Ethereum Papers book chapter
The Promise Machine
Every system is a machine. A set of rules and moving parts meant to serve its users. But there are times when the machines we use become hopelessly outdated and ineffective. The economy, the financial system, these are machines – tools – meant to circulate money around and allow people to live richer lives. But if the machine keeps pushing all the money to the top or if it breaks like it did in 1929 or 2008 or whatever year the next major malfunction occurs, then we should have a backup plan. Repairs and upgrades may not be enough. A new machine will be needed.
The origin of Ethereum starts with Block 0. The “Genesis Block” was brought to life on Jul-30-2015 03:26:13 PM +UTC. The first function of this machine was to get people to agree on a basic unit of scarcity in the form of ether or ETH. The first recorded piece of history on Ethereum sent ether to the 8,893 people who, about a year earlier, sent in bitcoin to participate in the crowdsale. Because ETH was ownable and transferable, a price was put on it. A market was created. This basic unit could flow and transform via middlemen, exchanges, and traders who converted this new thing into existing things like bitcoin, then eventually dollars and other currencies, turning ETH into tangible money. A new economic machine was born, although very basic.