Web3 timeline
Bitcoin Whitepaper
Satoshi Nakamoto publishes "Bitcoin: A Peer-to-Peer Electronic Cash System," introducing the concept of a decentralized digital currency. This whitepaper lays the foundation for blockchain technology and cryptocurrency, proposing a system where transactions are verified by network nodes through cryptography and recorded in a public distributed ledger.
Bitcoin Network Launch
The Bitcoin network comes into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. Embedded in the coinbase of this block was the text: 'The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,' a reference to a headline in The Times newspaper.
Bitcoin Pizza Day
Laszlo Hanyecz makes the first real-world transaction using Bitcoin, paying 10,000 BTC for two Papa John's pizzas. This event, now celebrated annually as Bitcoin Pizza Day, demonstrated Bitcoin's potential as a medium of exchange and established a real-world price point for the cryptocurrency.
Ethereum Mainnet Launch
Ethereum launches its mainnet, introducing smart contracts to the blockchain ecosystem. Created by Vitalik Buterin and a team of developers, Ethereum enables developers to build decentralized applications (dApps) and introduces the concept of programmable blockchain, expanding the use cases beyond simple transactions.
CryptoKitties Craze
CryptoKitties, one of the first blockchain-based games, launches on Ethereum and quickly becomes so popular that it congests the Ethereum network. This demonstrated both the potential for NFTs (non-fungible tokens) and the scalability challenges facing blockchain networks. The game allowed users to purchase, collect, breed, and sell virtual cats.
DeFi Summer
The decentralized finance (DeFi) movement explodes with the launch of yield farming protocols like Compound. This period, known as 'DeFi Summer,' sees unprecedented growth in decentralized lending, borrowing, and trading platforms, with total value locked in DeFi protocols surging from under $1 billion to over $15 billion.
Beeple's NFT Sale
Digital artist Beeple sells an NFT artwork at Christie's auction house for $69 million, bringing mainstream attention to NFTs and digital art. This sale, titled 'Everydays: The First 5000 Days,' marks a watershed moment for the art world and cryptocurrency, demonstrating the value and legitimacy of digital ownership.
The Merge
Ethereum successfully transitions from Proof-of-Work to Proof-of-Stake consensus mechanism in an upgrade called 'The Merge.' This historic upgrade reduces Ethereum's energy consumption by approximately 99.95% and sets the stage for future scalability improvements, marking one of the most significant technical achievements in blockchain history.