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
Vitalik Buterin Targets Faster Transaction Confirmations with New Proposals – CryptoPotato
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Vitalik Buterin Targets Faster Transaction Confirmations with New Proposals - CryptoPotato
Vitalik Buterin Proposes Ethereum SSF for Faster Transaction – Crypto Times
Ethereum co-founder Vitalik Buterin has outlined a potential shift in Ethereums roadmap toward a Single-Slot Finality (SSF) mechanism to address current consensus challenges.
In a blog post, Buterin discussed the drawbacks of Ethereums existing epoch-and-slot system, highlighting its complexity and slow finality period of 12.8 minutes, which can inconvenience users.
The current Ethereum Gasper consensus mechanism uses a slot-and-epoch model where 32 slots are voted on in 12-second intervals, and epoch finality is achieved every 12.8 minutes.
Buterin pointed out several problems with this model, including interaction bugs between voting mechanisms and unreasonably long finality times.
In response to these issues, Buterin came up with the Single-Slot Finality (SSF) that is based on Tendermint consensus. In SSF, each block is completed as soon as it is produced, which enhances the confirmation of transactions compared to the traditional method.
This innovation is expected to enhance the quality of the services delivered to the users by cutting down the time taken to complete a transaction from minutes to milliseconds.
Buterin acknowledges that the initial SSF solution could overload the Ethereum network with validators messages and discusses ongoing efforts to address these challenges through the Orbit SSF proposal.
The Ethereum development community is constantly working on improving the SSF mechanism to make it even more effective. New developments show that Ethereum Layer-2 solutions have received a boost and are now more active.
These are among the improvements that Ethereum has been making as it seeks to address the challenges of scalability as more people adopt the technology and as competition intensifies in the blockchain space.
While Ethereum still works on improving its consensus algorithms and scalability approaches, Buterins proposals give a hint at the potential for the development of a quicker and more efficient blockchain environment.
Also Read: Vitalik Buterin Highlights Ethereum DApp Innovations
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Vitalik Buterin Proposes Ethereum SSF for Faster Transaction - Crypto Times
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
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
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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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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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
Vitalik Buterin Spotlights Innovative Idealist DApps in Web3 – CoinGape
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Vitalik Buterin Spotlights Innovative Idealist DApps in Web3 - CoinGape