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Vitalik Buterin, the Ethereum co-founder, donates over $1B in cryptocurrencies to India’s crypto COVID Relief Fund.

In one of the largest philanthropy efforts ever seen in the crypto community, Vitalik Buterin, the co-founder of Ethereum, donated over $1B in cryptocurrencies Ether and Dogecoin look-alike (SHIB, ELON, AKITA), to India’s Covid Relief Fund and other few charities. 

At the beginning of the month, we saw the crypto community come together and start a crypto fund in India to help the country fight the ongoing pandemic. This fund was initiated by an Indian tech entrepreneur and the co-founder of Polygon, Sandeep Nailwal, and saw contributions from several people, including Vitalik Buterin, who donated Ethereum for over $600,000. 

Buterin recently became the world’s youngest cryptocurrency billionaire at the young age of 27. He has been popular for his giving back to the community attitude and recently donated over 50 trillion SHIB (Shibu Inu meme coin) and 500TH worth around $1.14 billion to India’s COVID-Crypto Relief Fund. 

Naliwal gratefully accepted the contribution and assured Buterin and SHIB investors that the donation would be used responsibly. He tweeted, “We will not do anything which hurts any community especially the retail community involved with SHIB,” 

Buterin also donated more meme coins, such as Dogelon (ELON) and Akita Inu (AKITA), that he received from the coin creators as gifts. Other than that, Buterin donated Elon and Ethereum worth $336 million to Methuselah Foundation, 13,000 ETH to Givewell, and AKITA worth $441 million to Gitcoin Community, MIRI, and Charter Cities Institute. 

The popularity of Dogecoin and its recent traction have given birth to more meme coins that are not at their level yet. However, these coins have managed to collect billions of dollars from investors that strengthen their foundation.

While the country struggles to fight the pandemic, donations and support have been pouring in from several places. The contribution from Buterin to India’s Covid-crypto relief fund will force the Indian government to accept the huge opportunity the crypto community presents, and they cannot turn a blind eye to it anymore. This donation could start the much-needed crypto revolution in India. 

Vitalik Buterin Says Centralized Exchanges Can Burn In Hell

Outspoken Ethereum co-founder, Vitalik Buterin, has hit out at centralized exchanges, saying that he hopes they “burn in hell as much as possible” while speaking to John Evans of TechCrunch. He has mirrored the opinions of divisive self-proclaimed voice of cryptocurrency, John McAfee.

Centralized King Makers

Buterik took aim at the king-making power that exchanges have, at the exorbitant $10m to $20m listing prices they demand, and the fact that their entire setup flied against the decentralized nature of cryptocurrency and blockchain technology.

Improved Verification For Greater Mass Adoption

He also said that it will be difficult to reach mainstream adoption if existing user authentication models fail, and suggested that Ethereum are looking at ways to remedy this problem. Buterin said, speaking during last week’s TechCrunch Sessions, suggested that something like WeChat, which asks for names from your list of social contacts as a means of verifying your identity, could be a better option than the current keys and password system.

Exorbitant Fees

He went on to take a swipe at centralized exchanges. He said that there was really no reason why some tokens are forced to pay $10m to $15m listing fees and said that it gives exchanges the power to be king-makers. However, he was pragmatic in his responses, suggesting that it is still early days and that exchanges exist to bridge the gap between fiat and crypto, but that fiat exchanges will come, allowing users to register with nothing but an email address.

Social Media Scam Accounts

Last week, Buterin posted a list of all of his active social media accounts, in a bid to try and help his followers differentiate between his genuine accounts and the proliferation of scam accounts; a phenomenon that any cryptotwitter user observes on a daily basis. A lot of influencers have been forced to add “not giving away ETH” to their account names, but despite Twitter claiming to try and combat the problem, it still surfaces on almost every influencer account.

*With today’s Bancor hack, it was revealed that the Bancor team had the ability to freeze funds.  How many other so called decentralized” DApps have a built-in kill switch that’s centrally controlled? According to Jackson Palmer, a ton…including Kyber, MakerDAO, Enigma and Augur. So much for decentralization. click tweet to see thread.

https://twitter.com/ummjackson/status/1016457850145550336

stay safe out there in the crypto streets.

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