Despite some volatility, Ethereum’s crowdfunding campaign has been the third most successful to date and has received coverage of the platform in many major financial publications, including The Wall Street Journal.
Before the official launch of the network, the fund developed and tested several prototypes of the code-named Ethereum platform. A version called “Olympic” was the last of these prototypes, as well as a public beta. Many early adopters hunted for system bugs and bugs as the Ethereum team decided to introduce a 25,000 Ether “bug bounty” to stress test the network.
On July 30, 2015, the first public version of Ethereum called Frontier was released. It was still a test run as it was presented in a bare bones format with a simple command line, it still allowed developers to test the environment in real time by building decentralized applications. Once the developers and auditors found the platform stable enough, they switched to the Homestead version.
The migration took place on March 14, 2016, when the Ethereum network saw its first official production release. Its emergence began to showcase the next generation of Blockchain technology, it gave developers more freedom and was much easier to use. There were also numerous technological improvements under the hood.
By this time, Ethereum had already established itself well in the cryptocurrency market. For example, the number of active Ethereum nodes was about 5100, which is especially impressive compared to 6000 bitcoins at the same time. Moreover, an increasing number of major cryptocurrency exchanges have started trading Ethereum, which in itself has rapidly increased in value. Although this is the first production release, large companies such as Microsoft and IBM are already working on projects on the Ethereum platform, as well as directly contacting Vitalik and his team for cooperation.
The next big update called “Metropolis” will be released in two parts. Its first part, Byzantium, was supposed to be released in September-October 2017, but was postponed several times. The update is intended to make the web completely user-friendly and faster, easier, and more secure than previous versions. Eventually, the final stage of Ethereum called “Serenity” will be introduced, but a rough date for its rollout has not even been set yet.