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More Grayscale research papers and investment theses are available at: www.grayscale.co/insights FIGURE 1: ETHEREUM SUMMARY STATISTICS7 As of February 12, 2020 Asset Ether (ETH) Inception of Network July 30, 2015 Price (USD) $265.41 Market Cap (USD) $29.1 billion Circulating Supply (ETH % of Year 2050 Estimated Supply) 109.7 million / 81.2% Year 2050 Estimated Supply (ETH)8 Approximately 135.1 million Current Mining Block Reward (ETH)9 2 ETH Current Annual Inflation Rate10 Approximately 4.5% Average Block Time11 Approximately 13 seconds Market Segment Digital Currency Smart Contracts General-Purpose Platform 03|19 A Brief History of Ethereum In the following section, we will briefly cover three major periods in the history of Ethereum: (i) the events leading up to the launch of the network, (ii) the infamous hack of The DAO in June 2016 and (iii) the four planned stages of Ethereum’s recent and future development. Part 1: Prior to Network Inception (Early 2013 - July 30, 2015) Ethereum was first outlined as a proof-of-concept ‘world computer’ in the original 2013 whitepaper by Vitalik Buterin, an early Bitcoin contributor and co- founder of Bitcoin Magazine. As an early adopter of Bitcoin, Buterin developed the view that a digital currency and its associated blockchain could facilitate much more than simple P2P electronic value transfer. In pursuit of this grander vision, he set out to create a computationally complete virtual ecosystem, featuring a global blockchain and smart contract programming platform. Both would be powered by a native digital currency, ETH. 7. CoinMarketCap.com, Messari / OnChainFX. As of February 12, 2020. 8. ETH does not have max supply. 72 million ETH was created at inception and supply increases in a disinflationary fashion, with new issuance capped at 16 million ETH per year. The inflation rate will ultimately approach zero. 9. “Monetary Policy.” EthHub. https://docs.ethhub.io/ethereum-basics/monetary-policy/. 10. Ibid. 11. Ethereum Average Block Time Chart. Etherscan. February 12, 2020. https://etherscan.io/chart/blocktime. PLEASE REVIEW IMPORTANT DISCLOSURES & OTHER INFORMATION AT THE END OF THIS PAPER. ©2020 Grayscale Investments, LLCPDF Image | An Introduction to Ethereum
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