Category Archives: Vitalik Buterin
Vitalik Reveals Explains What Next after Ethereum Blobs – Crypto Times
Just over two weeks after Ethereums successful Dencun upgrade deployed EIP-4844 or proto-danksharding to help reduce Layer 2 gas fees, co-founder Vitalik Buterin has hinted at the next key step verifying the new blob data with a conservative version of Data Availability Sampling (DAS) called PeerDAS.
Buterin noted that with blob activation completed, Ethereum scaling ceased to be a zero-to-one problem, and became a one-to-N problem. Verifying blobs with PeerDAS paves the way for introducing additional scaling solutions to the protocol.
The ultimate aim is to enable full data availability sampling, allowing up to 16MB of data per slot to be utilized. However, this will be a progressive process, with blob capacity increasing incrementally behind the scenes without disrupting users or applications.
In the meantime, the Dencun team will work on optimizing Layer 2 platforms to maximize their usage of the newly available blob data space. Several Ethereum L2s have already seen significant reductions in gas fees since integrating EIP-4844.
With blob verification next on the roadmap, Ethereum is taking another key step toward sustainable scaling and wider adoption through lower transaction costs.
Also Read: Everyworld Web 3 Platform Hits 225K Users in Beta
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Vitalik Reveals Explains What Next after Ethereum Blobs - Crypto Times
Ethereum Founder Vitalik Says Shiba Inu Outperformed His Expectations – The Crypto Basic
The Ethereum founder Vitalik Buterin has admitted that Shiba Inu (SHIB) massively outperformed his earlier expectations for the project.
Buterin disclosed this while reacting to a statement from Nathan Young, a Web Designer and Director at Frostwork. Young spotlighted the crypto assets held by Future of Life Institute (FLI), a non-profit focused on AI research, noting that he never believed the organizations crypto balance amounted to much.
For context, FLI was one of the beneficiaries of Vitalik Buterins Shiba Inu donations. Recall that the Ethereum founder received half of the entire Shiba Inu supply from Ryoshi, SHIBs anonymous founder. Buterin burned 410 trillion tokens and sent the rest to non-profits in May 2021.
One of these non-profits was FLI. Nathan Young had believed that the Shiba Inu tokens received by FLI were valued at low prices, but information from a filing revealed that their worth actually amounted to $665 million.
Responding to Youngs disclosure, Buterin noted that the FLI case is similar to what he observed with CryptoRelief, an Indian charity. It bears mentioning that Buterin also donated his SHIB tokens to CryptoRelief.
He sent 50.6 trillion SHIB to CryptoRelief on May 12, 2021. The worth of the tokens at the time stood at $1.2 billion. Interestingly, in his latest disclosure, Buterin revealed that he initially believed Shiba Inu would crash shortly after he received the tokens from Ryoshi.
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Notably, SHIB had already recorded a massive price rally before Buterin donated the tokens. However, the Ethereum co-founder expected the asset to crash within a short period, as is customary with memecoins. He had to move fast and donate these tokens before the expected price collapse.
Buterin noted that he was expecting CryptoRelief to at least be able to salvage $10 to $25 million from the donation before any drop in SHIBs price. However, his expectations did not materialize, as Shiba Inu continued to rally after the donation, eventually hitting its all-time high of $0.00008845 in October 2021, five months later.
But of course, SHIB massively outperformed my expectations, Buterin disclosed in his recent remarks, calling attention to how the canine-themed project defied the odds, pointing to its eventual failure. Three years later, Shiba Inu still retains relevance, battling to seal its spot among the top 10.
While SHIBs worth did drop by 30% shortly after Buterins donation to CryptoRelief, the token bounced back. At the all-time high value in October 2021, the assets were worth $4.42 billion. If the charity organization had held onto the tokens until now, theyd still hold $1.57 billion.
Vitalik Buterin has consistently underestimated the meme market due to its lack of utility. In 2022, the Ethereum founder was surprised at the massive amount of Shiba Inu tokens held by Crypto.com. The Shiba Inu project is now gradually tilting toward utility, constantly exceeding expectations from industry leaders like Buterin.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum Founder Vitalik Says Shiba Inu Outperformed His Expectations - The Crypto Basic
Vitalik Buterin talks ‘Rainbow Staking’ at ETHTaipei to combat centralization risks – Blockworks
In his latest talk at ETHTaipei, Ethereum founder Vitalik Buterin introduces Rainbow Staking as a way to combat growing centralization concerns around staking.
Buterin notes that staking in general and liquid staked tokens today have become centralization risks on the Ethereum blockchain.
He highlights that there are not enough solo stakers on Ethereum today, citing technical challenges like running your own node and financial restraints like not having more than 32 ETH.
This is because, on Ethereum, solo stakers must deposit 32 ETH (~$ $113,233) to join the network as validators. Many individuals who wish to stake their ETH do so by delegating their tokens to liquid staking solutions.
One of the most popular liquid-staked solutions today is Lido, which currently has a 61.36% dominance over the market today.
Read more: Did Lido fly too close to the sun? Inside the centralization debate
Buterin remarked that a proposed solution to these centralization concerns around staking is Rainbow Staking.
The idea here is that you explicitly split up into two kinds of staking, and you call it heavy staking and light staking, Buterin said.
In this particular case, heavy staking is slashable and signs in every slot. On the contrary, light staking, which is not slashable, is pulled up to sign slots through a lottery system.
You basically try to explicitly separate out those two and potentially require both heavy stakers and light stakers to sign off on a block in order for the block to get finalized, he said. So you try to add the security of both of those approaches together.
Read more: The biggest Ethereum upgrade ever goes live
The framework of Rainbow Staking is ultimately hoping to counter the emergence of one dominant liquid staked token that could replace ETH as the main currency on the Ethereum network. It is also designed to offer competitive participation by bolstering the economic value of being a solo staker.
Buterin notes that more research and development is still required before Rainbow Staking becomes a viable design for staking on Ethereum in the long term.
To me, the biggest questions here are not even technical; theyre philosophical, Buterin said, noting that it is important to understand the intended answer behind ways to enable lazy ETH holders who want rewards to participate in securing the Ethereum network.
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Vitalik Buterin talks 'Rainbow Staking' at ETHTaipei to combat centralization risks - Blockworks
Ethereum’s New Tech: Vitalik Buterin Introduces Rainbow Staking – BeInCrypto
Vitalik Buterin, a co-founder of Ethereum, announced the introduction of a new staking concept termed Rainbow Staking.
This initiative aims to revamp the economic structure of the network by implementing a dual-pronged staking mechanism. The approach distinguishes between heavy and light services, offering a framework that impacts the distribution of rewards.
Vitalik Buterin explained that Rainbow Staking introduces the two-dimensional Minimum Viable Issuance (2-D MVI). This model aims to optimize reward allocation between heavy services, which demand significant stake backing and play a vital role in network operations, and light services, characterized by their flexibility and ability to increase the networks preference entropy. This is critical for a censorship-resistant network, as it ensures a diverse range of transactions and interactions.
Another key focus of Rainbow Staking is on enhancing the role and value of solo stakers within the Ethereum ecosystem.
Traditionally overshadowed by larger staking pools, solo stakers under Rainbow Staking are recognized for contributing to network resilience. They serve as a buffer against potential failures by larger operators. Therefore, playing a crucial role in maintaining network activity during such downtimes.
With Rainbow Staking, we offer an alternative 2-D MVI where solo stakers are maximally effective participants on their own terms, achieving the goals which many have signed up for: Competitive economic returns with the ability to realize their preferences into the execution the chain, e.g., as ultimate backstops of chain liveness or as censorship-resistance agents, Barnab Monnot, Research Scientist at Ethereum Foundation, wrote.
Read more: Ethereum Restaking: What Is It And How Does It Work?
Therefore, Buterin proposes adjusting reward distribution to incentivize participation from solo stakers and smaller operators to promote a more inclusive economic model. This strategy is designed to shift the competitive model from focusing on a singular resource battle to a more diversified and equitable ecosystem.
The announcement of Rainbow Staking has sparked discussions within the cryptocurrency community regarding its potential impacts on the Ethereum network. Proponents argue that incentivizing a wider range of participants could lead to a more resilient and decentralized network.
Critics, however, raise questions about the implementation challenges and the potential for unintended consequences. Particularly, concerning network security and the dynamics between solo and pooled staking.
The biggest downside I see to your proposal is that it is complex, difficult to migrate to, [and] challenging to predict second-order effects. The first two points might not have any alternative other than defining a clear specification. For the last point, I would urge more research into areas such as tokenized claims, restaking, etc, Matt Stam, Founding Engineer at Succinct, said.
Read more: Ethereum (ETH) Price Prediction 2024 / 2025 / 2030
While the full implications of this new staking model remain to be seen, they reflect Ethereums efforts to explore innovative solutions that support its growth and sustainability.
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Ethereum's New Tech: Vitalik Buterin Introduces Rainbow Staking - BeInCrypto
Is Vitalik worried about Solana? What’s next for ETH post-Dencun? These and more insights #hearsay | Opinion – crypto.news
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news editorial.
The purge, the splurge, and the scourgethese are the terms the eponymous co-founder of Ethereum, Vitalik Buterin, used to describe the upcoming changes to Ethereum at a recent event in London.
Every week, crypto.news brings you #hashtag hearsay, a gossip column of scoops and stories shaping the crypto world. If you have a tip, email Dorian Batycka at [emailprotected]
On March 14, luminaries from the Ethereum community and beyond descended on London for ETHGlobals Pragma conference. Spearheaded by speakers like Vitalik Buterin and fellow Ethereum researcher Justin Drake, Chainlinks Sergey Nazarov, and Lens Protocols Stani Kulechov, the event took place in Christ Church Spitalfields, with attendeesincluding myselfanxious to know where Ethereum is headed post-Dencun upgrade.
Buterin began by stating that the Ethereum ecosystem is in the process of making a very big transition.
According to Buterin, this transition will shift from a focus on layer-1s (L1s) and core developer-centric advancements to enhancing usability and layer-2 (L2) solutions, like zkSync, Arbitrum, and Optimism.
The way that I see it is that the first decade of Ethereum is this kind of mostly inwardly focused ecosystem, developing things for itself, focused on being tech geeks, trying to satisfy tech geeks and creating beautiful technology. But the second decade of Ethereum needs to actually have a big impact on the real world.
Roll-ups, a key player in this transition, are L2 solutions that process and store transaction data on a sidechain before bundling (or rolling up) transactions together onto the main Ethereum chain, significantly enhancing scalability and efficiency without compromising security.
Buterin says that whats next is a shift towards more scalable, secure, and user-friendly horizons. Following the Dencun upgrade, which saw some L2s like Starknets gas fees reduced by as much as 99%, Ethereums stride towards achieving basic roll-up scalinga leap made possible through advancements in technology like EIP-4844 and the roll-up technology spearheaded by teams like Arbitrum, will now shift focus to allow for more user-friendly applications to take root on Ethereum.
We have officially hit basic roll-up scaling, but we still have full roll-up scaling to go, Buterin articulated, marking this milestone as the onset of a journey toward fully unlocking Ethereums scalability potential.
However, Buterin cautioned that more work is still needed. This he referred to as the purge.
We do not want the Ethereum protocol to be something that just keeps on accumulating junk, Buterin added, underscoring the necessity of a lean and agile blockchain protocol for Ethereums future. We want Ethereum to become cleaner, and this is what the purge is about; its about making users lives easier.
Then you have the splurge, Buterin said. Account abstraction, Ethereum Virtual Machine (EVM) improvements, making the EVM more friendly to advanced cryptography.
Lastly, Buterin described the scourge [] which is dealing with economic centralization risk and mitigating it. Referring to maximum extractable value (MEV) searchers and liquid staking, Buterin said that the next phases of Ethereum upgrades will work on mitigating the risks posed by economic centralization.
The elephant in the room at any Ethereum conference is, however, often Solana.
According to DefiLlamas data, over the last four months, Solana has significantly outperformed in terms of DEX volume, recording a total volume of $98.54 billion. This starkly contrasts with Ethereum mainnets $32.16 billion, not even reaching one-third of Solanas volume. When taking into account all Ethereum L2 solutions, the combined volume only reaches $67.31 billion, highlighting a clear dominance by Solana.
In the past 90 days, Ethereum hasnt led in volume on any day, with Solana consistently holding the top spot and BSC making occasional appearances.
While Ethereum enthusiasts may hold onto their narratives, the numbers paint a different picture. Given Solanas performance, Ethereum upgrades seem to be playing catchup; think again.
According to Justin Drake, a researcher at the Ethereum Foundation, the potential of Ethereum sharding and shared infrastructure components like settlement and data availability will eventually enhance the networks performance. Comparing developments to low-network fee blockchains like Solana, Drake introduced the concept of shared sequencing and execution as forward-looking innovations designed to boost Ethereums composability and efficiency. In some sense, were trying to recreate the user experience of Solana low latency user experience with synchronous composability on Ethereum, Drake said.
Beyond the technical developments, a theme echoed frequently at Pragma in London was that by moving away from Ethereums tech-centric approach, the blockchain should now focus on more user-friendly and accessible apps for end-users.
Pedro Gomes, founder of Wallet Connect, said that user experience-focused upgrades need to happen within Ethereum, a claim echoed by several of the other speakers as well. Nick Johnson, founder of the Ethereum Naming Service (which just inked a deal with GoDaddy), said that naming is ultimately a usability issue. While Anurag Arjun, founder of Avail and former Polygon dev, opined that roll-ups will eventually lead to greater user experience. I am very bullish on app-specific roll-ups, roll-ups that become mature to a point when app devs will find them easy to use and integrate almost seamlessly.
What does this all mean for the Ethereum post-Dencun update? Ethereums past and its trajectory toward a more accessible, secure, and scalable future serve as a reminder of the blockchains foundational goals. Its not just about creating a decentralized platform but about ensuring that Ethereum evolves to meet the needs of its growing community and the broader digital ecosystem. As Ethereum continues on its roadmap, the numerous challenges aheadnot least of which include formidable competition from Solanaremain plentiful.
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Expert Establishes Connection Between Shiba Inu and Ethereum – The Crypto Basic
A notable figure in the Shiba Inu community has established a connection between SHIB and Ethereum.
In a recent post on X, acclaimed crypto expert Del Crxpto attempted to forge a link between Shiba Inu and Ethereum, drawing on the co-founders of both projects.
Specifically, Del Crxpto recounted when Ethereum co-founder Vitalik Buterin donated multi-billion dollar worth of Shiba Inu to a COVID-19 relief effort. Del Crxpto claimed Shiba Inu ecosystem lead, Shytoshi Kusama, transferred the tokens to Buterin.
Interestingly, the COVID-19 relief initiative concerned Crypto Relief India, a crypto-based humanitarian endeavor.
The foundation received a staggering $1.5 billion in Shiba Inu from Vitalik Buterin to finance its COVID-19 relief effort. Accordingly, Crypto Relief India liquidated a portion of the Shiba Inu donation to raise $460 million.
In a separate development last year, Buterin contributed over $150,000 to a wallet endorsed by Shiba Inus leader. The fund was directed towards aiding victims of earthquakes in Turkey. Moreover, the SHIB Army contributed to a charitable initiative Buterin established in response to the global pandemic.
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Considering these developments, Del Crxpto prompted the SHIB Army to recollect how the broader community initially perceived the interaction between Kusama and Buterin as a mere coincidence.
In parallel, he emphasized that nobody should be taken aback by what the future holds for SHIB, asserting that the signs were always there. In reaction, another Shiba Inu enthusiast echoed a similar sentiment, speculating: Vitalik knows who created SHIB for surethe OG pic with supposedly Shytoshi. Then, magically, billions were sent to his wallet. Like, how did they know that address
Essentially, these voices sought to establish that Vitalik Buterin has more profound relationships with the Shiba Inu ecosystem than the public knows, suggesting SHIB is bound to follow ETHs success.
Significantly, in 2021, the Ethereum founder reportedly destroyed 90% of his Shiba Inu tokens, valued at over $6.5 billion, compounding the assets growth. Buterin further pledged to contribute his remaining Shiba Inu tokens to charity causes.
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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Ethereum Shifts Focus to Layer-2 for Scalability and Growth – Crypto Times
Vitalik Buterin, co-founder of the Ethereum network, identifies Layer-2 scaling solutions as a key element for the platforms advancement. Enabled by the Layer-2 upgrade, the Dencun, which dramatically brought down transaction fees on dApps, he called for development efforts now.
In his opinion, the previous decade has been all about Ethereums internal development; however, the world impact is to come during the next one. The upgrade on Dencun led to a bridge that aims to facilitate two-layer Layer-2 improvements in scalability, privacy, and security.
This shift does not diminish the significance of Layer-1, which will still be the base upon which Layer-2 may be pinned. Nevertheless, a mindset shift would be pivotal for Layer-1 development to transition into a deceleration phase, as this is a critical step towards network stability.
However, Buterin stresses the progress made in the Layer-1 area, among which zero-knowledge-proofs (ZKPs) are recent inventions that make it possible to scale and provide users with privacy. Those tools are examples of how it may become easier to create dApps with Layer-2.
According to him, developers have to be proficient in Layer-2 mechanisms and modern development infrastructure to address challenges related to speed, security, and privacy.
In this case, Ethereum will only achieve its goal to migrate from the old internet and blockchain paradigms to the new ones if Buterins theory holds true and propels Ethereum to significantly impact the internet and traditional finance.
The recent rapid fee reduction across platforms like zkSync Era, StarkNet, Base, and Optimism is creating more room for growth in the number of people interacting with Ethereum.
Also Read: MANTRA Aims to Bring RWA Tokenization to The Middle East and Asia
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Ethereum Shifts Focus to Layer-2 for Scalability and Growth - Crypto Times
AEGIS token surges 92% on upcoming AI tool launches and market optimism – crypto.news
AEGIS token, associated with the Aegis AI smart contract auditing platform, experienced a significant surge, marking a 92% increase within the last 24 hours, reaching a peak at $0.2987.
This growth comes amid expectations of forthcoming advancements in the Aegis AI ecosystem, as noted by a crypto influencer known as Jolly Green Investor. The influencers enthusiasm was shared in a statement highlighting Aegis AIs imminent introduction of its AI-based security tools, designed to address vulnerabilities in the crypto domain. These tools include AI-powered smart contract audits, token legitimacy audits, protocol monitoring, and bug bounty programs, all part of the soon-to-launch Aegis AI dApp.
According to the crypto influencer, the surge in AEGIS token value is closely linked to Ethereum co-founder Vitalik Buterins emphasis on the need for AI in smart contract auditing and bug detection.
Via an X post on Feb. 19, Buterin expressed his optimism about the use of AI for formal verification of code and identifying bugs, pinpointing this as one of the most significant technical risks currently faced by Ethereum. He advocated for AIs potential to revolutionize this aspect, marking a significant stride towards enhancing security and reliability.
As such, Jolly Green highlighted that Buterins encouragement for Ethereum projects to develop AI-based solutions, combined with the growing anticipation around the Ethereum ETF, positions AEGIS uniquely at the forefront of addressing these challenges.
Further insights were provided by a user responding to the influencer, referencing a recent AMA that unveiled additional features of the Aegis ecosystem. These features include a Bitsensor subnet, an operating system, a DePIN ecosystem, and SKL-based licensing, among others. This expansion introduces new revenue streams for AEGIS token holders, offering them an 80% revenue share.
As of press time, the AEGIS tokens price has adjusted to $0.2452, still marking an impressive 64.3% increase over the previous 24 hours.
The surge in AEGIS price comes as cryptocurrencies linked to AI, such as Fetch.ai, have demonstrated resilience and substantial growth, marking significant price increases amid a widespread market downturn. Further, a recent Coinbase report highlighted that AI-affiliated cryptocurrencies have surpassed the performance of major cryptocurrencies like bitcoin and ether since the start of the last quarter of 2023.
Additionally, these tokens reportedly outperformed major AI-related stocks, including Nvidia and Microsoft, during the same period, underlining the growing role and potential of AI in the cryptocurrency sector.
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Ethereum Dencun Upgrade: Solana Reaction is a Competitive Stir – CCN.com
Key Takeaways
After Ethereum underwent Dencun upgrade to increase scalability and efficiency, ETH price has been sluggish. Meanwhile, rival blockchainSolanais just 35% down from its all-time high. Is the upgrade givingSolanaa competitive edge?
Ethereums Dencun went live on March 13 and marked a major step in scalability. Ethereum co-founder Vitalik Buterin took toWarpcastto state that they have hit a goal of Basic rollup scaling, which means theyve improved how Ethereum handles a lot of transactions at once.
He continues to state that now ETH is moving on to work on two new things: verkle trees and history expiry.
Verkle trees will make it possible for validators to do their job without needing a lot of computer memory. This is like having a really efficient way to check and keep the network secure without taking up almost nil disk space on the nodes. It will also make it much quicker for someone to start participating in the network as a validator to support the network on their own (solo staking).
Ethereumdeveloper Tim Beiko took to X to state that Dencun update is one of the most complicated changes theyve made to Ethereum since the Merge.
Beiko notes that it also has as many individual updates, known as EIPs (Ethereum Improvement Proposals), as a previous major update called Byzantium.
Meanwhile, ETH price has taken a hit on March 14 and is trading under the psychological level of $4K at press time.
Solanaon the other hand has clocked in gains. As per CoinGecko data, SOL is trading 36% under its all-time high which was surpassed in 2021. It has gained at least 13% in the run-up to the upgrade in 7 days.
The introduction of EIP-4844 is a crucial update as it aims to alter how transaction fees are calculated and reduce costs for L2s. For instance, ArbOS Atlas is also bringing about reductions in fees for users of Arbitrum One. But what is noteworthy is the hike in dollars locked on Solana. In March, the ecofriendly chain has continued to increase its total value locked (TVL) and is inching closer to $4b.
In 7 days, Solana also experienced a positive shift in investor behavior. As per CoinShares data, it attracted $24m in inflows, despite recently facing a downturn in market confidence due to network outage.
Meanwhile,Ethereum, which has had a strong year in terms of attracting investments, witnessed a slight retreat with $2.1m leaving the platform during the same period.
The Ethereum Dencun upgrade sets new benchmarks for scalability and efficiency for L2. Meanwhile, despite the February outage in Solana, inflows continue to pour in for the eco-friendly chain. As Ethereum gears up for further upgrades,Solanais making waves, potentially shaking up the second-largest chain competitively.
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Ethereum Dencun Upgrade: Solana Reaction is a Competitive Stir - CCN.com