On 30 July 2015, "Frontier" marked the official launch of the Ethereum platform, and Ethereum created its "genesis block". The genesis block contained 8,893 transactions allocating various amounts of ether to different addresses, and a block reward of 5 ETH.
When Ethereum launched, it introduced its native token, Ether (ETH), with a groundbreaking approach. During its initial crowdsale in 2014, Ethereum sold 60 million ETH at a rate of about 2,000 ETH per Bitcoin. This ICO raised over $18 million.
The initial distribution was designed to support the network’s growth and development. 72 million ETH were pre-mined for the initial sale and the Ethereum Foundation, while the rest would be mined over time. This setup aimed to provide early funding and incentivize development while ensuring that ETH continued to be distributed through mining (unlike the current POS chain).
It’s crazy to see how much the smart contract space has grown in the last 9 years! Crypto is one hell of a ride.
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