Ethereum White Paper welcomes its 11th anniversary! From White Paper to financial backbone, how has it changed the world?

Pioneering a new era of smart contracts, redefining blockchain applications

The Ethereum White Paper was released 11 years ago, and this important document that has changed the world of Blockchain can be traced back to November 2013. At that time, Ethereum's founder, Vitalik Buterin, first revealed this revolutionary concept to the world in an email titled 'Introducing Ethereum: a generalized smart contract/DAC platform'. This document, known as the 'prototype White Paper', was formally published on the Ethereum official website after some adjustments, positioning it as a 'new generation Smart Contract and decentralized application platform'.

It is worth mentioning that this innovation was deeply inspired by Satoshi Nakamoto, the founder of the Bitcoin network, in 2009, but Vitalik further pushed the application of blockchain technology to a new level.

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Source: Ethereum White Paper

Decentralization finance is flourishing, shaking the TradFi system

After 11 years of vigorous development, Ethereum Smart Contracts have completely changed the face of fintech, becoming an important cornerstone of Decentralized Finance (DeFi). This innovation not only introduces the concept of automated execution of blockchain Smart Contracts, but also lays a solid foundation for emerging DeFi applications such as Liquidity Mining, Yield Farming, Decentralized lending, and staking.

James Wo, the founder and CEO of DFG, commented, "Decentralized Finance has successfully achieved lending and exchange services without the need for centralized intermediaries, providing a completely trustless and highly transparent alternative to traditional banking systems. This technology is gradually evolving into a new financial paradigm that can rival traditional banking systems."

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Break through technological barriers with cross-industry innovative applications.

The influence of Ethereum has long surpassed the Financial Service industry and has triggered a wave of transformation in multiple industries.

Chain4Travel CEO and CTO Pablo Castillo pointed out, "Ethereum's smart contracts have filled critical gaps in industries such as travel and tourism, especially in terms of payment and ticketing processes. In the past, these processes relied on multiple API integrations, lacking a single and trustworthy source of information. Through smart contracts, many operations that previously required manual processing can be optimized and simplified, greatly improving the user experience."

However, the Block chain network currently faces the challenge of closed Cross-Chain InteractionInteroperability, which has become an important technical issue. For cryptocurrency holders, transferring assets between first-layer networks such as Ethereum is not only costly, but may also pose security risks. This phenomenon of network decentralization is increasingly affecting user experience.

Institutions embrace security challenges and open a new chapter for the next decade

In the first decade of development, Ethereum has become home to millions of Smart Contracts and thousands of decentralized applications (DApps).

Source: DefiLlama The Ethereum ecosystem has long been home to millions of Smart Contracts and thousands of decentralized applications (DApps)

Co-founder and CTO of Chromia Blockchain, Alex Mizrahi, is optimistic about future development: "In the next decade, this trend will only accelerate. Ethereum will continue to serve as the foundation of the blockchain industry, and developers will continue to innovate and iterate on top of Ethereum. We can anticipate an increase in institutional adoption, the emergence of more mainstream application scenarios, and significant improvements in the user experience of blockchain."

However, Eskil Tsu, co-founder of the GoPlus Web3 security solution, reminded that to promote the next wave of large-scale adoption, it is crucial to enhance security measures: 'With the innovation of rollups and Sharding bringing new possibilities, the next decade will require stronger protection mechanisms and deeper education to ensure user safety.

The next generation of builders must prioritize security, which is the right path towards reaching 1 billion users." According to the investigation report of Crystal Intelligence, since June 2019, Cryptocurrency hackers have stolen nearly $19 billion in 785 incidents, highlighting the urgency of cybersecurity issues.