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Vitalik Buterin

Ethereum continues to garner fans; Ripple’s Chris Larsen calls Vitalik Buterin “a hero”

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Even though Bitcoin [BTC] has remained the top cryptocurrency, Ethereum [ETH] hasn’t been sidelined. The network continues to amass fans from the crypto-verse as well as from outside the market. Ripple’s co-founder, Chris Larsen, and prominent actress, Reese Witherspoon on separate occasions have expressed their interest in Ethereum.

Bitcoin has been the first and the largest cryptocurrency in the world. While BTC undoubtedly set high standards, the Ethereum network had different things to offer. Appearing in a recent episode of the podcast Investing in Integrity, Ripple’s Chris Larsen called out the Bitcoin community for still using the proof-of-work [PoW] algorithm. He even went on to diss Bitcoin and called it “the dirtiest” crypto asset in existence.

Larsen further stated,

“The regulators should punish this kind of nonsense. I think they should. Take away money transmitter licenses. That will get them in line.”

Furthermore, he went on to call Vitalik Buterin, the co-founder of the Ethereum network “a hero.” The reason behind this is Buterin’s decision to steer away from PoW. Additionally, he suggested that Buterin was “the smartest” person in the crypto-verse.

Ethereum’s latest fan is a movie star!

Prominent American actress, Reese Witherspoon revealed that she had just entered the crypto-verse with her latest tweet. In a recent tweet, Witherspoon pointed out that she had purchased her first ETH. Her tweet read,

Bitcoin maximalists have been dissing every other network for the longest time while embracing theirs. An array of people started pitching their coins to Witherspoon, while a few others went on to condemn ETH and the entire Ethereum network.

ShapeShift’s Erik Voorhees asked the actress a question in the comments section. His question read,

“Genuine question: what’s your interest in ETH?”

ETH seems to be making immense progress. The altcoin was seen heading towards $4K. At the time of writing, the altcoin was trading for $3,956 with a 5.90% surge over the last 24-hours.

Dogecoin Foundation makes a comeback; onboards Ethereum’s Vitalik Buterin as an advisor

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Dogecoin Foundation has returned after more than six years of laying low. Originally founded in 2014, the non-profit organization is all set to return after DOGE’s astonishing price rise. According to the official announcement, it said that it will support core developers and projects benefiting the meme token and promote the future of the blockchain.

The foundation also revealed that it would be announcing new initiatives in the coming weeks to foster the adoption and utility of the DOGE token and increase the digital asset’s uptake at a “grassroots level.” It further went on to state that,

“The Foundation holds the Dogecoin mark and the Dogecoin Logo and will maintain them for the community. This will mean the Foundation can continue to protect the Dogecoin Brand and allow [under a very liberal license] the ability to use it for Dogecoin-related memes, projects and fun. – We’ve got your back on this one.”

Dogecoin Foundation onboard Ethereum’s Vitalik Buterin

The team behind the Dogecoin Foundation is also hoping to secure a three-year budget to bring in team members to support its goals. The project’s website lists Ethereum co-founder Vitalik Buterin as one of the board members including the meme crypto-assets co-founder Billy Markus and core developer Max Keller. Buterin’s role is to serve as “blockchain and crypto adviser for Dogecoin Foundation.”

On the other hand, Tesla CEO and DOGE bull Elon Musk’s interests will ostensibly be represented by Neuralink CEO Jared Birchall who is the head of Musk’s family office. He joins the foundation as its legal and financial adviser. Additionally, board members include Jens Wiechers and the core blockchain developers Michi Lumin and Ross Nicoll.

The cryptocurrency had originally started out as a joke and the foundation had largely been silent. DOGE saw a meteoric price action this year and garnered significant attraction from prominent industry leaders including Tesla CEO Elon Musk. The latest development comes in the heels of the global blockchain technology company Bots Inc.’s announcement of allowing its users to purchase pre-owned Tesla cars with DOGE.

Elon Musk reveals speaking with Bitcoin miners to tackle environmental issues

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Elon Musk, the self-crowned Technoking of Tesla, won’t stop talking about Bitcoin.

The cryptocurrency has recovered from its weekend blues and climbed above $37K. Bitcoin was still down by almost 20% over the past 24-hours but appeared to be in a consolidation between a tight range-bound below $40K. This relief rally catapulted several major as well as small-cap altcoins from the bearish slumber.

After the recent market crash, Musk was at the receiving end of significant backlash, and accusations of him of being a “manipulator” who allegedly used his position and massive following to influence the cryptocurrency market started floating around. But that did not deter the Billionaire tycoon to stop.

In the latest tweet, the founder of Tesla and SpaceX, said,

“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

It is still unclear if he appeared to soften his stance against the environmental effect of mining the cryptocurrency. However, this tweet comes after his meeting with the CEO of MicroStrategy, Michael Saylor along with “leading Bitcoin miners in North America,” where the group reportedly agreed to form a Bitcoin Mining Council which aimed to promote energy usage transparency, ramp up sustainability initiatives across the globe.

According to Saylor, the group included big industry names such as Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings, as well as representatives from Riot Blockchain.

Following this news, Bitcoin gained its first prominent uptick since the downfall. The positive momentum was short-lived as the sell-off ensued at higher levels.

Bitcoin and Dogecoin, always on Musk’s radar

The ardent DOGE fan and investor had previously asked his Twitter followers to pitch ideas to “develop Doge” on GitHub or the Dogecoin subreddit page on Reddit while tagging the developers of the meme coin on the microblogging platform.

He was recently criticized by Ethereum founder, Vitalik Buterin and refuted Musk’s claims of pushing the scalability of the Dogecoin network by simply increasing protocol parameters. He went on to set the record straight by pointing out the complications associated with it, the centralization factor as well as compromises on the technological front.

Buterin also argued that it crucial for blockchain decentralization for regular users to be able to run a node.

Bitcoin’s power consumption may be a huge setback for the asset, notes Vitalik Buterin

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The last couple of days have been nerve-racking for the crypto-verse as almost all the coins were on a downtrend. While several suggested that they saw it coming, a few others were quick enough to buy the dip. The founder of the Ethereum network, Vitalik Buterin appeared in a recent interview with CNN and suggested that the crypto-verse was in a bubble.

Bitcoin [BTC] noted a drastic fall below $40K, this was followed by the downfall of all the altcoins. Elaborating on the same, Buterin pointed out that the crypto-verse had witnessed about three big crypto bubbles to date. This bubble could either prolong to a couple of months or must have already ended. Speaking about the same, Buterin said,

“Often enough, the reason the bubbles end up stopping is that some event happens that just makes it clear that the technology isn’t there yet.”

Bitcoin’s power consumption a “significant downside”

One of the reasons behind the king coin’s slump was Elon Musk’s recent statement. Musk announced the withdrawal of BTC’s support citing the environmental drawbacks caused by the cryptocurrency. While the community was evidently enraged by this, Buterin suggested that Musk would not have “this influence forever” as markets would learn.

Bitcoin’s mining algorithm has time and again posed a major problem for the crypto industry. While several continue to diss the cryptocurrency for the damages it does to the environment, Buterin said,

“The resource consumption is definitely huge. It’s not the sort of thing that’s going to break the world by itself, but it’s definitely a significant downside.”

Despite growing in terms of price and retaining itself as the largest cryptocurrency, Bitcoin could be in danger, noted Buterin. The king coin’s mining process would urge people to steer towards alternatives or even consider shifting from Proof-of-Work [PoW] to Proof-of-Stake [PoS]. He added,

“If Bitcoin sticks with its technology exactly as it is today, there’s a big risk it will get left behind.”

Ethereum’s Vitalik Buterin Burns $6.7B Worth Shiba Inu Coin [SHIB]

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Shiba Inu coin [SHIB] is not the only Dogecoin knock-off to have been riding on the latter’s immense popularity. But its rise to prominence can be attributed Ethereum co-founder and crypto billionaire Vitalik Buterin’s association with it.

Vitalik Buterin Burns 41% of Shiba Inu Coins

Buterin has reportedly destroyed $6.7 billion worth of the Shiba Inu coin [SHIB]. Coin burn is a process by which digital currency miners and developers burn or permanently remove tokens from circulation, thereby reducing the total supply and hence slowing down inflation rates. Hence, this move does look promising for investors of the latest canine-featured meme coin. So far, its price has positively reciprocated and registered an uptick from $0.000013 to $0.000016 on the 17th of May.

In a note attached to the transaction, Buterin revealed that he was impressed by how the dog token communities have treated the recent round of donations made for COVID-related relief funds.

He had also stated,

“I’ve decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to crypto relief (preventing large-scale loss of life) but with a more long-term orientation,” wrote Buterin in the transaction hash”

Dog-themed Bull Part Halts

The latest move comes a week after the Ethereum exec donated 50 trillion SHIB to India Covid Relief Fund, alongside other cryptocurrencies. However after Buterin made the donation for covid relief, the value of Shiba Inu coins took a massive plunge by more than 40%. The Shiba Inu coin Founder, Ryoshi had a tacit understanding with Buterin to never sell these coins, which helped the coin to carry on artificial scarcity.

The bull run that was started by Elon Musk’s gimmicks came to an abrupt end right after Buterin went on to liquidate trillions of the tokens he was gifted.

At the time of writing. SHIB’s market cap was found at $6.49 billion, while its trading volume over the past 24-hours rose to $4.23 billion.

Ethereum’s Vitalik Buterin: Uniswap’s Native [UNI] Should Become Oracle Token

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Ethereum’s Vitalik Buterin is making a strong case for Uniswap’s native, UNI token.

While talking about the importance of a highly secure price oracle in the success story of the decentralized finance realm, Ethereum Founder Vitalik Buterin went on to point that DeFi protocol, Uniswap’s native token ‘UNI’ is in an “excellent position” to be a token for an oracle.

The Ethereum executive called for the need of a robust token-based decentralized oracle for a deFi project on the Uniswap Governance Forum today. He mentioned that it should be based on a token with a large market capitalization.

Uniswap – Highly Secure Oracle System?

While talking about the importance of efficiency of an oracle, Buterin stated,

“An inefficient oracle can always be augmented with a game where one party claims a value and only if another party disagrees is the oracle actually called. Cost of attack, on the other hand, is absolutely essential to maximize, and thus market cap is key. “

The founder then doubled down on two of the high market cap tokens on Ethereum which are Chainlink [LINK] and Uniswap [UNI].

Buterin asserted that the supporting oracles would not just be an act of “altruism” for Uniswap but would also benefit the decentralized exchange with a stablecoin ecosystem that is strong.

Chainlink has dominated the oracle realm for some time now. However, there is a need for a “simple alternative specialized for high-value”, according to the exec.

Meanwhile, Uniswap v3 has been touted as heavily optimized toward ultra-high capital efficiency for stablecoin, hence, it is likely to draw very high amounts of fee revenue from these trades. He also went on to add that if the volume picks up and the robust synthetic assets surface on-chain, then this would be a more bring about more valuable prospects for Uniswap.

Buterin also stated that while the base layer of Ethereum needs to remain governance-minimalist, layer 2, on the other hand, should be more ambitious and that Uniswap, which happens to be one of the largest decentralized exchange on the Ethereum ecosystem, could also take on more responsibilities which includes price oracle offerings.

According to Buterin, this could be a potential step towards Ethereum’s objective of not just a decentralized finance ecosystem and also an increasingly decentralized governance [DeGov] ecosystem.

Justin Sun Donates 2M TRX To India’s COVID Relief Fund

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As the COVID crisis in India continues to worsen, the country is receiving support from all around the globe in order to survive this phase.

Justin Sun, the CEO of the cryptocurrency firm Tron, has joined a group of many well-known personalities in the crypto community who have come forward to contribute to a fund created to provide relief to COVID-19 wreaked India.Sun announced donating 2 million TRX [worth approximately $227,980 at the time of writing] to a COVID-19 relief fund for India that was recently set up by Sandeep Nailwal, the Co-founder and Chief Operations Officer of Polygon.

The Tron exec’s tweet read,

“I’m in! I have donated 2 million #TRX to the India Covid relief campaign lead by Sandeep Nailwal. Join me, Vitalik Buterin, Balaji Srinivasan by donating at the addresses below. Please help spread the word. For every RT, I’ll donate another $100 to the fund, up to 100k.”

Sun also asserted that he would contribute another $100, up to $100K for every retweet of his appeal.

TWJ had recently reported that the executive of the scaling platform had urged the global crypto community to help the country ravaged by the second wave of the pandemic as a result of the government’s failure that has led to the deepening crisis.

Nailwal had also stated that he would take full responsibility for transparency, funds usage, as well as regulatory compliance. The funds collected with be deployed for the purchase of oxygen, food, and even cover the cost of vaccines for poor people in the country.

Taking in to consideration, the risky campaign especially under the India law, the Polygon COO had appealed several crypto exchanges in the country to help convert the COVID donations into fiat currency.

Buterin, Srinivasan Donate to India’s COVID Relief Fund

Soon after Nailwal tweeted his intention for a fund for the purpose of COVID relief, Ethereum Co-founder Vitalik Buterin donated more than $600,000 to the campaign. He posted the transfer receipts of 100 ETH and 100 MKR, on the social media platform. Balaji Srinivasan, the former Coinbase CTO and board partner at VC firm Andreessen Horowitz, also reportedly donated $50,000 in ETH and urged others to contribute as well. He also pledged up to $100,000 more.

Ethereum Gas Price Dips; Here’s Why

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Ethereum gas limit has been a bone of contention for the world’s second-largest cryptocurrency ecosystem. This led to an array of EIPs being proposed some of which have been equally controversial to the problem itself.

The recent stats published by Etherscan, however, points to a significant decline in the average gas price since it skyrocketed in mid-2020 and amplified this year. The reduction was subtle but notable and there is more than one reason for it.

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Reasons For Ethereum’s Gas Getting Cheaper

The first reason was definitely the gas limit [block size] that was increased by 20%. ETH Miners have raised the network’s gas limit to approximately 15 million for the first time to relieve transaction congestion in the blockchain.

Previously, the gas limit was adjusted to a ceiling of 12.5 million. It was later raised after suggestions from Ethereum Creator Vitalik Buterin as well as major miners, as a temporary fix to rising network fees.

According to Ethereum proponent and investor, Anthony Sassano there are a couple more factors at play. He stated that the latest reduction could also come from reduction could come from the broader use of Flashbots, which is allowing MEV extractors to bypass the mempool.

Flashbots is a platform that supports a transparent Miner Extractable Value [MEV] ecosystem. This organization has been long positive for the reduction of gas price and contribute more than 58% of hash rate, thus surpassing the threshold where the naysayers can no longer compete.

While the aforementioned factors are short-term solutions to the gas menace, in the longer term, it is the development of Ethereum 2.0 that is said to cut down the high fees as well as network congestion. Sassano opined that layer 2 and other blockchains are taking the load off layer 1 which has slashed the network congestion and hence the price.

The investor also went on to speculate that the cryptocurrency market is relatively quiet off late which could lead also to less activity.

Ethereum’s Vitalik Buterin Donates Over $600K To India’s COVID-19 Relief Campaign

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India continued to reel under the severe second wave of COVID-19 that has crippled the already crumbling health sector of the country. In the wake of massive resource-starved conditions brought upon by public laxity and government negligence, social media platforms have become helplines and saviors to the ones in need.

The cryptocurrency community is doing its bit to provide necessary aid to the country. Sandeep Nailwal, the Co-founder and Chief Operations Officer of Polygon had announced a COVID-19 relief fund and asked the global crypto community to help. Nailwal asserted that he would take full responsibility for transparency, funds usage, and regulatory compliance.

Nailwal plans to pour the funds collected to purchase oxygen, food, and even cover the cost of vaccines for poor people in the country.

The multisig address to donate in ETH/ERC20 to this address: 0x68A99f89E475a078645f4BAC491360aFe255Dff1

At press time, around $154 ETH has been deposited to the address.

Weighing down upon the lack of regulatory clarity around the space in India, the exec noted,

“I already got a few people pinging me that Regulatory things would be tough on this, it’s not easy to give money, even for social causes. My Answer “Our Hows should not affect our Why”. Whatever happens we will handle it, lets not let it stop us from doing what is right.”

Indian crypto market scene is worth billions of dollars, but these digital assets cannot be used to directly fund relief efforts as they’re not widely accepted as fiat. To overcome this barrier, the Polygon COO urged Indian crypto exchanges such as WazirXIndia, CoinDCX, and Bitbns to help convert the COVID donations into fiat currency.

COVID Donations From Ethereum Community

One of the many to donate was Ethereum Co-founder Vitalik Buterin who reportedly donated more than $600k India Covid Relief Campaign. Buterin posted the transfer receipts of 100 ETH and 100 MKR, worth roughly $606,110 for use in relief in the country.

Ethereum Foundation’s Hudson James also donated 138,000 MATIC [approximately $49K]. Indian-origin technology investor and entrepreneur Balaji Srinivasan vouched for the Polygon exec and revealed his intentions to donate.

Chainlink Marine Pleads Vitalik Buterin To Be His Santa After Losing LINK Worth $53K

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Steering away from the usual payment methods, several individuals have been incorporating crypto into their systems. Chainlink, Bitcoin, Ether, and several other crypto assets have been widely used for making payments. While this does not come off as news to many, certain glitches and absent-mindedness could lead to the loss of funds. The story of a LINK marine and GitHub user dawidkabani13 has several staying alert while making transfers.

Chainlink Worth $13K To Those Who Help Resolve The Issue

In an elaborate GitHub post, the user dawidkabani13 revealed that he had sent a total of 4,005 Chainlink [LINK] that was worth about $50K by mistake to a smart contract, Aavegotchi [GHST] on the Ethereum blockchain. After carrying this accidental transaction out, the LINK marine figured that Aavegotchi did support the asset and the funds once delivered were not reversible as the contract was immutable. In the post, Dawid pointed out that his entire life savings were abandoned due to his mistake and went on to offer a whopping 1000 LINK worth $13K to anyone who could help solve the issue.

Dawid’s GitHub post further read,

“I’m just recovering from a terrible loss, I’m a father and husband, and a few days ago I lost my life savings due to one small mistake and rush. I don’t want to bother you with my problems, so I’ll go to the details. I accidentally sent 4,000 LINK worth $ 50k to the Ghst Stacking smart contract that does not support the LINK cryptocurrency chain.”

Aavegotchi, in its recent Community Update, addressed Dawid’s issue and revealed that the process was irretrievable. But paying heed to goodwill, the platform encouraged its users to help Dawid out through its donation page. The crypto firm had set up, SantaGotchi.eth, and a total of $1,232.35 worth of Ether was sent to the wallet.

Dawid even reached out to Nick Mudge, the author of the smart contract. Mudge urged his Twitter followers to come up with a solution to the problem. While a Twitter user suggested that Vitalik Buterin, the co-founder of Ethereum could hard fork and reverse the transaction. Mudge and Dawid both urged Buterin through Twitter to do so. The tweets read,

 

Chainlink