Since the beginning of Bitcoin, the blockchain has always been dominated by "consensus", not just interests. On January 3, 2009, Satoshi Nakamoto mined the first block of Bitcoin, the Genesis Block, on a small server in Helsinki, Finland. Since then, a series of "Bitcoins" have been born: Chinese Wu Jihan and Li Qiwei dominate Bitcoin Cash and Litecoin respectively. The community operates Dogecoin as a joke. Craig Wright, an Australian computer expert who claims to be "Satoshi Nakamoto", dominates Bitcoin SV, and there are more unknowns.Ethereum seems to be following a similar path: different consensus communities operating different blockchains. On July 22, 2014, the Ethereum Foundation launched an ICO and raised 31,529.356,395,51 BTC in 42 days, which was worth approximately US$18 million at the time, with an average price of US$0.3. Ethereum is born. On July 30, 2015, the first block was born on the Ethereum mainnet (currency symbol: ETH), using the same POW consensus mechanism as Bitcoin. The difference between ETH and BTC is that 72,009,990.49948 ETH was initially issued in the first block of Ethereum instead of starting from 0. Among them, 60,108,506.26ETH was allocated to ICO participants, and another 11,901,484.239480ETH was paid to the Ethereum Foundation, which means that from the moment of creation, there were 72,009,990.49948ETH in Ethereum. Ethereum Classic is born. On July 20, 2016, the Ethereum Foundation forked to help users recover their losses due to the TheDAO hacking incident, and abandoned the Ethereum mainnet containing hacker attack data. With community support, the Ethereum mainnet continues to operate without a fork and is renamed Ethereum Classic (currency symbol: ETC). Ethereum PoW is born. On September 15, 2022, the Beacon Chain developed by the Ethereum Foundation "merged" (actually copied) the Ethereum main network data, including all accounts, balances, smart contracts, blockchain status and currency (ETH). The PoW consensus mechanism was abandoned by the Ethereum Foundation. With the support of the community, the Ethereum mainnet of the PoW consensus mechanism (unmodified data/contract code) continues to operate and is renamed Ethereum PoW (currency symbol: ETHW). Since then, three "Ethereums" have existed at the same time. They are: - Ethereum, the PoS consensus chain led by the Ethereum Foundation；
- Ethereum Classic, TheDAO hack incident forked chain；
- Ethereum PoW, a PoW consensus chain operated by the Chinese community.
Before September 15, 2022, Ethereum PoW, as the Ethereum main network, has been officially launched for more than 8 years, creating two bull markets of ICO and DeFi. It has mature technology. Although it was abandoned by the Ethereum Foundation, it has the potential to be great again. The series of Web 3.0 development policies introduced by Hong Kong are an opportunity for Ethereum PoW to become the Chinese Ethereum. We look forward to developers and innovators taking the path of compliance, creating large-scale blockchain applications in Hong Kong that go beyond speculation, and welcoming the era of 1 billion crypto users around the world.
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