The Ethereum team raised approximately $16 million worth of BTC during the ICO campaign. The digital currency used by the participants to purchase ETH was Bitcoin. In order to fund the early stages of development, the Ethereum team sold ETH tokens in an initial token offering (ICO) that took place between June and August of 2014. The open-source cryptocurrency project was initially proposed by a Russian Canadian programmer Vitalik Buterin. Ethereum is a decentralized, Layer 1 smart-contract blockchain network that was launched in July of 2015.
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