Delayed last

Crypto · 58 min

How Ethereum started — ether, programs, and a fork

A classroom history: a 2013 paper, a 2014 sale, Frontier in 2015, the fork, then a merge from work to stake. Ether is fuel on a network that runs programs. It is not shares of a foundation. Look. Do not buy. Not a broker.

A dotted mark is a word. Tap it if the meaning is new.

About this pathLevel, skills, and what to read firstOpen if you want the extras. The lesson is below.

Classroom copy as of 8 September 2026.

Lessons are on. The check adds one extra scenario. Tap a dotted mark for a definition. Want the floor’s language and a harder check? How you sit is in Settings.

  • Ethereum the network is not ether the asset, and neither is shares of the Ethereum Foundation
  • The DAO fork is a record that rules can split — ETH and ETC are not a coupon
  • The Merge changed how pages are written. A technical change is not a ticket

Read first: How Bitcoin started — and how a chain of blocks got a name

0 of 6 lessons read · next lesson unlocks when you mark this one read

PathLessons in this pathTap a lesson. Locked ones wait until you mark the last one read.

Lesson 1 / 6 · 10 min · take your time

A paper about a machine that runs programs

Classroom slides

  • Swipe leftNext
  • Swipe rightPrevious
  • Hold PrevSlide one

1 / 6

Board 01

A paper about a machine that runs programs

In late 2013 Vitalik Buterin published a paper describing Ethereum: a network that would not only move a coin, but run small programs everyone can check — later called smart contracts. Nominative: that name stays with its author. We are not him. We will not turn a biography into a buy.

Next time you open this lesson

We’ll open this slide when you come back. This device remembers it.

Swipe the deck. Hold Previous for slide one. A vertical swipe still scrolls the page.

In late 2013 Vitalik Buterin published a paper describing Ethereum: a network that would not only move a coin, but run small programs everyone can check — later called smart contracts. Nominative: that name stays with its author. We are not him. We will not turn a biography into a buy.

The useful classroom split: Bitcoin’s public record is mostly “who can spend these coins.” Ethereum’s public record can also be “run this program with these arguments.” That second job is how a , a game, a vault, and a drain can live on the same chain. A program is not automatically a company. A program is not automatically .

People later said “world computer.” That is a slogan. The record is: a shared machine with a fee in its native asset, and a history of programs people actually ran. A slogan is how a 2017 sale borrowed a lab coat. We will keep the coat in the closet.

Human: the first time you hear “code is law,” remember the next lesson’s fork. Code is written by people. People disagree. Look. Do not buy. Not a broker.

See it on the board: Ether

Say it back below. Then the next lesson opens. If you leave the page, we will ask to save your spot.

Ask the Professor

LOOK DON'T BUY

Real World Markets is a classroom. We only teach — stocks, crypto, and how markets work. You can look at delayed last. You cannot buy here. We do not take orders or hold money. Not a broker. Not a CASP. Lessons are free.

Delayed public last when the feed is up — a number to look at, never a ticket. Paper results are hypothetical and have no cash value. Not a broker-dealer. Not a CASP or money transmitter. You cannot buy here.

Passing a quiz is not a qualification or a license. The Professor will not tell you what to buy. Company names and tickers belong to their owners. We draw letter marks, not official logos. Not affiliated with Apple, Nasdaq, S&P, Yahoo, CoinGecko, or CoinMarketCap.

This classroom does not give financial advice. We do not tell you what to buy, sell, or hold. A lesson, delayed last, a paper fill, a quiz, Professor Moon, and a quote on the tree are teaching — not a recommendation, not a personalized plan, and not a reason to place a live order. We only teach. Educational classroom only. Not a seller. Not a market we operate. Not investment advice, not legal advice, not an offer to buy or sell, not a broker-dealer, investment adviser, CTA, or CIRO/CSA registrant. Not a CASP, VASP, MSB, money transmitter, or gambling operator. We do not custody, exchange, or transmit crypto-assets. We do not file a license for you. Not registered with the U.S. SEC, FINRA, CFTC, NFA, FinCEN, Canada’s CSA/CIRO, or Mexico’s CNBV. Last may be a delayed public print when the feed is up, or a teaching path if it is not — never a reason to trade. Options premiums and NFT floors are teaching numbers. Paper results are hypothetical and have no cash value. World Circuit is a paper board game, not gambling and not a live market. Past or simulated performance is not indicative of future results. CFTC Rule 4.41. Third-party names stay with their owners. Letter marks, not official logos.

© 2026 Real World Markets™. Original classroom copy, software, World Circuit, and house marks are ours. ™ is our claim on the name — not a USPTO registration. See Marks.