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More Grayscale research papers and investment theses are available at: www.grayscale.co/insights 04|19 By integrating programming capabilities directly into the Ethereum protocol, developers all over the world would be able to design a new class of decentralized applications hosted on a public blockchain with payment automation using ETH. Through the use of smart contracts, applications built on Ethereum could automate the transmission of information and value under dynamic conditions, enabling tailored business models for a new Internet economy, or Web 3.0.12 After joining forces with Mihai Alisie, Amir Chetrit, Charles Hoskinson, Anthony Di Iorio, Dr. Gavin Wood, Joseph Lubin and Jeffrey Wilke in late 2013 and early 2014, Buterin and his colleagues founded Ethereum. Shortly thereafter, Dr. Wood coded the first functional implementation of Ethereum and detailed the technicalities of the protocol, including the Ethereum Virtual Machine (EVM) and smart contract programming language, Solidity, in the yellow paper. On a parallel path, two entities were formed and tasked with overseeing development of Ethereum: EthSuisse, the for-profit arm established in February 2014, and the Ethereum Foundation, its non-profit counterpart established in July 2014. At network inception on July 30, 2015, 72 million ETH were created and allocated based on the approximate $18 million USD that was raised in an initial crowdsale, conducted between July and August 2014.13 Coinciding with the network launch, it was decided that EthSuisse would be dissolved, designating the Ethereum Foundation as the sole organization dedicated to accelerating adoption and usage. FIGURE 2: ETH SUPPLY ALLOCATION AT INCEPTION14 4.17% (3 million) 8.33% (6 million) 4.17% (3 million) 83.33% (60million) Initial Distribution ETH sold to the public Ethereum Foundation Retained for operational costs Ethereum Developers ETH distributed amongst 85 individuals who contributed to the Ethereum Project Developer Purchase Program Enabled some members of the Ethereum Foundation to purchase ETH at initial crowdsale prices. 12. Smit Maurya. “Embracing Web 3.0: The New Internet Era Will Begin Soon.” Hacker Noon. January 22, 2019. https://hackernoon. com/embracing-web-3-0-the-new-internet-era-will-begin-soon-630ff6c2e7b6. 13. Amy Castor. “The Ethereum ICO: Where did all the tokens go?” The Block. December 18, 2018. https://www.theblockcrypto. com/2018/12/18/the-ethereum-ico-where-did-all-the-tokens-go/. 14. Ibid. 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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