On July 30, 2015, Vitalik Buterin, Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin successfully launched the Ethereum mainnet blockchain.
Today marks the 8-year milestone of the Ethereum blockchain’s existence, during which this public network has completed over 2.05 billion transactions.
As of now, there are a total of 66.12 million Ethereum addresses, with 47.2 million Ethereum coins (ETH) in supply.
Throughout its 8-year journey, the Ethereum network has faced technical challenges and encountered various bugs.
However, thanks to the diligent efforts of the Ethereum community developers, these challenges have been met head-on, allowing the network to thrive and surpass other competing networks.
Ethereum, the second largest cryptocurrency network after Bitcoin, currently holds the position as the second most trusted public crypto network.
Ethereum’s dominance has seen it emerge as the leading cryptocurrency network, despite rivals like Cardano (ADA), Solana (ADA), and Polkadot (Dot) attempting to compete.
Currently, Ethereum mainnet network fees range from $7 to $30, depending on the nature of the DeFi trade and specific token transactions.
In response to the challenge of high network fees, the Ethereum developers made a crucial move in September of the previous year, transitioning the Ethereum blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus.
According to Ethereum co-founder Vitalik Buterin, achieving the optimal efficiency for the Ethereum blockchain on PoS consensus will require approximately 3-6 years of effort.
With this strategic shift and the unwavering dedication of the Ethereum community, the network is poised to realize its full potential in the coming years.
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