How ethereum got its name: Inside founder Vitalik Buterin’s decision to name the world’s most active blockchain after a medieval scientific theory

Ethereum cofounder creator Vitalik Buterin
  • Vitalik Buterin used a medieval scientific theory as inspiration for the name of the ethereum network.
  • The blockchain’s naming origins are detailed in Camilla Russo’s book, The Infinite Machine.
  • Ether is the disproved concept that there’s a subtle material that fills space and carries all light waves.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Vitalik Buterin was inspired by a medieval scientific theory when he came up with the name for the ethereum network, according to Camilla Russo, former Bloomberg journalist and founder of DeFi news platform, The Defiant.

In her 2020 book The Infinite Machine, Russo said that Buterin looked to science fiction terms for inspiration when he wrote the ethereum white paper in 2013.

Buterin was scrolling through Wikipedia when he came across the word “ether,” and remembered this term from a science book he had read as a child.

Ether is the now disproved concept that there’s a subtle material that fills space and carries all light waves. In the 19th century, scientists assumed ether was weightless, transparent, frictionless, undetectable chemically or physically, and permeated all matter and space, according to Britannica.

“Vitalik wanted his platform to be the underlying and imperceptible medium for every application, just what medieval scientists thought ether was,” Russo said. “Plus, it sounded nice.”

He landed on the word “ethereum,” to describe the decentralized protocol.

“Ether” refers to the cryptocurrency of the ethereum blockchain, a fuel that can be used for payments or to power decentralized apps built on the platform.

The theory of ether was abandoned by scientists after Albert Einstein formed the special theory of relativity in 1905, per Britannica. But the use cases for the ethereum protocol are just getting started, crypto experts say.

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Ethereum co-founder Vitalik Buterin destroys 90% of his Shiba Inu holdings – almost half the coin’s circulation

vitalik Buterin ethereum

Ethereum co-founder Vitalik Buterin burned 90% of his Shiba Inu holdings and will donate the remaining 10% according to a note he left on an ether transaction made on Sunday evening.

Over 40% of the coin’s total circulation have thereby been taken out of the market.

Burning and donating the coins was the only option, Buterin said. He’d previously been given 50% of all Shiba Inu tokens by the coin’s creators, said. It was the only way to avoid his transactions in Shiba Inu being interpreted as actions, or indicators on his part, he said.

Buterin also urged coin creators not to send large amounts of tokens to individuals or charities without their consent. “I don’t *want* to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first),” he wrote in his note.

The burned coins have effectively been taken out of circulation – “burning” a crypto token means sending it to a public address that is inaccessible, where it will then lay unused.

Read more: ‘Wolf of All Streets’ crypto trader Scott Melker breaks down his strategy for making money using ‘HODLing’ and 100-times trade opportunities – and shares 5 under-the-radar tokens he thinks could explode

More than 40% of Shiba Inu tokens have now been burned, which amounts to around 410 trillion coins worth around $7 billion. Shiba Inu rose by over 40% to $0.00001953 after Buterin’s statement. Based on CoinMarketCap data, the coin was last up 0.6% in the 24 hours to 08:17 E.T., trading at $0.0000161.

SHIB is a small, dogecoin-inspired token that gained 1,000% last week. Its website describes it as an “experiment in decentralized spontaneous community building”. Binance’s Indian platform listed the SHIB coin late last week.

Buterin said he had not yet decided to which charity he would donate the remaining 10% of his Shiba Inu tokens. He said he wanted to support an organization that aimed to prevent “large-scale loss of life” in the long term.

Last week, Buterin donated Shiba Inu coins worth $1 billion to CryptoRelief, a crypto-based charity fund set up by Sandeep Nailwal, co-founder of the Ethereum platform Polygon, to support India in its fight against a deadly wave of COVID-19. Buterin said he would not donate the remaining Shiba Inu tokens to the same fund, as it was important to think about the future.

“I’ve actually been impressed by how the dog token communities have treated the recent donations! Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.” Buterin said.

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Binance’s Indian exchange lists Shiba Inu coin a day after Ethereum creator Vitalik Buterin’s $1 billion donation

CZ 7 (1)
Changpeng Zhao is the CEO of the world’s largest crypto exchange Binance.

The largest cryptocurrency exchange in India has listed shiba inu coin for trading a day after ethereum co-creator Vitalik Buterin’s donation of about $1 billion worth of the tokens to India for COVID-19 relief.

Mumbai-based WazirX exchange, which is owned by Binance, listed the new token on Thursday, according to a blog post.

“We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it,” WazirX CEO Nischal Shetty told CoinDesk.

WazirX however will not accept direct SHIB deposits or facilitate its withdrawals. According to shiba inu’s website, the only place to buy or sell the dogecoin knockoff is on Uniswap.

Shiba inu, which was founded less than a year ago, took inspiration from a more established meme currency, dogecoin – even branding itself as a “dogecoin killer.” According to its website, shiba inu is an “experiment in decentralized community building.”

The WazirX listing comes a day after Buterin donated 50 trillion SHIB tokens worth around $1 billion to a crypto-based COVID-19 relief fund for India. The token has skyrocketed and gained almost 1,000% over the past week but plunged after news of Buterin’s donation broke.

Shiba inu was last at $0.00002035 on Friday morning, up by 15%, according to CoinMarketCap data. It is the 25th largest cryptocurrency in circulation based on its current market value of over $7.9 billion.

The listing of meme tokens is often seen as a sign of legitimacy in the cryptocurrency community.

On Thursday, Coinbase said it will list the dogecoin in six to eight weeks. Other exchanges that allow dogecoin trading include Kraken and Robinhood.

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Binance’s Indian exchange lists Shiba Inu coin a day after Ehtereum creator Vitalik Buterin’s $1 billion donation

CZ 7 (1)
Changpeng Zhao is the CEO of the world’s largest crypto exchange Binance.

The largest cryptocurrency exchange in India has listed shiba inu coin for trading a day after ethereum co-creator Vitalik Buterin’s donation of about $1 billion worth of the tokens to India for COVID-19 relief.

Mumbai-based WazirX exchange, which is owned by Binance, listed the new token on Thursday, according to a blog post.

“We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it,” WazirX CEO Nischal Shetty told CoinDesk.

WazirX however will not accept direct SHIB deposits or facilitate its withdrawals. According to shiba inu’s website, the only place to buy or sell the dogecoin knockoff is on Uniswap.

Shiba inu, which was founded less than a year ago, took inspiration from a more established meme currency, dogecoin – even branding itself as a “dogecoin killer.” According to its website, shiba inu is an “experiment in decentralized community building.”

The WazirX listing comes a day after Buterin donated 50 trillion SHIB tokens worth around $1 billion to a crypto-based COVID-19 relief fund for India. The token has skyrocketed and gained almost 1,000% over the past week but plunged after news of Buterin’s donation broke.

Shiba inu was last at $0.00002035 on Friday morning, up by 15%, according to CoinMarketCap data. It is the 25th largest cryptocurrency in circulation based on its current market value of over $7.9 billion.

The listing of meme tokens is often seen as a sign of legitimacy in the cryptocurrency community.

On Thursday, Coinbase said it will list the dogecoin in six to eight weeks. Other exchanges that allow dogecoin trading include Kraken and Robinhood.

Read the original article on Business Insider

Ethereum creator Vitalik Buterin donated $1 billion to a COVID relief fund for India using Shiba Inu – a tiny token that has gained 1,000% in a week

Vitalik Buterin
Founder of Ethereum Vitalik Buterin during TechCrunch Disrupt London 2015

  • Vitalik Buterin, Ethereum’s creator, donated Shiba Inu coins worth $1 billion to a COVID-19 relief fund for India.
  • The dogecoin-inspired Shiba Inu token has gained almost 1,000% over the past week.
  • The crypto COVID-19 relief fund for India was set up last month as the pandemic escalated in the country.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Ethereum creator Vitalik Buterin donated $1 billion to a crypto-based COVID-19 relief fund for India using the dogecoin-inspired Shiba Inu coin. The token has skyrocketed and gained almost 1,000% over the past week, but plunged after news of Buterin’s donation broke.

Buterin donated over 50 trillion Shiba Inu coins to the fund, which aims to provide healthcare and basic-needs items to people affected by COVID-19 in India. At time of donation, these coins were worth around $1 billion but the significant donation panicked investors and caused the value of Shiba Inu to drop by around 34%.

“We plan to do a thoughtful liquidation to ensure we meet our COVID relief goals. We have decided to convert the donation slowly over a period of time.” CryptoRelief tweeted in response to concerns that erupted from Shiba Inu holders.

“We will not do anything which hurts any community specially the retail community involved with $SHIB, Sandeep Nailwal, the fund’s creator added.

Shiba Inu was last at $0.00001833 on Thursday according to Coinmarketcap data. It is the 27th largest cryptocurrency in circulation based on its current market value of over $7.3 billion.

Buterin also donated 500 ether tokens to the fund, which are worth almost $2 million based on ether’s value of $3,851.79 at the time of writing.

The COVID-19 relief fund Buterin donated to, CryptoRelief, was set up last month by Nailwal, co-founder of Ethereum platform Polygon and has since attracted donations from various crypto heavyweights. Buterin himself had already donated tokens worth almost $650,000 when the fund launched, as well as another $3 million last week according to Nailwal’s tweets.

Nailwal had set the fund up in response to the escalating COVID-19 situation in India, which saw global record numbers of cases and deaths as the healthcare system was unable to cope with patients and provide the care many needed due to shortages of medication, food and oxygen.

At the time, Nailwal tweeted that he had ways to get oxygen, food and vaccines into the country and to those who require them. Some of the crypto donations have since been liquidated and turned into US dollars, according to CryptoRelief’s website. The funds have been donated to various organizations and charities in India that have used them to tackle the oxygen shortage and purchase medical equipment, including personal protective gear and ventilators, according to CryptoRelief’s website.

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Ethereum co-creator Vitalik Buterin is now the world’s youngest crypto billionaire amid ether’s 350% year-to-date surge

vitalik Buterin ethereum

The 27-year-old co-creator of Ethereum, Vitalik Buterin, is now the world’s youngest crypto billionaire after a 350% year-to-date surge in the price of his cryptocurrency.

Buterin’s Ether address, which he disclosed on Twitter in 2018, currently holds 333,521 ETH, worth some $1,125,299,854 as of 8:19 a.m. ET on Wednesday when Ether’s price was $3374.90.

Ethereum’s market cap is nearing $400 billion after a historic run for the second most popular cryptocurrency, which saw it reach heights of over $3,500 per coin before paring gains.

Changpeng Zhao, the CEO of the largest cryptocurrency exchange in the world, Binance, told Forbes there were several factors driving Ether’s meteoric run.

First, the rise of DeFi or, decentralized finance, is pushing more users into assets not held or distributed by central banks generally.

Second, user demand for ether to buy digital assets like non-fungible tokens (NFTs) could be driving prices higher.

“All of these use cases are moving right now, and people need the other coins to do this type of new transaction,” Zhao said. “Ethereum is one of those clear examples. That’s probably why Ether is going up.”

Ark Invest analysts also laid out three reasons why ether is set to continue its bull run in a note to clients on Monday.

The analysts said a rise in institutional investment, strong “on-chain signals” of increasing ETH use, and “imminent protocol upgrades” are set to buoy the coin moving forward.

EX-Ark Invest analyst James Wang even laid out a case for ether to hit $40,000 per coin in a recent interview.

If the cryptocurrency does rise to those previously unimaginable heights, ether’s co-founder Vitalik Buterin would be worth an incredible $13,340,840,000.

Read more: Ex-Ark analyst James Wang breaks down his bull case for Ethereum as its token breaches an all-time high of $3,300 – and explains why it could eventually reach $40,000

Buterin was born in Kolomna, Russia, in 1994 and later moved to Canada with his family, growing up in Toronto. He then briefly attended the University of Waterloo before dropping out after being awarded $100,000 from the Thiel Fellowship.

The Russian-Canadian Buterin then put all his efforts into Ethereum before revealing the cryptocurrency in a whitepaper in 2013.

The Ethereum initial coin offering (ICO) was the second public coin offering ever when it took place in 2014.

If you had bought 100 ETH at the time, it would have cost around $30. That 100 ETH would be worth $337,490 today.

Lately, Buterin has taken to sharing in the success of his cryptocurrency. The ETH founder recently donated roughly $600,000 in ether and maker tokens to a COVID-19 relief fund for India.

Buterin adds his name to a growing list of crypto billionaires including the Winklevoss twins and Sam Bankman-Fried.

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