As the foundational infrastructure of the blockchain industry, public chains remain an indispensable topic in the crypto space. Over generations of development and evolution, public chains have catalyzed explosive growth in ecosystems like NFTs, DeFi, GameFi, and the metaverse. In turn, these thriving sectors have propelled public chains to new heights of value and functionality.
Since its inception in 2013, Ethereum has grown over eight years into the dominant "King of Public Chains." What milestones define its辉煌 (glory)? What lies ahead post-Merge? Let’s explore Ethereum’s past, present, and future.
Origins: The Birth of Ethereum
In late 2013, 19-year-old Vitalik Buterin shared a whitepaper with peers, proposing a new Bitcoin variant designed for通用编程语言 (general-purpose programming). This platform would enable diverse applications—social networks, trading systems, games, and more. Originally a Bitcoin developer, Vitalik pivoted to Ethereum after his proposal for a scripting language on Bitcoin was rejected.
The whitepaper quickly ignited excitement across the Bitcoin community. Despite initial doubts about its漏洞 (flaws), the idea garnered widespread acclaim, attracting collaborators eager to join Vitalik’s vision.
Key early steps:
- 2014: Ethereum’s yellow paper release finalized its prototype design.
- 2015: The Frontier launch marked Ethereum’s public debut using PoW consensus.
- 2016: The Homestead upgrade introduced stability and the "difficulty bomb" to incentivize future PoS transition.
Ethereum’s Evolution: Key Upgrades
1. The DAO Hack and Hard Fork (2016)
A $150M crowdfunded project, The DAO, was hacked, leading to a社区分裂 (community split). The hard fork resulted in two chains: Ethereum (ETH) and Ethereum Classic (ETC).
2. Constantinople and the Ice Age (2019)
This upgrade activated the difficulty bomb, forcing the network toward PoS by progressively slowing block production.
3. The Merge (2022)
Completed on September 15, 2022, Ethereum transitioned to PoS, slashing energy use by 99.95% and setting the stage for future scalability solutions.
4. Upcoming: Surge, Verge, Purge, Splurge
- Surge: Sharding to enhance TPS and reduce fees.
- Verge: Verkle trees for optimized data storage.
- Purge: Streamlining storage to cut node requirements.
- Splurge: Minor upgrades ensuring smooth transitions.
Ethereum’s Vision and Achievements
Why Upgrade to Ethereum 2.0?
- Scalability: Daily transactions surged 1300x since launch, demanding higher throughput.
- Competition: Rival chains threaten Ethereum’s dominance unless it addresses high fees and low效率 (efficiency).
Milestones:
- Ecosystem Dominance: Hosts 50%+ of all DeFi TVL, with giants like Uniswap and Aave.
- Institutional Adoption: ETH成为 (became) a preferred asset for both retail and institutional investors.
- Technical Leap: PoS transition proved skeptics wrong, showcasing Ethereum’s adaptability.
Post-Merge Roadmap
Vitalik’s focus shifts to scalability:
- Layer 2 Solutions: Networks like Optimism and Arbitrum reduce fees while leveraging Ethereum’s security.
- Sharding: Expected by 2023–2024, this upgrade will boost capacity 100–1000x, enabling cheaper transactions.
👉 Explore Ethereum’s Layer 2 solutions
FAQs
Q: What changes after the Merge?
A: PoW mining ends; validators now secure the network with staked ETH, cutting energy use dramatically.
Q: When can staked ETH be withdrawn?
A: Post-Shanghai upgrade (6–12 months post-Merge), stakers unlock principal and rewards.
Q: How does sharding improve Ethereum?
A: By splitting the blockchain into 64 chains, it parallelizes transactions, increasing speed and reducing costs.
Q: Is Ethereum still decentralized post-Merge?
A: Yes—PoS enhances decentralization by lowering hardware barriers for validators.
Conclusion
Ethereum’s upgrades herald a new chapter for public chains, tackling scalability, fees, and sustainability. With the Merge behind us, the focus turns to sharding and Layer 2 innovations—each step fortifying Ethereum’s role as the backbone of Web3.