ETH10X - Celebrating a Decade of Innovation Alongside Ethereum’s Co-Founders!

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2024 marks the 10-year anniversary of the Ethereum Foundation’s incorporation in Zug, the heart of Crypto Valley. To celebrate this monumental milestone, the official ETH10X Celebration took place on the second day of CV Summit 2024. ETH10X was hosted by the Canton of Zug, Stadt Zug, the Swiss Blockchain Federation, CV VC, CV Labs, Bitcoin Suisse, MME, Zuger Kantonalbank, and Safe. During ETH10X, the Ethereum co-founders were presented with an inaugural ‘Swiss Blockchain Award’ in the category ‘Lifetime Achievement’ for their contributions to the Swiss and global economy. 

With a packed auditorium, attendees were ready for the exciting evening ahead. Guests were treated to insights on Ethereum's industry impact from Crypto Valley’s pioneers, the history and future from the perspective of Ethereum’s co-founders, speeches from government officials, and an awesome afterparty with lively conversations and a DJ keeping the party going all night long.

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Industry Pioneers on the Impact of Ethereum

To kick off the celebration, MC Dan Ram invited some of Crypto Valley’s industry leaders to the stage to share reflections on the impact Ethereum has had on their respective fields over the years.

CV VC’s, Mathias Ruch expressed his gratitude to the pioneers of Ethereum for their “visionary work and the pivotal role in building a technology ecosystem with global impact, from the heart of Crypto Valley.” As a founder himself, Mathias referenced Ethereum's influence on the blockchain industry, as it “set the foundation for a flourishing sector that continues to position Switzerland as a world leader in blockchain innovation.” 

MME’s Luka Müller spoke of how Ethereum’s beginning in Switzerland ignited the broader Swiss blockchain and related services industry. As one of Switzerland’s leading legal services providers, Luka explained that MME’s attention immediately shifted to the blockchain industry after Ethereum came along. Additionally, he recounted that Ethereum and its co-founders brought the know-how and tech, to which the authorities reacted and began to create a legal framework to support the newly emerging blockchain technology ecosystem.

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Andrej Majcen, co-founder and CEO of Bitcoin Suisse, reminisced about his first experience with the Ethereum pioneers. He joked about how the founders entered the Bitcoin Suisse offices looking to exchange Bitcoin for fiat currency to pay their bills! Andrej Majcen’s unwavering support for Ethereum is evident, as he labeled the foundation of Ethereum as “the beginning of the revolution.”

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Zuger Kantonalbank’s Jan Damrau acknowledged how Ethereum ignited the spark within the bank. Jan explained that, operating in the birthplace of Ethereum, Zuger Kantonalbank became one of the first state banks to shift its attention to the new world of digital finance.

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Safe’s co-founder Lukas Schor shared nothing but praise for Ethereum. He highlighted that “without Ethereum, Safe would not exist,” contributing the success of Safe to the foundation laid by Ethereum. Furthermore, Lukas recognized that Ethereum’s bold decision to establish itself in Switzerland is evidence that Switzerland offers the tools and framework needed for startups to thrive, stating,

“It’s good to see that you don’t need to move your project to Silicon Valley. We have everything we need to build a successful startup right here in Switzerland.”

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The History of Ethereum - Insights from Co-Founder Mihai Alisie

After hearing from those who witnessed Ethereum's evolution from the outside, it was time to listen to what the early days as an Ethereum co-founder were like. Mihai Alisie took the audience on a trip down memory lane, looking at how it all started with unseen footage of the early days of Ethereum in Switzerland.

Mihai Alisie opened his speech by expressing deep gratitude to key individuals who helped shape Crypto Valley, acknowledging the welcoming attitude of the Crypto Valley community. Alisie recounted the story of Ethereum, beginning with a flight from Barcelona in 2014, setting the stage for Ethereum's origin story. 

On this flight, Mihai was asked what the best-case scenario of Ethereum’s incorporation would be. He envisioned Ethereum’s success and its potential to create a broader ecosystem and came up with a meme. Because if the US can have its Silicon Valley, then we can create a ‘Crypto Valley’. And thus, the term was born!

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Reminiscing about the Ethereum journey, Mihai showed previously unseen snapshots of the early team arriving at the airport, finding their first apartment, using windows as whiteboards during brainstorming sessions, and more! He expressed the passion and energy amongst the early team members, even though the question of whether the project would take off was still unanswered.

During his on-stage presentation, Mihai mentioned the potential risk of the project failing, expressing concerns that "at times, we wondered if we were in a bubble—living and breathing Ethereum all day—caught in an echo chamber." However, after an incredibly successful token sale, these doubts were swiftly dispelled.

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Mihai concluded his presentation with optimism, expressing excitement for the future of blockchain and crypto, stating that “We are lucky to be living these days because they are among the most exciting times, big problems but also big technologies can be used as solutions.” He left the audience with the hopeful message that technology can help build solutions and a better future, saying,

‍"I'm not sure what this crypto world is going to look like or what it's going to be, but we are lucky to be living these days because they are among the most exciting times, big problems but also big technologies can be used as solutions."

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The Future of Ethereum - Insights from Co-Founder Vitalik Buterin

During his video presentation, Vitalik Buterin enthralled the audience with an empowering, fact-filled presentation on Ethereums’s current progress and future focus.

To begin, Vitalik highlighted the development of applications being built on Ethereum and how much progress has been made over the past decade. Vitalik highlighted EtherTweet, which was an early decentralized social media platform built in 2015 and offered very limited functionality. Fast forward to 2024, the Firefly platform is fully fleshed out, offering a user interface resembling Web2 applications such as Twitter, Facebook, and more. These innovative platforms demonstrate how Ethereum and blockchain no longer cater to a sole Web3 audience, but instead have a simple user interface for everyone.

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Similarly, Vitalik compared some key metrics and issues on the blockchain, such as fees, transaction times, and wallet security. In the early days, Ethereum struggled to solve some of these issues, with fees ranging from one to five dollars and a transaction time of up to an hour. Nowadays, the fees are often less than $0.01 on some Layer 2s, with transaction times of up to 20 seconds on Layer 1s and a second on Layer 2s. Furthermore, security has seen rapid developments, with 2019 only having an Externally Owned Account as a security option. Now, the Ethereum and wider blockchain ecosystem offers a variety of options to secure your assets, such as smart contract wallets, application keys, and more.

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Looking ahead, Vitalik identified some potential areas that could see further growth and adoption of blockchain, such as prediction markets and voting systems. Prediction markets have been on Ethereum since 2015, but they lacked maturity and variety for those interested. Now, in 2024, Polymarket has taken the industry by storm, offering markets on a variety of topics with a more smooth-lined user experience. What’s next for 2034? Vitalik expressed his interest in the capabilities of AI and micro-predictions, but unfortunately, he didn’t have an answer yet!

Lastly, Vitalik further discussed potential areas that are rife for improvement, which may lead to mass adoption of Ethereum and blockchain. Vitalik acknowledged that we need to “combine the user experience quality of Web2 with Web3 values of user sovereignty” to really break the mold. However, Vitalik was adamant that builders shouldn’t simply replicate Web2 but instead speed ahead of it and build the future of tomorrow!

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How Switzerland Embraces Ethereum: Insights from National and Local Authorities 

The ETH10X Celebration focused on commemorating Ethereum's impact both in Switzerland and on a global scale. The Swiss authorities, as well as the cantonal and local governments of Zug, demonstrated their appreciation of Ethereum’s achievements with speeches from Switzerland’s Karin Keller-Sutter (Vice President of the Federal Council & Finance Minister), André Wicki (Mayor of Zug), and Heinz Tännler (Finance Director, Canton of Zug)

In her address, Karin Keller-Sutter, Vice President of the Federal Council and Finance Minister, shared a powerful message. Welcoming the founders to Switzerland, she said: "You are in the right place at the right time. Blockchain technology is at a critical juncture, and so is the ecosystem here. Will blockchain be the core infrastructure of the future financial system, and will Switzerland be at the heart of it?".

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André Wicki, the mayor of Zug, recognized Ethereum’s birthday by bringing a birthday cake on stage to celebrate the momentous anniversary! During his address, He attributed Zug’s position as the leading crypto hub globally to Ethereum and the project’s impact on the Swiss ecosystem. Shifting to a more holistic perspective, André shared how the fascination with technological developments has become part of Zug’s DNA, and the goal is to continue to be a leading force, showing others that bold decisions pay off.

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Finance Director of Zug, Heinz Tännler, seconded the opinions shared by those before him, recognizing that the companies that succeed are those that bring innovation. He referenced the inspiration created by the Ethereum pioneers who pushed the boundaries of technology and helped create what is globally known as Crypto Valley. Heinz expressed optimism for the future, believing that “with the blockchain revolution happening right on our doorstep, we have the chance for the next generation of global players to be born here in Switzerland.”

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Former Swiss Presidents in Attendance

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The strong political presence at the event evidently demonstrated the strong connection between Ethereum and its Swiss DNA. Former Swiss presidents Johann Schneider-Amman and Ueli Maurer attended the ETH10X Celebration, and Heinz Tännler thanked them for their commitment to ensuring blockchain’s developed position in Switzerland.

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And the Award Goes to… Ethereum!

After the inspiring presentations and speeches, it was time to present the Ethereum co-founders with their well-deserved awards. We were excited to welcome Mihai Alisie, Charles Hoskinson, and Anthony di Iorio on stage to accept their awards in person. Patrick Storchenegger (PST Legal & Consulting) and Bill Laboon (Polkadot) accepted the awards on behalf of Vitalik Buterin and Gavin Wood, respectively. Presented by the industry leaders, the lifetime achievement awards symbolized Ethereum's impact in Switzerland and the global ecosystem. 

Vitalik Buterin, Co-Founder of Ethereum - “Thank you very much for the kind award. I really appreciate everything that you guys have done in Zug, to create this environment that has made it possible for Ethereum to be born and to grow.”

Mihai Alisie, Co-Founder of Ethereum - “The Swiss Government has decentralization in its DNA, celebrating blockchain, celebrating innovation & being a beacon of hope and inspiration, walking the talk. That’s to be applauded - to set an example for many other countries to follow. Thank you for believing in us. I am honored and grateful to receive this award.”

Charles Hoskinson, Co-Founder of Ethereum - "Thank you to Switzerland for taking a chance on us."

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A Heartfelt Thank You to Ethereum

As Karin Keller-Sutter poignantly concluded in her address at ETH10X, “A frame without a picture is just a rectangle, so it is up to you to fill the frame—to create, test, succeed, fail, and try again. It needs the openness and willingness of the authorities to embrace it, and it needs you to take blockchain technology to the next level.”

Ethereum has done just that—it has filled the frame of blockchain’s potential, becoming much more than a technological marvel. With a global market cap nearing $400B and over 115 million token holders, Ethereum is a public system driving positive change worldwide. Here’s to the next decade of innovation and impact. Thank you, Ethereum.

The impact that Ethereum has had on Crypto Valley, and on a global scale, is astounding, and many of us would not be living the lives we are today without the invention of Ethereum. Ethereum is more than a blockchain; it is more than a technology. It is a global system of people and organizations built for the public good, and it has already secured billions in economic value. 

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CV VC and CV Labs say a big thank you to all those who attended and to our partners for making not only this event possible but also for driving blockchain as an industry in Switzerland. Thank you Kanton Zug, Stadt Zug, Swiss Blockchain Federation, Bitcoin Suisse, MME, Zuger Kantonalbank, and Safe.

Want to learn more about CV Summit 2024? You can find all exclusive insights from the two-day conference in our recent blog post. Uncover the latest trends and hear insights from innovators building in the Crypto Valley and globally.