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Anthony Di Iorio, now a well-known serial entrepreneur, had organized the get-together, having recently heard the gospel about the then-little-known cryptocurrency and become a convert. Concerned about the health of the financial system, he sold his Toronto rental properties, purchased some bitcoins and was looking for like-minded people to share his newfound zeal.
Di Iorio created the event on the site Meetup. One pale and gangly attendee said no thank you to the beer, pub food and most social interaction. His name was Vitalik Buterin and he was a first-year student at the University of Waterloo in southwestern Ontario, where he was studying computer science. There was no real conversation with him.
The year before with a friend from Romania, he had founded the print publication Bitcoin Magazine. Buterin was building a name for himself among the cryptocurrency community.
A few months after that gathering in Toronto, he dropped out of university to travel the world and write for the magazine full time. A year later, Di Iorio was still hosting the meetings, though at a different venue with more space for a bigger crowd and a projector. But now when Buterin came, he talked about a new idea.
Bitcoin had made it possible to send money around the world with no fees, banks or governments required; he had come up with a way to apply that idea to everything else and usher in Web 3. A farmer in Iowa could instantly collect on an insurance contract that promised to pay him a certain amount in the event rainfall failed to reach an agreed-upon level in a season. People could earn money by renting out their hard drives to a decentralized cloud storage service such as Dropbox.
Buterin proposed building a new blockchain-based system called Ethereum with a programming model developers would find familiar, easy to understand and facilitated by a coding language capable of theoretically solving any computational problem. Ethereum had the potential to eliminate the need to trust a single company, person or government to keep massive amounts of money and data safe and secure. Like Di Iorio, he was looking for a new project to invest in. After reading a white paper Buterin wrote on Ethereum in , he realized he had found it.
And the shaking, awkward teen would emerge as a respected world leader in cryptocurrency. But first he had some work — and some learning — to do. His parents moved to Toronto from Moscow in , just before his sixth birthday. By then, Buterin had already taken to computers, playing with Excel on an old PC at the age of four. His father, Dmitry Buterin, remembers his son writing a complex document called the Encyclopedia of Bunnies at the age of seven.
Years later when Buterin told his father he was thinking about dropping out of university to travel the world and learn about Bitcoin, Dmitry says he was all for it.
If you stay, you will have a very nice, guaranteed job at Apple, Google, whatever. But you will learn so much more than you learn in university.
Buterin released the Ethereum white paper in November that same year and had a founding team in place a few weeks later. The team consisted of Di Iorio, Bitcoin Magazine co-founder Mihai Alisie, Amir Chetrit — whom he had worked with in Israel on a Bitcoin project called ColoredCoins — and Charles Hoskinson, an American mathematician who had founded an initiative to bring cryptocurrency to the mainstream called the Bitcoin Education Project.
At 38, Di Iorio was the oldest by about a decade. By January , the time had come to meet face to face. Everyone bought plane tickets. The team rented a house full of bunk beds in Miami in advance of the North American Bitcoin Conference and got to work building the Ethereum project and, just as importantly, spread the gospel.
Gavin Wood, a programmer from the U. By the time he got to the house in Miami in late January, he was ready for some intense coding sessions with fellow developers.
Instead, he found a party. The Bitcoin community was feeling rich. With its virtual token called Kin, Kik thinks it's found a new way to monetize the Internet that could challenge Facebook, but entering the frothy world of initial coin offerings comes with some big risks. They were on the lookout for the next big thing to invest in. A lot of them were looking at Buterin and seeing dollar signs. Buterin may not have matched the image of a typical businessman, but he did fit another stereotype: The prospect of getting in early with the next Steve Wozniak or Mark Zuckerberg was highly appealing.
One night at the conference, Buterin gave a talk where he laid out his vision, wearing a black Ethereum T-shirt and speaking in an intense monotone. He received a standing ovation and was greeted by a lineup of people waiting to talk to him as he left the hall. With buzz building and dozens of people flowing through the rented house in Miami daily, Ethereum officially added three more founders: Wood, Joseph Lubin and developer Jeff Wilcke.
Lubin, who had previously run a hedge fund and worked at Goldman Sachs, remembers worrying that some people were getting a bit carried away. At age seven Buterin created the encyclopedia of bunnies, a 'whole universe populated by bunnies, but it's all governed by very strict formulas'. Taking money from unaccredited U.
Securities and Exchange Commission. As a result, the founders decided to wait instead of starting a crowdfunding sale shortly after the conference.
They hired lawyers to scrutinize the offering. They registered a corporation in Switzerland, which had a friendlier attitude than most countries towards a project with the potential to actively undermine legal and financial systems.
They had long, agonizing debates about whether Ethereum should be modelled after Google, a giant for-profit corporation, or Mozilla, the not-for-profit foundation that makes the open-source Firefox browser. As the weeks dragged on, tensions between the founders grew. The programmers and businessmen split into factions, with accusations flying about various people not pulling their weight.
Di Iorio and Lubin were paying for costs out of pocket as the project went longer and longer without outside funding. Di Iorio says the idea of turning Ethereum into a not-for-profit was outrageous on multiple levels. After all, he had stepped away from a promising startup and loaned the project hundreds of thousands of dollars on the understanding the team would use it to build an Internet juggernaut such as Google, not accept charitable donations.
Plus, it rubbed him the wrong way on an ideological level. Chetrit left as well, worried about the very real possibility they would all end up in jail for securities violations.
But in the early days of the project, he remembers feeling like he needed to rely on the expertise of people on his team with more experience. After getting his way in Zug, he discovered the fate of the project rested on his shoulders. It had racked up massive debts for lawyers, travel and corporate registrations. Instead of selling equity or debt, Ethereum offered a product: Ether, the Bitcoin-like cryptocurrency built into the platform.
In order to avoid overloading the system and incent developers to write efficient code, all transactions and applications built on Ethereum require ether to run. For the first two weeks of the crowd sale, Ethereum sold 2, ethers for the price of one bitcoin, but the price increased after that.
On the day before the price increased, the founders were separated in locations around the world, but they were all glued to the same link on their phones and computer screens. Repeatedly hitting refresh on the Bitcoin account where they were accepting the funds, they watched the line chart spike.
Buterin was visiting a friend in Waterloo, Ont. Ether is designed to be a functional token for people using Ethereum, not a currency such as bitcoin or a real asset like gold. However, anyone who purchased ether during the crowd sale has done extremely well if they held on to it. It has since fully recovered.
Ethereum has a lot going for it in terms of hype, potential and market value, but it has yet to change the world. The experiments being conducted by major companies and banks have mostly been restricted to tests and proofs of concept. He says everyone just needs to be patient.
He fidgets with the tag on a tea bag as he thinks about what he would have done differently if he could go back in time and do it all over again. Jeff Wilcke is the only original founder who is still working directly with Buterin at the Ethereum Foundation. The rest have started their own companies or are working as consultants, using Ethereum to build applications for businesses and consumers.
Buterin says it never made sense for Ethereum to be run by a profit-maximizing corporation, since the point of the platform is to remove control of the web from centralized, self-interested powers.
Like he did at the talk he gave in Miami three years before, he wore a black Ethereum T-shirt, spoke in an intense monotone and attracted a rapt crowd of fans.
The future may be decentralized, but for now, Buterin is calling the shots. Bitcoin makes it possible to send money around the world with no fees, banks or governments required.
Buterin, now 23, has upped the ante envisioning a way to apply that idea to everything else and usher in Web 3. Vitalik Buterin is the co-creator of Ethereum, a blockchain-based cryptocurrency that works with financial transactions that Bitcoin cannot handle.
Anthony Di Iorio, pictured centre speaking to employees via an iPad. Di Iorio, an early Bitcoin enthusiast, was one of the first to get excited and onboard with Ethereum. At age seven Buterin created the encyclopedia of bunnies, a 'whole universe populated by bunnies, but it's all governed by very strict formulas' Dmitry Buterin, Vitalik Buterin's father. We thought it was possible we would land at JFK on a certain day and the FBI would tackle us to the tarmac As a result, the founders decided to wait instead of starting a crowdfunding sale shortly after the conference.