Ethereum celebrated its fourth anniversary from Genesis Block on July 31, Japan time. Initially attracted attention as a smart contract platform with a high degree of freedom different from the difficult structure and bitcoin (BTC) script, but can it be launched in the first place? There was much skepticism.
Ethereum’s ICO has been held for approximately 40 days since May 2014, and 31,529 BTC has been raised. Bitcoin was hovering at 63,000 yen at the time, so it was a successful lye to raise about 2 billion yen. In May 2015, the Bug Test Olympics launched Frontier as the official main net on July 31, 2015.
In November of the same year, the ERC20 token, a standard that defined the rules that should be implemented at least as tokens on Ethereum was proposed and is still widely used today. Homestead, which will then be a stable version, was released on March 2016. Gas costs and transaction adjustments have made contract deployments common, and ICOs using Ethereum contracts for the end of 2016 have exploded in popularity.
Although eth control that hackers were supposed to get with this hard fork was safely returned, the “Ethereum Classic” faction was born in support of the discarded former chain by performing a hard fork to overturn Ethereum’s invariants. Eth of the original chain is an invalid ETH on Ethereum, but it continues to exist today by the Chinese miner who has noticed that it is worth as ETC, and the miner “supported for sale” as a virtual currency separate from ETH.
The new ETC created by this hard fork is the same hash function used to the hard fork, although it is an invalid ETH, so if you send the ETC Eth remittance also replayed” the exchange experienced the damage caused by the replay attack for the first time. The unprecedented division of community and resources has led to an incident that has learned a lot not only from Ethereum but also to the entire blockchain.
When replay protection is not implemented, etc and ETH are reflected in the exchange even if only ETC is transferred, and eth which does not exist is sold. It was possible to sell ETH which did not exist by the means of sending ETC back again.
In this way, Ethereum, which forms the current huge ecosystem, has been able to dramatically improve security by experiencing the difficult year of 2016. While these attacks and contract vulnerabilities have been a major disaster for Ethereum in the early days, a strong ecosystem that can take advantage of these experiences is one of Ethereum’s most important strengths.