Vitalik Buterin Is Using Ethereum To Create A Better World
Aid for Ukraine, a joint initiative of the Ukrainian government and cryptocurrency exchanges and staking platforms like FTX, Everstake and Kuna, has announced that Vitalik Buterin, the creator and co-founder of the Ethereum blockchain, has donated $5 million to Ukraine.
According to reports, Buterin made his humanitarian donation to the European country in ETH, the native token of his cryptocurrency platform. There has been no official announcement of a donation from Buterin’s end. Aid for Ukraine said it was only able to trace the donation to Buterin through the Ethereum name service domain vitalik.eth from which the transfer originated. Buterin made the donation in early April. The joint initiative also announced that half of Buterin’s donation went to Aid for Ukraine, while the Unchained Fund received the other half. It is a cryptocurrency charity initiative started by some crypto community members to help Ukrainians.
Ukraine’s deputy minister of digital transformation, Alex Borneyakov, publicly appreciated the contribution of Buterin, a Russian Canadian, via a tweet. The deputy minister wrote, “I couldn’t be more grateful for every crypto donation to our lifesaving initiative @_AidForUkraine. It really helps to strengthen our country and protect its democratic values. Special thanks to @VitalikButerin for standing with @Ukraine”. With the addition of Buterin’s generous donation, Ukraine has been able to raise over $133M in cryptocurrency donations. The money will be used to support the country’s war against the invasion of Russia.
In other news, Buterin’s blockchain platform and the second largest cryptocurrency platform globally have come a step closer to completing the merge. For the massive upgrade that would shift the platform from proof of work to proof of stake, according to the team, the change will drastically reduce the amount of energy the blockchain platform uses and make it safer for the environment.
According to the team, they just had a dress rehearsal for the merge and everything went well, with only a few minor issues. The developers still don’t know when the much awaited upgrade will take place, but they will carry out another test on April 22 to further test the platform’s readiness. After the test on April 22, the developers hope to have a more definite answer for investors. For now, the Ethereum developer, Tim Baco, roughly estimates that the merge will take place in July 2022. The developers were ecstatic with Monday’s test. They explain that the test success proves that the merge is possible and will be beneficial for the platform and its investors. The switch from proof of work to proof of stake will reduce the massive amount of computational power and even to validate transactions on the Ethereum network. Users of the network will be able to validate transactions based on how many tokens they stake on the block chain platform. Investors with higher stakes will have more opportunities to validate transactions and earn rewards for doing so. For now, the blockchain platform has both proof-of-work and proof-of-stake chains running together. However, processing and validation of transactions remain in the proof-of-work chain. After the merge, the platform will abandon the proof of work chain and stick to the proof-of-stake chain. Monday’s test, which the developers describe as a “shadow fork,” shows Ethereum is drawing closer to the merge. The developers tried to create precisely what would happen during the merge, but with only a few nodes for the test, they reported that the main network was not disturbed by the test, and they are looking into the small minor issues discovered during the test. Investors are bullish about the merge and other upgrades, especially the sharding upgrades that will take place after it. If things go as planned, Ethereum could hit a new all-time high before the year ends.
What are your thoughts about Buterin’s donations and the upcoming Ethereum merge? Please share your comments and observations in the comments section below and click the Like button.
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