From Science Daily:
The Earth is 4,500 million years old. Microbial life has probably thrived in the oceans for most of that time. However, until about 2,300 million years ago, the atmosphere contained only traces of oxygen. During that time, some microbes in the oceans likely produced oxygen as a byproduct of photosynthesis. But the quantities they produced were insufficient to accumulate much in the atmosphere and oceans. The situation changed with the "Great Oxidation Event," 2,300 million years ago. Oxygen levels rose again around 550 million years ago. The first animals appear in the fossil record at this time, marking the beginning of an era that geologists call the "Phanerozoic."
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