Category Archives: Vitalik Buterin
Vitalik Buterin Slams Celebrity Memecoins, Calls for Meaningful Crypto Projects – BSC NEWS
Buterin outlined key features for respectable crypto projects, including public good goals, engaging mechanics, and longevity.
Vitalik Buterin, Ethereum's co-founder, hasexpressed concerns about the surge in celebrity-backed meme coins, urging the crypto community to focus on projects that provide genuine value.
This discussion has become more prominent following the release of Mother Iggy (MOTHER) by Australian rapper and model Iggy Azalea. The launch has sparked significant debate and interest within the crypto space.
Buterin highlighted past projects that align more closely with his vision for meaningful cryptocurrency endeavors.
He mentioned Ashton Kutcher and Mila Kunis's Stoner Cats project, which funded an animated series. Unlike many current meme coins, this initiative provided tangible value and showcased the potential for cryptocurrencies to support creative and impactful projects.
The memecoin market has grown rapidly, with nearly half a million tokens created on the Solana blockchain in May alone. Celebrities like Iggy Azalea,Caitlyn Jenner, and Rich the Kid have launched their tokens, leveraging their large followings to boost initial valuations.
The memecoin market is rife with risks, including "pump and dump" schemes. Promoter Sahil Arora was banned from X after being accused of orchestrating such schemes with several celebrity tokens. These scams typically involve launching tokens, having celebrities endorse them, and then selling off holdings to crash the price, leaving investors with significant losses..
Buterin emphasized the importance of developing projects that offer more than just financial speculation.
"The north star should be: to have a project where even if eventually all tokens involved go to zero, the average person who participated is happy to have done so," he stated on X, formerly known as Twitter.
He advocates for crypto projects that support broader societal goals, such as advancements in healthcare, open-source software, and the arts.
Buterin outlined several key attributes that he believes would make celebrity-backed crypto projects more respectable:
1. Public Good Objectives: Projects should aim to benefit the public, whether through charity, funding the arts, or supporting social causes. This approach ensures that the project has a purpose beyond personal enrichment.
2. Engaging Mechanics: Beyond simple trading, projects should include interactive features or community involvement that add intrinsic value and enjoyment for participants.
3. Sustainability: Projects should be designed to last at least a decade, ensuring they have a long-term impact rather than being short-lived financial schemes.
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Vitalik Buterin Slams Celebrity Memecoins, Calls for Meaningful Crypto Projects - BSC NEWS
Vitalik is unimpressed with celeb memecoins. Here’s how they should change – DLNews
Vitalik Buterin says hes far from pleased with the latest round of celebrity joke coins, but that doesnt mean the $69 billion market is for nought.
It just needs a new direction.
The north star should be: to have a project where even if eventually all tokens involved go to zero, the average person who participated is happy to have done so, the Ethereum co-founder wrote on X, previously Twitter.
Memecoins command a combined market value of $68.6 billion, and generated over $6.5 billion in trades over the past 24 hours alone.
Buterin said celebrity memecoins must have some kind of public-good goal that its serving, other than enriching the celebrity and early adopters. Realistically, either an art project or the celebritys favourite charity, or both.
He said Ashton Kutcher and Mila Kunis NFT-powered Stoner Cats animated series from 2021 was vastly more honorable than other memecoins launched by celebs this year.
The non-fungible tokens of the shows feline stars were sold to raise money to produce the series. In 2023, the Securities and Exchange Commission charged the projects creators with offering unregistered securities.
The second factor determining whether the Ethereum co-founder can respect memecoins is whether they enable users to do something other than trading the token.
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As much as I dislike token-voting DAOs, at least they give something for people to do and organise around, Buterin said. The DAO should not fully decide the agenda, but it can have some influence.
Decentralised autonomous organisations are communities that lead many crypto projects.
The third factor?
Whether or not it will last.
Make something that lasts 10-plus years, rather than bubbling around for a few months and then being forgotten, Vitalik said.
Buterins comments come as tokens that are either officially or unofficially linked to famous people like Donald Trump and Caitliyn Jenner have been riding high on the current crypto bull run.
Australian rapper Iggy Azalea launched a token on Solana in May. Since its launch, the token rose more than 520% to $0.1073, according to CoinGecko.
Market watchers expect the current memecoin frenzy to drive Solana the blockchain many of these joke coins are trading to record highs this year.
Hitting new highs and making celebs wealthier isnt enough to meet Buterins high bar for memecoiner-y however.
Eric Johansson is DL News News Editor. Got a tip? Email him at eric@dlnews.com.
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Vitalik is unimpressed with celeb memecoins. Here's how they should change - DLNews
Shiba Inu Lead’s Bold Statement to Ethereum Founder: ‘Thinking Bigger and on Massive Scale’ – The Crypto Basic
Shiba Inu, the lead developer, reacts as the Ethereum founder presents features that a celebrity meme coin must have to attract his respect.
The meme coin scene has seen a notable exchange between Ethereum founder Vitalik Buterin and Shiba Inu lead developer Shytoshi Kusama. This interaction unfolded on X, sparked by a discussion initiated by Chris Buniske, a partner at crypto hedge fund Placeholder.
Buniske pointed out the potential of a MOTHER, a meme coin tied to Iggy Azalea. He suggested it could be a pioneering example of sustainable value creation in the ongoing wave of celebrity-backed cryptocurrencies. This observation comes amid a flurry of celebrity memecoins, with figures like Caitlyn Jenner and Nigerian music artiste Davido joining the trend.
However, responding to Buniske, Buterin expressed his dissatisfaction with the current landscape of celebrity meme coins. He stressed that while financialization can be respectable if it serves a noble purpose like healthcare or open-source software, it loses merit when it becomes the end goal itself.
He contrasted this with the Stoner Cats project by American movie stars and couple Ashton Kutcher and Mila Kunis, which he deemed more honorable due to its tangible outputa funded cartoon show.
To improve the direction of celebrity crypto projects, Buterin outlined several key features he believes are essential. According to him, meme coins that command these features are likely to attract his respect. The recent comments come amid this sustained criticism of meme coins.
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The first feature he mentions is that the project should aim to serve a public good beyond merely enriching the celebrity and early adopters. This could involve supporting art projects or the celebritys favored charities.
Secondly, Buterin emphasized that the project should offer engaging mechanics beyond token trading. While the Ethereum founder stressed that he is not a fan of token voting decentralized autonomous organization (DAO), he acknowledges they provide a way for people to engage and organize.
In addition, Buterin noted that the project should be designed to last at least ten years rather than being a short-lived hype cycle. For context, the meme coin launched by Davido and announced on X saw an over 90% drop just hours after its launch. On-chain data suggests the Nigerian artiste sold off his holdings.
Buterin emphasized that the primary goal for celebrities and developers should be to create a project where participants feel satisfied with their involvement, even if the tokens eventually become worthless. He noted that conventional charities and businesses often achieve this standard, and crypto projects should aim for it as well.
Shytoshi Kusama responded positively to Buterins critique, indicating that Shiba Inu is already working on a project that aligns with Buterins vision.
Kusama mentioned that they are considering an even larger scale and would present Buterins feedback to their team for validation. His response suggests that Shiba Inu is not only aware of the need for meaningful, lasting projects but is actively pursuing such ambitions.
Interestingly, the Shiba Inu ecosystem team, led by Kusama, is transforming SHIB from a meme coin project to a decentralized ecosystem. They have made progress on this with the introduction of several ecosystem tokens and projects such as ShibaSwap, Shibarium, Shiboshis, and the Shiba Inu metaverse.
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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Vitalik Buterin talks ways to make zk proofs more efficient – Blockworks
Vitalik Buterin, the co-founder of Ethereum, has released a new blog post discussing a new cryptographic proving system that can make zero-knowledge proofs more efficient.
The proving system, called Binius, is designed to operate directly over binary code on computers. Binary code is a language understood by computers, and it is used to store information and represents data using the symbols zero and one, otherwise known as bits.
Although there are some similarities between STARKs and Binius, Buterin explains that the mathematical tricks that enable these different proving systems are very different.
Generally speaking, STARKs is a technology that has enabled complicated statements to be easily cryptographically verified. It is designed in a way that can easily compute numbers when they are of small value, when there are large values, STARKs generate extra values, which can lead to inefficiency.
Unlike STARKs that arithmetize a statement into a polynomial equation a mathematical expression which model a relationship between variables in a block Binius treats data as a hypercube and grid, and uses multilinear polynomials to perform cryptographic proofs.
Binius converts individual values into bits and places them in a hypercube and a square. This hypercube is then converted into a grid and computations are performed in order to receive an output matrix.
A verifier will then perform its own computational calculations to ensure that the information itself matches and ensure that the compute columns returns a value claimed by the prover.
I highly encourage people to understand and explore! Lots of innovations have been happening in ZK-proving recently. And I expect lots more to come soon, Buterin wrote in an X post.
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Vitalik Buterin talks ways to make zk proofs more efficient - Blockworks
Ethereum’s Buterin advocates multisig, says Shamir backup is ‘way easier to screw up’ – crypto.news
Ethereum co-founder Vitalik Buterin publicly favored multisig over Shamir backup, saying the latter is way easier to screw up for ordinary users.
In an X discussion among crypto enthusiasts, worries about the security risks linked to cold wallets have taken center stage, prompted by Ethereum co-founder Vitalik Buterins raised concerns regarding their potential pitfalls.
Peter Watts, the founder of NFT marketplace Reservoir, went on X to caution about the dangers of using hardware wallets, mentioning the risk of losing seed phrases or hastily moving assets stored in a banks safety deposit box, especially during unexpected events like the COVID-19 pandemic.
Counterpoint: when using a hardware wallet, the biggest risk becomes yourself. Beware of the footguns: Someone finds your stashed seed You hide the seed so well you forget You put the seed in a bank safety deposit then hastily move overseas due to covid https://t.co/UzAV13wzPB
The conversation took a new turn when Vitalik Buterin joined it, advocating for the use of multisignature (also known as multisig) solutions for securing personal funds. Buterin didnt reject the idea of cold wallets but highlighted decentralizing security, preferring multisig setups where multiple keys are required for transactions, emphasizing the importance of security in crypto.
The above is why I use a multisig (@safe) for >90% of my personal funds
M-of-N, some keys held by you (but not enough to block recovery), the rest held by other people you trust. Don't reveal who those other people are, even to each other.
Decentralize your own security.
He emphasized the need for a M-of-N configuration, where some keys are held by the user and others by trusted individuals, without disclosing their identities even to each other.
In response to Buterins suggestion, Ethereum investor Tobby Kitty proposed Shamir, a backup method for splitting cryptographic keys or passwords into multiple parts called shares. While acknowledging the benefits of Shamir, Buterin cautioned that its way easier to screw up compared to multisig, as it depends on carefully handling and storing many parts of the secret. If any of these parts are lost or handled incorrectly, it could be impossible to put the secret back together.
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Ethereum's Buterin advocates multisig, says Shamir backup is 'way easier to screw up' - crypto.news
Vitalik Buterin Promises Easier Ethereum Proofs with Bizarre "New Math" – CCN.com
Key Takeaways
In a cryptic tweet,Ethereumco-founder Vitalik Buterin introduced what he called new math.The series of equations could simplify the process of making cryptographic proofsandthe industry has various interpretations for the statements.
Vitalik Buterins tweet listed several unconventional equations like 2 + 2 = 0 and 420 * 61779 = 1, which atfirst glance,defy basic arithmetic principles.
However, according to Adam Cochran, Partnerat Cinneamhain Ventures, these equations could illustrate the concept of modular arithmetica system wherenumbers wrap around upon reaching acertainvalue, much like the hours on a clock.
In modular arithmetic, operationsare carried outfor a modulus. Cochran uses a clock as an analogy: just as the hour resets to zero after 12, calculations in a modular system reset after reaching the modulus. This system could explain equations like 2 + 2 = 0 under modulo 4.
Cochran speculates that adopting modular arithmetic could lead to more efficient and compact calculations within blockchain systems.
He notes, Using modulo math should mean operations are less computationally expensive. So if we want to use zk-proofs broadly, weneed toreduce the computational power needed to prove them on general systems.
According to the executive, efficiencyis particularly valuable in cryptographic applications like zero-knowledge proofs, where reducing computational overhead can enhance performance and scalability.
Using modular arithmetic could alsodecrease the computational power needed to execute cryptographicproofs.This would allow for quicker and less resource-intensive transactions. This reduction incomputational demand means that blockchain networks can potentially handle more transactions with the same amount ofhardware,or lower the hardware requirements altogether.
As per the interpretation by Cochran, the predictable nature of modular arithmetic could simplify the verification of complex cryptographic proofs.
Modular arithmetic could also reportedly enhance data-packing strategies. The strategyallows for optimizingdata storage and transmission across blockchain networks for efficiency.
IfEthereumintroduces future upgrades that borrow concepts laid down by Buterin in the post, it might ease the verification time and cost on the blockchain.Thereby making the base layer more scalable and efficient.But, the concept aims to make blockchains interoperable.
Cochran states,And soinshort, the fact that2+2=0,might bethe reasonwhy one day, you can send a fast, low cost, trustless transaction between two distinct blockchain systems in a mathematically provable way.
To fully integrate Vitalik Buterins suggested new math,EthereumVirtual Machine (EVM) would require modifications to support these operationsnatively.
In March 2023,EIP-6690: EVM Modular Arithmetic Extensions (EVMMAX)was authoredby Jared Wasinger and Alex Beregszaszi.
EIP-6690 and EIP-6601 are part of theEthereum Cancunupgrade,that introduced new operations to the Ethereum Virtual Machine (EVM) for improved efficiency in handling modular arithmetic. The upgrade aimed to improve Ethereums computational capabilities andisalsolinkedto broader improvements in the networks consensus layer.
Vitalik Buterins introduction of new math could potentially make Layer 1 blockchains more efficient and scalable.
The industry interpretation suggeststhat itcan lead to efficient cryptographic proofs and data processing. Therefore, they can dramatically reduce the computational burden and enhance the scalability of networks.
To fully leverage the potential of Vitalik Buterins new math forEthereum, further explanations from Buterin would be necessary.Thiswould help clarify how these mathematical concepts arebeingintegratedinto Ethereums updates.
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Vitalik Buterin Promises Easier Ethereum Proofs with Bizarre "New Math" - CCN.com
Wallets linked to Coinbase and Vitalik Buterin have millions ‘stuck’ in bridge contracts – Cointelegraph
Dozens of crypto whale wallets with assets ranging from six to seven figures are stuck on multiple decentralized finance (DeFi) bridge contracts.
One of these whale wallets is linked to Ethereum co-founder Vitalik Buterin, who has over $1 million worth of assets stuck for over seven months, with other wallets having assets unclaimed for over two years.
According to a report published by crypto analytics firm Arkham Intelligence, several notable whale addresses linked to prominent crypto individuals and entities have their funds stuck in the bridge contracts for as long as two years.
DeFi bridge contracts are software protocols that allow the movement of assets and data between different blockchain networks, enabling interoperability within the DeFi ecosystem.
However, not all DeFi bridges function the same. On the one hand, cross-chain bridges enable users to automatically obtain their assets on the other chain.
On the other hand, traders using native bridges must retrieve their funds manually as there is no way for the smart contract to remind users to do so, which could result in situations where users forget their money.
One wallet linkedto thomasg.eth has had $800,000 stuck in Arbitrum Bridge for one year and 10 months. Another wallet, linked to Bofur Capital, with 27 wrapped Bitcoin worth $1.8 million, has been stuck for two years and three months.
Similarly, another wallet linked to nonfungible token (NFT) user Mike Macdonald has about $117,000 in assets linked to CryptoPunks sales stuck on a bridge contract.
Arkham suggested the account owner take a look, reminding them that if they own the account that sent 5 CryptoPunks to, then you might also own the account that received the proceeds after they were sold.
Another wallet that received 50 Ether (ETH) from Vitalik.eth seems to have been forgotten for seven months despite holding nearly $1 million worth of ETH on the Optimism bridge.
Another linked to Coinbase crypto exchange was also identified and contains $75,000 worth of assets stuck for nearly six months.
Arkham suspects Coinbase tried bridging $75,000 worth of USD Coin (USDC) to ETH and forgot about it. The assets are stuckin the Optimism bridge contract and waiting to be claimed.
Arkham notified whales linked to the stuck and forgotten funds to retrieve them in case they had forgotten about them. It also reminded the community that these instances can occur due to the nature of cross-chain bridges.
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Vitalik Buterin Backs Ethereum PoS Transition amid Community Debates – FX Empire
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Vitalik Buterin Backs Ethereum PoS Transition amid Community Debates - FX Empire
Vitalik Buterin Launches Binius to Enhance Blockchain – Crypto Times
Vitalik Buterin recently introduced a new proof technology called Binius, which utilizes binary fields and aims to improve the efficiency of zero-knowledge proofs within blockchain applications. Binius is a departure from the existing SNARK and STARK technologies introduced years ago.
Earlier, Buterin sparked curiosity and confusion within the blockchain space with his initial presentation of nonsensical equations. However, this was later clarified as a creative approach to introduce Binius. This new system doesnt change basic math but uses known concepts, like binary fields, in new ways to improve cryptographic methods.
Explaining the advantages, Buterin highlighted how smaller fields could lead to more efficient proof generation, citing the unique properties of binary fields. Binius aims to lighten computing loads and quicken transactions on blockchain networks, which is crucial given the current costs and speeds associated with zero-knowledge proofs.
Despite the potential benefits, Biniuss complexity means that developers may need time to understand this technology in existing systems fully. Its practical effectiveness will also require extensive testing to validate its impact on enhancing transaction efficiency and reducing costs.
The introduction of Binius by Buterin represents a significant step in the ongoing efforts to advance blockchain technology, promising to improve scalability and efficiency through refined cryptographic techniques.
Also read: Nera Secures $4.5 Million for Zero-Knowledge Proof Research
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Vitalik Buterin Launches Binius to Enhance Blockchain - Crypto Times
Kat Meme Coin: The new crypto sensation with a Vitalik Buterin endorsement – crypto.news
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In the rapidly evolving world of cryptocurrencies, a new player has entered the market, capturing both attention and intrigue.
Dubbed Kat Meme Coin, this new meme-based cryptocurrency has become a topic of considerable discussion, especially following an unexpected endorsement from Ethereum co-founder Vitalik Buterin.
Kat Meme Coin emerged from the burgeoning trend of cryptocurrencies that leverage popular internet culture to gain rapid user adoption. Drawing inspiration from various internet memes featuring cats, the creators of Kat Meme Coin have cleverly combined the viral nature of memes with the robust, speculative dynamics of the crypto market. The result is a digital currency that not only appeals to crypto enthusiasts but also to a broader audience that enjoys internet humor.
The cryptocurrency community was taken by surprise when Vitalik Buterin, a well-known figure in the blockchain space, announced his investment in Kat Meme Coin. Buterin, whose endorsements are few and far between, praised the project for its innovative approach to community engagement and its potential to bring new users into the cryptocurrency ecosystem.
I am always excited to see new projects that challenge the conventional and bring about a wave of freshness to the blockchain space, Buterin said in a recent interview. Kat Meme Coin, with its unique blend of humor and serious technology, presents an intriguing proposition.
Despite its whimsical origins, Kat Meme Coin is built on a solid technological foundation. It operates on a decentralized blockchain platform that ensures security and transparency. The developers have implemented a unique deflationary mechanism where a small percentage of coins are burned with every transaction, potentially increasing the value of the remaining coins over time.
The future of Kat Meme Coin looks promising. With its community-driven approach, the project has outlined several upcoming initiatives, including partnerships with online content creators, merchandise stores, and possibly even adoption by e-commerce platforms to use Kat Meme as a legitimate form of payment.
Since its launch, Kat Meme Coin has seen a fluctuating yet positive market response. The coin experienced a significant surge in value following Buterins endorsement, demonstrating the impact of high-profile support in the cryptocurrency market.
However, the project is not without its challenges. Critics argue that the long-term viability of meme coins is uncertain, and their value can be highly volatile. The developers of Kat Meme Coin will need to maintain the momentum and ensure that the project continues to evolve to sustain interest and value.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
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Kat Meme Coin: The new crypto sensation with a Vitalik Buterin endorsement - crypto.news