Vitalik Buterin is one of the creators of Ethereum, a cryptocurrency like Bitcoin that was launched in 2015. With just 27 years, he became the youngest crypto billionaire in the world: his virtual wallet has about 333,520 ETH, which would be about $ 1.09 billion at the current price of Ether ($ 3,278).
It happens that the digital currency exceeded $ 3,000 for the first time this Monday, with an increase of 325% since the beginning of the year.
The cryptocurrency ether has a market capitalization of 376 billion, only surpassed by the 1.08 trillion dollars of bitcoin.
Ether’s value has risen since the beginning of the year, largely due to the growing popularity of decentralized finance applications that aim to replace traditional financial intermediaries like banks and insurance companies.
According to data aggregator DeFi Pulse, more than $ 72 billion is now locked into DeFi protocols, much of which is built on the Ethereum blockchain.
Who is buterin
Vitalik Buterin. Photo: AFP
Buterin was born in 1994 in the city of Kolomna, outside Moscow, and later moved to Canada with his family. For that reason, he was raised in Toronto.
His relationship with cryptocurrencies had been going for a while: in 2012, at the age of 18, co-founded and wrote for Bitcoin Magazine with Mihai Alisie, who later joined Buterin to found Ethereum.
In 2014, Buterin received a Thiel Scholarship, offering $ 100,000 for young people under the age of 23 to pursue extra-academic projects.
The scholarship is funded by billionaire Peter Thiel, an early investor in Facebook and a graduate of Stanford University. A year later, the Russian-Canadian entrepreneur and the rest of the development team launched Frontier, what they called the “Basic implementation of the Ethereum project”.
Last week, Buterin donated around $ 600,000 in Ether and Manufacturer (MKR) tokens to a COVID-19 relief fund for India.
The booming cryptocurrency. Photo Bloomberg
While the existence of Satoshi Sakamoto, who (or who) is believed to be the creator of bitcoin, is still a mystery (it could be the pseudonym of one or more people), the founder of Ethereum has taken care to make himself known, or al less of not hiding. Especially to publicize ETH.
Its creation is booming. But it’s not all on the rise: Ethereum faces competition from Binance Smart Chain (BSC), the blockchain infrastructure developed by the world’s largest cryptocurrency exchange, which has already processed an average of more than 8 million daily transactions since the end of April (Ethereum just finished 1 million).
As you might expect, Ethereum has many similarities to Bitcoin, but also several differences. On the Ethereum Foundation website it is defined as “a global open source platform for decentralized applications “.
He adds that, “you can write code that controls the digital value, runs exactly as programmed, and is accessible from anywhere in the world.”
For computer savvy, “open source” and “decentralized applications” means that any programmer can access the code and create smart contracts, tokens (digital unit that allows software development) and even games that are not subject to any government, company or organism.
It is enough to remember here that the applications, or apps, allow infinite actions from the PC or the smartphone. In all cases they are managed by companies. When using WhatsApp, for example, every time we send a message, it goes through the company’s servers.
The dapps, on the other hand, they escape any control and they are born from the ingenuity of programmers who work with the Solidity language, created by Wood in 2014.
According to the site Stateoftheapps.com, in 2021 there are 3,044 dapps under the Ethereum umbrella. Some, like E-chat, are similar to WhatsApp or Telegram, while others, like LaZooz or CryptoCribs, provide services similar to Uber or AirBnb.
Dapps are related to smart contracts, which were born from the invention of Nick Szabo in 1994.
They are programs that run on a decentralized database, in this case the Ethereum Blockchain. Similar to a traditional contract between parties, are based on an immutable code, which runs automatically.
The future of Ethereum looks promising.
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