Category Archives: Vitalik Buterin
Vitalik Buterin’s New Net Worth Revealed by Arkham – BeInCrypto
According to on-chain analytics firm Arkham Intelligence, Vitalik Buterins net worth surged from $552.86 million at the start of 2024 to $834.66 million at the time of writing.
Ethereum co-founders wealth primarily comes from his substantial ETH holdings and strategic investments in various crypto projects, including StarkNet.
Buterins foray into cryptocurrency began in 2011 when he co-founded Bitcoin Magazine. Dissatisfied with Bitcoins limitations, he proposed Ethereum in 2013 to create a more versatile blockchain. When Ethereum launched in 2015, Buterin received a significant portion of its initial supply, forming the bedrock of his wealth.
Buterins known ETH holdings, amounting to approximately 245,279 tokens, significantly impact his net worth. The value of these holdings fluctuates with the market prices of Ethereum.
At the peak of the 2021 bull market, when ETH secured its all-time high of $4,891, his net worth surpassed $2 billion. By the end of 2022, market downturns reduced it by about 75%. Despite this volatility, Buterins strategic investments and continued role in Ethereum sustain his financial stature.
Read more: Who Is Vitalik Buterin? An In-Depth Look at Ethereums Co-Founder
In 2018, Buterin publiclystatedthat he has never held more than 0.9% of all ETH. This claim appears accurate: his known ETH holdings have never significantly exceeded 0.9% of the total supply, with his highest ownership at 0.91% in 2015. Since then, Buterins ETH holdings have been decreasing annually.
However, Buterin remains the largest individual holder of ETH. Ethereum pre-sale investor Rain Lohmus, who holds 250,000 ETH, could challenge this title, but he haslost access to the private keys.
Buterin also owns other digital assets. His top non-ETH holdings include 869,509 KNCL tokens from Kyber Network, where he serves as an advisor, valued at about $473,830, 845,205 STRK tokens from StarkNet, and 248.42 Wrapped Ether (WETH) tokens worth approximately $436,920.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
Arkhams publication caused mixed reactions. Some crypto community members condemned the platforms actions, arguing that the Ethereum co-founder hardly cares about his net worth.
I believe that Vitalik Buterin does not care about how much money he has. His wealth lies in blockchain and his belief in what he is doing. Therefore, I do not care if he is the richest man in the world or the poorest. Enter his mind, not his wallet, one X user said.
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Vitalik Buterin's New Net Worth Revealed by Arkham - BeInCrypto
Ethereum Co-Founder Vitalik Buterin Decries State of Crypto Regulations as ‘Anarcho-Tyranny’ – Cryptonews
Last updated: June 30, 2024, 05:00 EDT | 2 min read
Ethereum co-founder Vitalik Buterin has voiced his frustration regarding the current state of cryptocurrency regulations and proposed a potential solution to address the issue.
Buterins remarks came in response to a user on Warpcast, a social media platform built on the Farcaster protocol, where he highlighted the challenges faced by cryptocurrency developers due to existing regulatory efforts.
Buterin pointed out a perplexing phenomenon in crypto regulation, particularly in the United States, where projects that offer vague references to potential returns or engage in activities devoid of utility can operate without repercussions.
However, when developers attempt to provide clear explanations of returns or promise certain rights to their customers, they are often penalized for being categorized as securities.
Buterin referred to this situation as anarcho-tyranny, emphasizing that this gradient of incentives is more detrimental to the industry than anarchy or tyranny alone.
The prevalence of bad actors, scammers, and baseless hypesters on social media and sharing platforms contributes to the anarchic side of the industry.
To combat this, Buterin previously proposed three recommendations aimed at addressing the problem of useless cryptocurrency products and services.
These suggestions include limiting leverage, implementing audits and transparency measures, and introducing knowledge tests to regulate usage.
The practical implementation of cryptocurrency knowledge tests at a regulatory level or in individual and corporate settings remains uncertain.
However, it is likely that policy measures will be necessary to impose limitations on leverage within cryptocurrency projects and establish requirements for auditing and transparent reporting.
Unfortunately, the sentiment within the cryptocurrency community suggests that the United States has a disproportionately high number of cryptocurrency users but lacks a clear and consistent approach to regulation.
Buterin said he prefers a regulatory environment that provides greater protections to companies and projects with long-term visions and plans.
He believes that issuing a token without a clear narrative explaining its long-term economic value should carry more risk.
Buterin also acknowledged that achieving a regulatory framework that benefits the cryptocurrency industry will require sincere engagement from both regulators and industry participants.
The collaboration between these two parties is crucial to fostering an environment that encourages innovation while safeguarding investors and users.
More recently, Buterin also voiced his concerns regarding overly complicated Layer 2 scaling solutions.
At the time, the Ethereum mastermind highlighted the potential risks associated with complex Layer 2 networks and urged for a more balanced approach in the development of blockchain ecosystems.
In the blockchain community, there is a prevailing belief that Layer 1 networks should prioritize simplicity to minimize the risk of critical bugs and attack vectors.
Consequently, the responsibility for handling more complex features falls upon Layer 2 networks, which are designed to provide scaling solutions.
These networks bundle transactions executed on a separate network and submit them in batches for validation on Layer 1, enhancing throughput and reducing transaction fees.
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Vitalik Buterin says crypto regulations have created anarcho-tyranny – StartupNews.fyi
The Ethereum co-founder says wed all be better off with either anarchy or tyranny but not both.
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Vitalik Buterin says crypto regulations have created anarcho-tyranny - StartupNews.fyi
Ethereum Co-Creator Vitalik Buterin Slams ‘Anarcho-Tyranny’ Of Crypto Regulations, Says ‘Useless’ Projects Safe … – Benzinga
Vitalik Buterin, co-founder of Ethereum ETH/USD, recently expressed his concerns over the current state of cryptocurrency regulation, particularly in the United States.
What Happened: While responding to a user on decentralized social network, Warpast, Buterin criticized the anarcho-tyranny of current cryptocurrency regulations. He argued that companies offering vague promises of potential returns are allowed to operate freely, while those providing clear explanations of returns and customer rights are penalized for being a security.
The incentive gradient that this anarcho-tyranny creates ends up worse for the space than either plain anarchy or plain tyranny, the cryptocurrency technologist remarked.
While Buterin did not outright target any project, his comments appeared to be directed at memecoins, particularly those launched by celebrities. Hed previously questioned the motive behind these endeavors.
See Also: Roaring Kittys Dog Post On X Doesnt Do Much For Dogecoin, Shiba Inu, But Sends This Cat-Themed Crypto Shooting Up
Buterin added that he would prefer the industry to develop in a direction where launching a coin without a long-term aim welcomes more scrutiny, while projects with a clear long-term vision are encouraged.
Why It Matters: Buterins comments come in the wake of a lawsuit filed by the SEC against ConsenSys, a blockchain software company, for alleged violations of federal securities laws. The SEC claims that ConsenSys failed to register as a broker and did not register the offer and sale of securities, leading to substantial investor protection concerns.
Interestingly, the SEC recently closed an investigation into whether Ether is a security, marking a significant win for the cryptocurrency.
The SECs decision comes after it cleared asset managers to launch spot exchange-traded funds tracking the spot price of Ether in May.
Price Action: At the time of writing, SOL was exchanging hands at $3,491.97, rising 3.7% in the last 24 hours, according to data from Benzinga Pro.
Photo by Alexey Smyshlyaev on Shutterstock.
Read Next: Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum More Applications To Follow?
Disclaimer:This content was partially produced with the help ofBenzinga Neuroand was reviewed and published by Benzinga editors.
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Harsh Criticism from Ethereum Inventor: Anarcho-Tyranny! – Kriptokoin.com
Ethereum co-founder Vitalik Buterin harshly criticized crypto regulations in the US. Buterin called this situation Anarcho-Tyranny. Buterin said that this contradictory approach hinders real innovation. He also argued that it allows less credible projects to flourish. Elsewhere, Buterin explained his proposal to improve Ethereums transaction confirmation times.
So, what does anarcho-tyranny mean? Simply put, it describes a situation where the government does not enforce laws against harmful activities but imposes excessive rules on honest, law-abiding citizens. This creates a confusing and flawed regulatory environment. Vitalik Buterin says that the current regulatory system allows projects with vague promises to operate freely. On the other hand, those that offer clear and transparent information face strict regulations and are often classified as securities. Buterin argues that this inconsistency discourages real innovation in the industry.
Vitalik Buterins call for change comes at a time of intensified regulatory activity by the SEC under Chairman Gary Gensler. As you have been following from Kriptokoin.com, the SEC has filed several lawsuits seeking to classify various cryptocurrencies as securities. Most recently, the SEC targeted ConsenSys, accusing the MetaMask wallet of violating securities laws with its clearing and staking services. This aggressive approach drew criticism from industry groups such as the Blockchain Association and the Crypto Freedom Alliance of Texas, who argued that the SEC exceeded its authority.
Vitelik Buterin proposes a different regulatory approach. While he supports projects with transparent and credible plans, he suggests making it riskier to issue tokens without a clear long-term value proposition. He believes that creating a balanced regulatory framework requires cooperation between regulators and the crypto industry. Ultimately, Buterins call for balanced regulation highlights the need for a more thoughtful approach that encourages innovation while protecting investors.
Meanwhile, Vitalik Buterin penned an article in which he proposed to improve Ethereums transaction confirmation times. Currently, Ethereum uses the Gasper consensus mechanism, which has a complex structure and confirmation times of around 12.8 minutes. To solve this problem, Buterin proposes the SSF (Slot-Slot-Finality) mechanism inspired by the Tendermint consensus algorithm. This approach aims to finalize a block before the next block is created, significantly reducing confirmation times. A key feature of SSF is the inactive leakage mechanism, which ensures network stability and security during periods of low activity or participation.
By implementing the SSF mechanism, Ethereum can offer faster transaction confirmations and improve the user experience. It could also make it more competitive with other Blockchain platforms. Moreover, this development could increase the efficiency and overall performance of the network, attracting the interest of both developers and users.
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Harsh Criticism from Ethereum Inventor: Anarcho-Tyranny! - Kriptokoin.com
The jury is still out on Vitalik’s account abstraction proposal – Blockworks
Its not yet clear when Ethereums next major upgrade will hit mainnet, with current estimates ranging from November this year to early 2025 although the latter now seems more likely.
The first step in shoring up a timeline for Pectra is to finalize the specification of all Ethereum Improvement Proposals that are to be included.
While most of that work has been done, one item was identified on Thursdays All Core Developers (ACD) call as the number one outstanding spec issue for Pectra, and thats EIP-7702: Set EOA account code for one transaction.
This proposal allows an Externally Owned Account (EOA) think a normal wallet like MetaMask to temporarily function as a smart contract for a single transaction. EOAs are accounts controlled by private keys, and smart contracts are code that runs on the blockchain in this case Ethereum.
EIP-7702 aims to merge some functionalities of both for enhanced flexibility and security.
One example is gasless transactions, where a dapp sets an EOA to allow a third party (such as an operator or sponsor) to cover the fees for a transaction.
The EIP was offered by Ethereum developers, including Vitalik Buterin, in early May and is set to replace an earlier contentious attempt to enable similar features.
Read more: Vitalik rallies support for temporary smart wallets on Ethereum
The upgrade is designed with a future based around account abstraction in mind, avoiding unnecessary complexities and ensuring forward compatibility with further user experience improvements.
During the ACD call, developers discussed the integration challenges and potential risks associated with EIP-7702.
Sudeep Kumar from the Erigon team suggested an account-based revocation system that would be keeping track of the template addresses that [the user] revoked.
Geth developer Lightclient suggested such a feature could be implemented as an ERC, not in-protocol.
Other developers voiced concerns over the complexity and potential for scope creep with EIP-7702, depending on which version was ultimately adopted. Some developers argued for bringing over certain features from the earlier EIP-3704 that it is meant to replace.
But Safe co-founder Richard Meissner praised the simplicity of 7702, pointing out it has no onchain impact, [so] you can deprecate it much easier.
Marius van der Wijden from Geth expressed reservations about encouraging the use of an account as both a smart account and EOA simultaneously, and Meissner agreed.
Having both feels very dangerous when it comes to specifying it, Meissner said.
The consensus was to resolve these issues by the next ACD call to ensure timely implementation for Devnet 2 the third of many small developer testnets.
That call is scheduled for July 4 Independence Day in the US but all American developers in attendance indicated that any backyard barbecuing duties wouldnt get in the way of Ethereums progress.
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The jury is still out on Vitalik's account abstraction proposal - Blockworks
Shiba Inu Lead Joins Elon Musk, Vitalik Buterin, CZ with Over 1M Followers – The Crypto Basic
Shytoshi Kusama, the enigmatic leader of the Shiba Inu ecosystem, has catapulted into the ranks of crypto luminaries on X by surpassing the 1 million follower mark.
The latest record confirms that Kusama now boasts over a million followers on the Elon Musk-owned social media platform. Accordingly, Kusama now joins an elite group of influential figures in the crypto sphere, including Musk himself, Vitalik Buterin, Tyler Winklevoss, Michael Saylor, Anthony Pompliano, and Changpeng Zhao (CZ).
Considering the weight of the development, the Shiba Inu ecosystem team has celebrated the new milestone of the ecosystem leader. In a dedicated statement, the team stressed that the achievement marks a pivotal moment for the Shiba Inu project as it solidifies Kusamas stature within the crypto community.
Notably, the seeds of Kusamas new achievement were sown on March 4, when he casually asked X, Can I hit 1M followers?
A few days later, prominent community figure Tanzeel noted that if Kusama attained the 1 million follower milestone, she would orchestrate a SHIB giveaway. Specifically, Tanzeel disclosed plans to give out 5 million SHIB tokens from her personal wallet, stressing that Kusama more than deserves the milestone.
Fast-forward to June 17, the Shiba Inu lead developer realized the goal, bringing a new wave of enthusiasm for the SHIB Army.
According to the team, this milestone symbolizes the growing recognition and influence of the Shiba Inu project within the wider crypto scene. They believe Kusamas substantial following provides a direct platform to engage with a vast audience of crypto enthusiasts, potentially driving further awareness and adoption of SHIB.
Furthermore, the announcement noted that Kusamas influential position enables him to guide the narrative surrounding Shiba Inu, counter misinformation, and foster a positive image for the project.
Community members have flooded X with congratulatory messages for Kusama, celebrating his accomplishment. Some enthusiasts now express newfound confidence in the Shiba Inu project under Kusamas visionary leadership.
Amid this new milestone, Tanzeel is keeping true to her giveaway promise. Her celebratory remarks for Kusama noted that the announced giveaway will unfold on July 4th.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Shiba Inu Lead Joins Elon Musk, Vitalik Buterin, CZ with Over 1M Followers - The Crypto Basic
Vitalik on Crypto’s Idealist Hippies: We’re Still Here! – DailyCoin
Crypto has come a long way from its extremely niche libertarian roots to becoming a globally recognized industry with assets offered by institutional giants like BlackRock to customers for investment.
Amid the evolution, however, there are growing concerns that the industry has become over-financialized and lost its ideological roots, but Ethereum co-founder Vitalik Buterin has begged to differ.
Buterin has resisted the idea that crypto has lost its ideological roots. In an X post on Wednesday, June 19, the Ethereum co-founder asserted, Were still here!
Buterins statement came in response to comments from Bloomberg Odd Lots co-host Joe Weisanthal. The Bloomberg co-host argued that crypto culture had changed significantly in the past five to six years.
Bank [back] then, you still had idealist hippies, talking about things like democracy on the blockchain, or UBIs, or open internet. Never hear about that anymore. Now 100% financial/meme coins stuff, Weisanthal wrote, highlighting the industrys perceived shift from lofty libertarian goals to only caring about asset prices.
According to Buterin, not only are cryptos idealist hippies still around, but many espoused ideas have progressed. Backing up this view, the Ethereum co-founder pointed to decentralized social networks like Farcaster and Lens, quadratic funding, which is making crowdfunding more democratic, and zero-knowledge identity solutions like Zupass.
It is the second time in a week that the Ethereum co-founder has had to showcase the crypto sectors growing utility beyond financial speculation.
In an X post on June 12, Buterin outlined seven key areas where the crypto industry had expanded functionality, including ZK credentials, improved cross-border payments, enterprise applications, and censorship-resistant voting, seemingly sharing the frustration of 0xDesigner who questioned why memecoins were still the dominant narrative in the crypto space.
Trying to make sense of the recent speculative fervor in the crypto markets, Polygon advisor Ajit chainyoda Tripathi contended that market conditions dictated the dominant crypto culture at a given time. According to Tripathi, this phenomenon can be observed in any market.
Concerns over the over-financialization of crypto have grown in the past few months amid the buzz surrounding ETFs and memecoins. Buterins statements suggest that despite the noise, cryptos core values around democracy and privacy remain.
Read this for more on Buterins thoughts on the recent crypto market cycle:Vitalik Buterin Unhappy with Celebrity Memecoin Cycle
See what analysts are saying about MATICs recent bounce:MATIC Bounce in Altcoin Rally: The Start of a 100% Surge?
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Vitalik on Crypto's Idealist Hippies: We're Still Here! - DailyCoin
Vitalik Buterin Highlights Ethereum DApp Innovations – Crypto Times
The founder of Ethereum, Vitalik Buterin explains several decentralized applications (DApp) that demonstrate principles of privacy and decentralization in the cryptocurrency market, indicating a continued focus on improvement and the core principles of Ethereum even as meme coins gain more attention.
Buterin described Farcaster as a social network that relies on the Optimism protocol. Farcaster still enjoys relatively low usage, but the platform still offers relatively high decentralization for users. Buterin spoke about the Lens Protocol, a decentralized application where users own their content, which speaks volumes about Ethereums vision of bringing decentralized interaction online.
Buterin highlighted the importance of quadratic funding for the Gitcoin Grants as a fairly fresh concept of community funding for projects. This means they can fund different projects depending on what the community wants, thus, funding moves in the direction of accomplishing collective will.
He also mentioned that post-launch funding encourages schemes that have already proved useful and effective in practice, thus helping developers engage in more meaningful, effective project development.
Privacy improvements are also important according to Buterin in future Ethereum development. Buterin mentioned using zero-knowledge proofs (ZKPs) and zero-knowledge voting as critical innovations that allow verification of transactions and votes that occur in a black-box fashion while preserving privacy in the blockchain ecosystem.
While meme coins have surged in popularity, often overshadowing more substantial, utility-driven projects, Buterin acknowledges this trend but contrasts it with the significant developments in decentralized finance (DeFi) and decentralized social networks.
Also read: Vitalik Buterin Backs TiTok AI: A Leap in Blockchain Image Storage
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Vitalik Buterin Highlights Ethereum DApp Innovations - Crypto Times
Vitalik Buterin-backed Nocturne protocol shuts down operations overnight – Cointelegraph
Ethereum-native privacy protocol Nocturne Labs is shutting down its operations.
Nocturne, backed by prominent cryptocurrency experts, including Ethereum co-founder Vitalik Buterin, announced it was ceasing operations in a June 5 X post.
The company gave no explanation for the closure. Cointelegraph has approached Nocturne Labs for comment.
Nocturne initially aimed to introduce private accounts and transactions to the Ethereum ecosystem. In October 2023, the firm raised $6 million in a seed funding round led by Bain Capital Crypto and Polychain Capital, with participation from Buterin.
Related: Robinhood to buy Bitstamp crypto exchange to enable institutional trading in US
Despite winding down company operations, users will still be able to execute withdrawals through the Nocturne front end until the end of June, according to the announcement:
Nocturne currently holds over $129,000 in total value locked (TVL), down from over $455,000 on Jan. 22, when the shutdown of Nocturne v1 was announced, according to DefiLlama data.
The protocol wrote in an X post on Jan. 22:
Privacy-focused cryptocurrency projects have seen increased scrutiny since August 2022, after the crypto mixing protocol Tornado Cash was blacklisted by the United States government.
Alexey Pertsev, the developer of Tornado Cash, was found guilty of money laundering on May 14.
The sentencing came despite Tornado Cash being a noncustodial crypto mixing protocol meaning that the funds that go through the protocol are never held or controlled by it.
Magazine: Caitlyn Jenner meme coin masterminds celebrity price list leaked
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Vitalik Buterin-backed Nocturne protocol shuts down operations overnight - Cointelegraph