Ethereum News

Vitalik Buterin Donates 300k USD to Crypto Startups Focused on Scaling Ethereum (ETH)

Vitalik Buterin surprised the crypto community after a seemingly sudden decision to make several $100K worth of ETH donations to various projects focused on the development of software solutions for the Ethereum network.

A Small Debate Sparked it All

The situation came after a debate via Twitter with Ameen Soleimani, CEO of SpankChain, who highlighted the need to work on the scalability and speed of this blockchain, which for almost its entire lifetime has been the most important blockchain after Bitcoin, being recently surpassed by Ripple (in terms of market cap).

To an answer from Mr. Buterin mentioning that the Ethereum development team was almost 100% close to completing a solution to the scalability problem with Ethereum 2.0, Soleimani made a series of comments suggesting the possibility that there could be faster advances if there were more collaborators outside the Ethereum team working on improving the blockchain.

In response to Soleimani’s reflections, Preston Van Loon of Prysmatic Labs made a comment pointing out that being a relatively small startup, they could not devote themselves entirely to working on developments for Ethereum as they had other projects to accomplish.

After this tweet, Vitalik simply decided to send 1000 ETH in support of the project because… YOLO

After making this donation, Paul Hauner, a developer at Lighthouse, wrote Vitalik a tweet commenting that the team could “certainly turn 1k ETH into more developers”. Vitalik Buterin responded by accepting the request and sent another 1000 ETH to the developer team.

Finally, Twitter user Mikerah decided to test his luck by telling Vitalik he would leave his studies at the University of Toronto to dedicate himself full-time to the development of Ethereum 2.0 with ChainSafe Systems if he received a similar donation, Vitalik also accepted.

Vitalik Buterin May Be Tweeting “YOLO”, But Perhaps Nobody Takes Ethereum More Seriously Than Him

In the end, Vitalik Buterin donated 300k USD to Ethereum. The benefited projects are focused on developing solutions to scale Ethereum.

The problem of scalability is of particular importance for this community precisely because of its popularity that makes it the preferred platform for the development of decentralized applications, despite the fact that other projects such as EOS and Tron claim to be much more efficient.

BTW… Vitalik did not give away any more ETH; however, given the number of users that asked him for donations, he decided to send some random altcoins too 😉

About author

Lanz is a freelance journalist and native of Venezuela. He is a lawyer, specialist in strategic planning, and professor whose work has appeared in various cryptocurrency and blockchain publications. Email Jose directly at lanzjose@pm.me
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