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Vitalik Buterin

Ethereum Founder Expresses Sorrow Over SOL Situation

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U.S. regulators have been aggressively pursuing enforcement actions against crypto assets and businesses engaged in this industry. Earlier this month, the SEC brought two cases back-to-back against the cryptocurrency exchanges Binance and Coinbase for allegedly breaking American securities laws. The cases succeeded in shaking the entire sector.

The regulator later declared a number of tokens to be securities as a result of the lawsuits. BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI were among the victims in the Binance case. The SEC declared SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO to be securities in the Coinbase litigation.

Many repercussions did occur. For instance, on June 27, Robinhood stopped supporting Cardano, MATIC, and Solana. However, the community is eagerly anticipating greater clarification around cryptocurrency regulations.

Ethereum creator Vitalik Buterin recently tweeted about the United States’ policy towards cryptocurrencies by saying,

“I feel bad that Solana and other projects are getting hit in this way. They don’t deserve it.”

Ethereum Shields Itself

However, Ethereum has been able to stay off of regulators’ radar. This was probably related to the Hinman tangent. Internal emails from the former director of corporation finance at the SEC from 2018 made it clear that he did not believe ETH needed to be regulated as a security. That was similar to his notorious speech from the same year. William Hinman had already labelled ETH as a non-security. Its “sufficiently decentralised” blockchain network was the reason for this.

Buterin argues that if Ethereum prevails in the current situation, it wouldn’t be just. The creator of Ethereum clarified,

“If ethereum ends up “winning” through all other blockchains getting kicked off exchanges, that’s not an honorable way to win, and in the long term probably isn’t even a victory.“

The increasingly expanding, centralised world, according to Buterin, “is imposing itself on us,” not other chains, who are “the real competition.” He wished for a “fair outcome” for all deserving projects in this situation.

Cardano Founder Is “At Loss Of Words” Over Vitalik Buterin’s Staking Remarks

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Charles Hoskinson, the founder of the Cardano Blockchain, expressed shock at Vitalik Buterin’s comments on Staking.

In a video podcast, the co-founder of the Ethereum blockchain revealed that he only stakes a relatively modest amount of his ETH since it is too difficult to achieve his standards for safety.

Hoskinson then noted the irony and remarked, “Guess what, that’s how it’s supposed to be for a properly designed Proof of Stake protocol.”

Buterin has frequently voiced concerns about Ethereum’s consensus mechanism in the past, particularly with regard to re-staking.

Buterin warned against complicating the duties of Ethereum validators beyond their primary responsibility of confirming the fundamental protocol rules and introducing dangers into the ecosystem needlessly.

“We should tread lightly when application-layer projects aim to extend the ‘scope’ of blockchain consensus beyond the validation of essential Ethereum protocol rules,” Buterin stated in the post.

According to him, blockchain communities’ social consensus is a shaky concept, and that 51% of attacks and bugs would still occur.

“But because it has such a high risk of causing chain splits, in mature communities it should be used sparingly.”

Although ETH has the largest validator set among all proof-of-stake chains in terms of the number of validator entities and the total amount of pledged ether, he continues to underline the need for caution.

On the other hand, Cardano’s Hoskinson views staking Ethereum’s [ETH] staking to be problematic.

Hoskinson claimed that because staking on Ethereum entails “temporarily giving up your assets to someone else to… get a return,” it “looks a lot like regulated products.”

Cardano Records One Of The Largest Gains In A Single Day

But Cardano’s approach to staking “makes sense for a sustainable, proof of stake protocol that promotes control by the many instead of the few and creates a large decentralized environment,” he added.

When it comes to price, ADA, Cardano’s native token has experienced one of the highest one-day gains in the past week.

At the time of writing this post, the 7th-ranked asset was trading at $0.29, up by over 6% in the daily index.

Along with the price, ADA also saw an increase in the quantity and number of major transactions, which may lead to an upcoming price rebound.

Data from the crypto intelligence site IntoTheBlock recently revealed that the number of transactions involving the Cardano token that were worth $100,000 or more has increased significantly.

Ethereum’s Vitalik Buterin Weighs The Risk Of Consensus Overload

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Vitalik Buterin, co-founder of the Ethereum blockchain discussed the dangers of overwhelming the blockchain’s consensus.

According to a blog post by Buterin from May 21, the ultimate oracle, re-staking, and L1-driven recovery of L2 projects technologies, among other things, would pose significant systemic dangers to the ecosystem and should be discouraged and opposed.

Buterin insisted that application-layer projects should avoid acts that could expand the “Scope” of blockchain consensus beyond validating the fundamental principles of the Ethereum protocol and should maintain the chain’s simplicity.

Ethereum consensus is the process whereby blocks are validated by the proof-of-stake mechanism implemented in September 2022 with “the Merge.”

He acknowledged that blockchain communities’ social consensus is a shaky concept and that 51% of attacks and bugs might always occur.

“But because it has such a high risk of causing chain splits, in mature communities it should be used sparingly.”

Although it is common for application-layer initiatives to add more functionality to the blockchain’s core, these actions have no set limits and may easily lead to a blockchain community having more and more “mandates” over time.

This would force the community to choose between a high likelihood of a chain split each year and some sort of de facto-structured bureaucracy that ultimately controls the chain.

We should instead preserve the chain’s minimalism, support uses of re-staking that do not look like slippery slopes to extend the role of Ethereum consensus, and help developers find alternate strategies to achieve their security goals.

That said, the Nimbus Ethereum client released a v23.5.1 update over the weekend to allow incremental pruning and enhance network compatibility.

Ethereum Client Launch Pruning Update

Recent finality concerns on the Ethereum blockchain were caused by the absence of comprehensive pruning techniques.

Pruning, to put it briefly, is the process of deleting older data to free up disk space. The Eth network faced finality issues twice in a 24-hour period on May 11 and 12. Critical updates were provided by Ethereum clients to stop Beacon Chain nodes from using a lot of resources during tumultuous times.

In 2022, Vitalik Buterin added pruning to the Ethereum Roadmap for scalability, decentralization, and simple node operation. Nodes don’t need to store a lot of data or discard older data in order to persist. Clients can also get rid of code that handles historical blocks by pruning the history.

Vitalik Buterin’s Ethereum Shuffle Leads To Speculations

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Just a few days ago Ethereum has increased from $1,300 to $1,595 in less than a week, and the indices are strongly positive right now. On January 17, 2023, the Altcoin broke over its $1,500 resistance level and briefly tested the $1,600 level.

Now, there seems to be a rise in the action of the asset, thanks to its co-founder. In the past 20 days, the co-founder of the second-largest network in the sector has moved about $12 million in cryptocurrencies between his wallets. The crypto community was instantly alerted to the unusual activities.

LookOnChain’s study suggests that the whale address with the final 0x9e92, which received 9,300 ETH in the last 20 days, may possibly be connected to the developer. Due to the fact that it only got money from wallet Vb3, the address used to send the money ends with “0xd04d,” and it most likely belongs to Buterin.

The whale now has a total of 170,913 ETH worth almost $260 million after accepting money. He now ranks among the biggest bitcoin holders in the world, practically speaking. There is no activity in the transaction history that would lead us to believe that the whale is actually associated with a certain exchange or serves as an OTC desk. Because institutional and retail investors frequently follow the accounts of cryptocurrency influencers, projects, and developers, transactions made by Buterin typically result in an increase in Ethereum’s market volatility.

Could Buterin Be Selling His Ethereum Holdings?

Since Ethereum is currently selling at a large premium compared to the price we last saw on the market about two weeks ago, some members of the community have even inferred that Buterin is willing to sell some of his holdings. Fortunately for Ethereum investors, since the beginning of the year, the price performance of the second-largest cryptocurrency on the market has significantly improved thanks to recovering network activity and the sudden rise in inflows on the market that inexorably affected the biggest cryptocurrencies on the market, like Ethereum and Bitcoin.

According to CMC, at the time of writing, Ethereum (ETH) was priced at 1550.17 with a slight rise of 0.07% over the last 24 hours.

Ethereum Founder Believes Solana’s “Opportunistic People” Has Left

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Ethereum co-founder Vitalik Buterin has come down in support of Solana whose development activity has nosedived.

In his tweet, Buterin believes that SOL’s network got rid of its “terrible, opportunistic money guys” paving the way for a “bright future”.

He then hoped that the SOL community gets its fair chance to thrive.

Buterin’s endorsement comes after Solana’s ongoing FUD since the FTX crash, events like the departure of leading NFT projects, and the subsequent delisting of the SOL token by a major AUM, TronWeekly reported.

Chris Burniske, partner at Placeholder ventures also tweeted in support of the Ethereum founder. According to him, the negative sentiment surrounding Solana reminded him of the ETH in late 2018 when BTC proponents mocked its second-biggest rival would plummet to $0.

“We all know how that played out… it only motivated Ethereum more. Just as Sol folks are only getting further motivation currently…”, he added.

Following Buterin’s tweets, SOL, recovered from its $8.19 low on 29 Dec and reclaimed the $9.50 zone where it had been trading for the majority of the day.

At the time of writing, the token with a $3 billion market cap is exchanging hands at $ 9.16, down by nearly 5% in the last 24 hours.

The once-championed Ethereum killer has been under the limelight following reports of almost zero development activity which a leading data platform claimed a few days ago.

Santiment further asserted that the developer activity was essentially faked via artificial identities.

Additionally, the report highlighted James Spediacci’s Twitter thread in which he referenced numerous references from major journals to support his argument that Sam Bankman-Fried and FTX were crucial to Solana’s market-wide bull run in 2021.

Solana’s Co-Founder- “There’s definitely more to Solana than FTX”

Co-founder of Solana Labs Anatoly Yakovenko, the startup that developed the blockchain, said in an interview earlier this month that he doesn’t typically comment on price and that the emphasis should instead be on “the technology and having people build something fantastic that’s decentralized.”

There’s definitely more to Solana than FTX.

However, Solana and its founders are affected by the demise of FTX on a personal and professional level. Furthermore, the token’s decline reflects a loss of faith in the platform as a whole, whose market value at its height was close to $80 billion but is now only a small portion of that.

Ripple CTO slams ETH Creator’s Ignorance Of XRP and Ripple Difference

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Vitalik Buterin, the architect of Ethereum, has come under fire from Ripple CTO David Schwartz for misrepresenting Ripple and XRP. Buterin was criticized by Schwartz for either not knowing or feigning ignorance of the distinction between Ripple and XRP.

Vitalik Buterin, a co-founder of Ethereum (ETH), was the most recent visitor on Bankless. David Hoffman, a co-owner of Bankless, first urged Buterin to consider the previous year and all the lessons discovered in 2022. Buterin retorted that 2022 would be a challenging year. And it was, in fact.

The 28-year-old programmer acknowledges that there were a number of unpleasant “blowups,” but feels it is important to focus on the positives. Buterin lists the “merge” of Ethereum as one of the benefits of 2022. The community spent a long time preparing the network to switch to a Proof-of-Stake (PoS) consensus paradigm. Buterin emphasized how the switch cut Ethereum’s energy use by 99.9%.

Buterin also mentioned that zkEVM’s year was 2022. Many zkEVM projects are predicting mainnet debut by the end of the year, which is no longer simply a “pipe dream.”

But even without including cryptocurrency, 2022 has not been a particularly wonderful year for the banking industry. Nearly 60% of the value of ETH has been lost so far this year. The “merge” was a technological success, but it had minimal impact on the price movement of ETH. Many referred to the action as a “sell the news” instead.

Buterin’s Comments On Ripple Hectors Situation

The Ethereum creator said on the Bankless podcast,

“XRP has not apologized for claiming that Bitcoin and Ethereum are Chinese-controlled.”

To which Schwartz reacted by saying,

“All this time, and he still doesn’t understand, or is pretending not to understand, that Ripple is a company and XRP is a digital asset, He thinks XRP can say things.”

Despite the extensive history of the project, many people are still unsure of the connection between Ripple and XRP. For corporations and organizations, Ripple is a company that develops software, crypto solutions, and a payments infrastructure. The native coin of the open-source, decentralized blockchain technology known as XRP Ledger (XRPL), is called XRP.

The creator of Ethereum earlier this year outraged the XRP community by asserting that XRP lost its right to protection after the firm tried to paint Ethereum as being “China-controlled.” In the podcast, Buterin also asserted that XRP was “totally centralized.” The centralization of XRP has been a subject of debate, with some detractors asserting that the firm controls or centralizes XRP. Surprisingly, just 2 out of 35 validators are within the firm’s control, making up less than 5.8% of its distributed computational power.

This occurs after the XRPL Foundation eliminated two Ripple-controlled validators in October, but a UNL upgrade added a single new Ripple validator. #XRP #Ripple News




TRON Founder Jumps On The “wETH FUD” Bandwagon

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TRON’s Justin Sun too got on the wETH jokes that are currently circulating across social media. Tagging Vitalik Buterin, the crypto entrepreneur tweeted he and the Ethereum founder would pour $2 billion into the foundation to save it from insolvency.

As a humble member of the crypto industry, I personnally have discussed with my BFF@VitalikButerin and together we will invest $2 billion into WEF to recover all the funds. Stay SAFU! Stay strong!

The other day, Crypto Twitter was rife with jokes on wrapped Ethereum losing its peg and becoming insolvent. Several big names like those belonging to the Ethereum community started adding more fuel to the fire.

One Ethereum bull and host of the Daily Gwei, Anthony Sassano even claimed that wETH was about to experience a “total collapse.” Later, he admitted that the initial post was a “shitpost/ meme” after reading the replies.

An individual using the Twitter handle @0xCygaar first began the “inside joke” by maintaining that wETH is about to become insolvent. The tweet from November 26 received more than 1,000 likes before indicating that the warning was ironic.

However, that did not stop the joke from spreading like a wildfire. Vitalik Buterin too chimed by saying how WETH and WEF sounded so similar. When a Twitter user asked him if one should buy WEF coin, Buterin said “isn’t that just Ethereum.”

Soon the wETH insolvency rumors triggered a brief selloff, prompting the crypto community to emphasize that WETH will never become insolvent and that it will always be interchangeable 1:1 with ETH.

On the price front, Wrapped Ethereum remained largely intact amidst the doomsday predictions. The token is currently hovering at $1170, down by 4% over the past 24 hours.

Meanwhile, TRON founder Justin Sun’s backed Poloniex exchange and his other firm Huobi exchange are in talks for integration, TronWeekly reported.

TRON Boss Hints Upcoming Collaborations

It’s possible that the partnership is a component of a growth strategy that the TRON founder has meticulously planned. The other day, Sun turned heads with a tweet about a possible collaboration with the BNB chain.

“I fully support the BNBCHAIN ecosystem and BUSD. Actually, we will have a big partnership announcement soon.”

Previously, Sun notified the community of the arrival of a new BEP-20 TRX token on the BNB Blockchain which has reportedly got delayed owing to technical upgrades.

Ethereum’s Vitalik Buterin Announces “Big Changes”

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Co-founder of Ethereum Vitalik Buterin unveiled an updated roadmap that featured a new phase in the ETH’s roadmap called “The Scourge,” which is said to address the MEV problems.

The most recent addition to the ETH roadmap would offer more tangible milestones in addition to the previous five-phase approach to scalability. based on the co-founder.

In order to increase network performance and scalability, the new Ethereum roadmap now has six phases: The Merge, the Surge, The Scourge, The Verge, The Purge, and The Splurge.

Except for the latest addition, other Ethereum upgrades are taking place concurrently after the switch from Proof-of-Work [PoW] to a Proof-of-Stake [PoS] network in September.

With Layer-2 techniques like sharding and rollups, which group transactions conducted off-chain to increase speed and reduce fees, the Surge focuses on scaling Ethereum.

Block verification on the Ethereum mainnet and other scaling solutions will be simplified, thanks to The Verge.

The Purge is not nearly as terrifying as the horror film of the same name. Its main aim is to ease network congestion, delete old data and make space.

And to make sure all previous upgrades function properly, the Splurge will include miscellaneous yet necessary additions. However, Scourge’s debut, which aims to solve MEV issues, is what draws the most interest.

Issues Surrounding Ethereum’s MEV

MEV stands for Miner Extractable Value, often known as Maximum Extractable Value in recent years.

It is a measurement of the profit a miner [or validator, sequencer, etc.] can gain by arbitrarily including, excluding, or reordering transactions within the blocks they generate on a blockchain network that supports smart contracts.

After the research team of a Web3 investment firm, Paradigm dug into them, the idea of Miner Extractable Value and the issues around it became well-known. In 2020, Dan Robinson, the head of Paradigm, wrote an article titled “Ethereum is a Dark Forest.”

Robinson claimed that front-running bots and other MEV problems might encourage miners to rearrange and submit transactions in their mempools for their own gain.

Given that users have had more than $663 million worth of value taken from them since 2020, MEV is currently recognized as one of Ethereum‘s top problems that affect its users on a large scale and is not just a minor issue.

Ethereum’s Buterin Said Musk Could Make Twitter either Really Great or Terrible

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According to Vitalik Buterin, co-founder of the Ethereum blockchain, more competitors to Twitter Inc. may emerge as a result of a push for a better social media experience.

Buterin said on Thursday at the Singapore FinTech Festival that he’s “hopeful in the next five to ten years there’ll be some kind of better social media platform,” whether it’s “Twitter itself or whether we’ll see a big ground-swelling with alternatives — we could even see both.”

Ethereum’s Buterin speaks about what the future holds for Twitter

Ethereum’s Vitalik Buterin stated that Musk is a high-variance actor and that he could make Twitter either really great or really terrible.

“Elon is a very high variance actor.” “He could make Twitter “really great” or “really terrible” — and the latter scenario might open up “opportunities for other people to do something great.”

Ethereum co-founder Vitalik Buterin

Buterin added that Twitter might settle somewhere between those two extreme outcomes. He claimed that one of the things that irritate him about Twitter is the way that other accounts try to use his posts and profile to promote highly speculative cryptocurrency tokens that frequently operate without any rules.

Buterin was responding to inquiries regarding Twitter in the wake of Elon Musk’s $44 billion purchase of the company. According to those with knowledge of the situation, Musk intends to reduce costs by laying off half of the social media company’s workforce.

The most significant blockchain in terms of business is the Ethereum network, which Buterin assisted in developing. It allows for a variety of financial applications. Buterin stated that while he plans to continue serving as Ethereum’s leader, he also wants to make room for other people to make contributions.

Since Elon Musk just bought Twitter, the social media behemoth is preparing for a lot of changes. As the hype surrounding the Twitter acquisition spread like wildfire, Musk was frequently mentioned in the news. On October 27, 2022, Tesla’s CEO signed the $44 billion agreement.

Musk took the throne and immediately got to work firing some of the top executives and getting rid of the board members. He also shared that Twitter blue will cost $8 per month.

Ethereum: Cardano Founder Rakes Up “Snow White” Consensus Once Again

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Ethereum could have saved a lot of pain and effort by implementing Snow White, Cardano’s Charles Hoskinson tweeted to one of Vitalik Buterin’s posts. Hoskinson previously brought up the matter, arguing that Elaine Shi’s Snow White Proof-of-Stake [PoS] consensus will make Ethereum 2.0 much superior.

But what exactly is this Snow White and most importantly why did the Ethereum founder choose to ignore it?

Elaine Shi is an Associate Professor of Computer Science at Cornell University, an institution known for being one of the most cutting-edge blockchain centers in the US.

In 2016, she co-authored a paper on Snow White PoS consensus which it claimed would “provides the first formal, end-to-end proof of a Proof-of-Stake system in a completely decentralized, open-participation network” where nodes can join at any time even after the system has been established.

Hoskinson praised the protocol calling it great and a competitor to ‘Ouroboros’ [Cardano PoS consensus].

My biggest problem is that he hasn’t divided and conquered. Like, for example, in the development of Casper — Casper, Vitalik could have gone to Cornell and went to Elaine Shi. And back in 2016, Elaine Shi came up with this, so he could have very easily gone there and said, Here is a $5 million grant, go develop Casper.

This would, in Hoskinson’s opinion, solve the “minimal intellectual rigor” that was allegedly present during the development of Ethereum.

Ethereum Founder Had Other Plans

According to Hoskinson, Buterin could have hired eminent researchers who were passionate about the issue to develop a strong consensus algorithm for him, freeing him up to concentrate on building the rest of the company and its technologies.

Hoskinson claimed Buterin had different plans.

“Now he wanted to develop Casper himself, which meant he divided his time between being a CEO and being an engineer and a scientist. And he tried to go and develop something that he had no native experience in and had to learn the whole theory himself, even if he’s a genius. It takes time.”

Hoskinson came to the conclusion that Ethereum could have saved a lot of time and effort by building on the solid foundation already in place rather than starting from scratch, which would have also eliminated the project’s ongoing delays.