority. \ud83d\ude42<\/p>\n\n\n\n

Smart contracts were first implemented on Ethereum. They form the basis for everything happening on the network today – from DeFi development to NFT trading. With smart contracts, the network can execute enforceable agreements between multiple parties using nothing but code. Thanks to recent development frenzies, these contracts are the future of blockchain decision-making, and we only have Ethereum to thank for that.<\/p>\n\n\n\n

\ud83c\udf70 NFTs<\/h3>\n\n\n\n

Ah, the most significant art revolution of our generation. Digitization of artwork through NFTs<\/a> is a blessing not only for artists who can now monetize their work efficiently but also for collectors who save themselves the trouble of authenticity verification and maintenance.<\/p>\n\n\n\n

Ethereum was the first network in the world that allowed artists and buyers to track ownership digitally. ERC-721, an ETH token standard, was specifically created to lay the foundation for minting NFTs. Roughly $15 billion worth of NFTs have traded on OpenSea in ETH alone this year.<\/p>\n\n\n\n

\ud83c\udf70 Layer 2 tokens<\/h3>\n\n\n\n

Now before you say anything, we know Ethereum didn\u2019t actually create Layer 2 tokens. They\u2019re different projects, sure.<\/p>\n\n\n\n

But hear us out. These projects wouldn\u2019t exist if Ethereum didn\u2019t have such immense functionality. Because it does, people demand better solutions and lower transaction times. Projects like Polygon and Solana exist because they want to improve the Ethereum experience, which puts a pin on Ethereum\u2019s importance.<\/p>\n\n\n\n

\n

Note:<\/strong> Most standalone projects use ERC-20 tokens for native purposes, which is why there are over 450,000 tokens based on Ethereum today.<\/p>\n<\/blockquote>\n\n\n\n

\ud83c\udf70 Decentralised Autonomous Organisations (DAOs)<\/h3>\n\n\n\n

First launched on Ethereum in 2016, DAOs allow organizations to work autonomously without needing a centralized authority. It enables all participants to vote unanimously on proposals and decide what\u2019s best.<\/p>\n\n\n\n

In a DAO, the larger your stake is, the more you have to gain from making a good decision. UniSwap is one of the biggest DAOs today; the DeX records millions of dollars worth of coin trades daily.<\/p>\n\n\n\n

\ud83c\udf70 Decentralised Apps (dApps)<\/h3>\n\n\n\n

Decentralized apps look and feel exactly like regular apps. They\u2019re more efficient, data-private, and don\u2019t face downtime issues. Almost every functionality imaginable today has a decentralized alternative that\u2019s either fully functional or in active development.<\/p>\n\n\n\n

Ethereum is, by far, the biggest dApps development platform hosting more than 3000 functioning apps on more than 5000 smart contracts. Second place only hosts 10% of that number.<\/p>\n\n\n\n

\ud83c\udf70 Initial Coin Offerings (ICOs)<\/h3>\n\n\n\n

Every new coin needs investors to buy into the project and raise money to get the word going. The initial launch is called the ICO, and Ethereum is one of the largest currencies that conducted an ICO. Since ETH came with its own scripting language,  raising funds through digital, enforceable contracts became super simple.<\/p>\n\n\n\n

This ease of development and flexibility, combined with the rising market cap of Ether and a desire by early stakeholders to re-invest in the Ethereum ecosystem, made Ethereum the platform of choice for crypto-asset entrepreneurs.<\/p>\n\n\n\n

(More techy info on ICOs here<\/a>.)<\/p>\n\n\n\n

\ud83c\udf52 The Cherry on Top<\/h2>\n\n\n\n

Ethereum isn\u2019t some uncontested, unchallenged god of crypto. (That\u2019s Bitcoin).<\/p>\n\n\n\n

There\u2019s a lot of competition now. Cardano, Solana, Algorand, and other altcoins quickly catch up to Ethereum with shinier and more efficient protocols. But no one has come close to #2 in market cap, even in the bear market.<\/p>\n\n\n\n

Ethereum is the healthy kid, growing fast. With PoS coming in soon, only time will tell if puberty hits it hard.<\/p>\n\n\n\n

Until then, Happy 7th ETH! We\u2019re proud of you!<\/p>\n\n\n\n

FAQs<\/h2>\n\n\n
\n
\n
\n

What is Ethereum birthday?<\/h3>\n
\n\n

Ethereum’s birthday is celebrated on August 1st. In 2023, Ethereum marked a significant milestone by turning 8 years old. The celebration of Ethereum’s birthday is not only a recognition of its creation but also a commemoration of its impact on the blockchain and cryptocurrency ecosystem.<\/p>\n\n<\/div>\n<\/div>\n

\n

When was Ethereum founded?<\/h3>\n
\n\n

Ethereum was conceived in 2013 and officially went live on 30 July 2015. It was founded by Vitalik Buterin, Gavin Wood, Anthony Di Iorio, Joseph Lubin, Mihai Alisie, and Charles Hoskinson as a blockchain platform for decentralized applications (DApps) and smart contracts<\/p>\n\n<\/div>\n<\/div>\n

\n

Is Ethereum a good investment?<\/h3>\n
\n\n

Ethereum can be a good investment option, but it’s important to conduct thorough research, assess your risk tolerance, and consider your financial goals before making any investment decisions. Diversification and staying informed about market conditions are key strategies for successful cryptocurrency investments.<\/p>\n\n<\/div>\n<\/div>\n

\n

Who is the main founder of Ethereum?<\/h3>\n
\n\n

The main founder of Ethereum is Vitalik Buterin. He is widely recognized as the visionary behind Ethereum, having conceived the idea in 2013 and played a pivotal role in its development and success. Vitalik Buterin is a prominent figure in the blockchain and cryptocurrency space and is considered the de facto figurehead for Ethereum<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Today is when the world\u2019s biggest altcoin turns 7! Ethereum has been the talk of the town ever since it launched back in 2015. It has spearheaded or contributed to every significant blockchain revolution that many of us invest in. So, we\u2019d like to take this opportunity to give it the appreciation it deserves. What […]<\/p>\n","protected":false},"author":77,"featured_media":21364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[460,6153],"tags":[1882],"class_list":["post-21360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-explainer","tag-altcoins"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-07-22T13:28:55+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Praniket Nayka\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/praniket\/\",\"sameAs\":[],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4b22173b861c31fe922bbaf46c336561?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","key_takeways":false,"youtube_vodeo_url":"","seo":{"title":"7 Slices of Ethereum Birthday Cake | CoinSwitch","keywords":"Ethereum","description":"The 7th birthday of Ethereum, a decentralized blockchain with smart innovative capability and a crucial cryptocurrency for CoinSwitch\u00a0users! ","canonical":"https:\/\/coinswitch.co\/switch\/crypto\/7-slices-of-ethereum-birthday-cake\/"},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"Beginner","post_author":[77],"guest_author":false,"hide_toc":true,"select_disclaimer":"Article Default Disclaimer"},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=21360"}],"version-history":[{"count":12,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21360\/revisions"}],"predecessor-version":[{"id":36814,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21360\/revisions\/36814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/21364"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=21360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=21360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=21360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}