Ethereum's Vitalik Buterin donates Rs. 4.5 crores for COVID-19 relief work in India
By MYBRANDBOOK
Vitalik Buterin, the co-founder of Ethereum, has posted a transfer of 100 ETH and 100 MKR which is approximately $606,110 (roughly Rs. 4.5 crores) for COVID-19 relief work in India. Ethereum is an open-source blockchain software company founded in 2014. It is v used to build contracts on the blockchain, and has recently been in the news a lot because of its use in the making and transferring of non-fungible tokens (NFTs) - digital collectibles that can be uniquely identified and held by individuals. Ethereum has a currency called Ether that is the second biggest cryptocurrency in the world after Bitcoin.
Given the scale and scope of the tragedy that coronavirus is causing in India, many relief efforts have sprung into action, ranging from individuals giving their time and helping people coordinate and find resources, to companies donating money for oxygen and other emergency supplies. People around the world are also coming to support India, and Buterin's donation should help encourage the global cryptocurrency community to make a difference here.
Buterin, on his Twitter account posted a pair of links to EtherScan, an independent platform for sharing blockchain data built for Ethereum, which showed a transaction of 100 MKR (Maker) and 100 ETH (Ether), that hold a combined market value of over $600,000, or over Rs. 4.5 crores.
In the tweet, Buterin thanked Indian tech founder Sandeep Nailwal for organising the COVID-19 relief fund, and also thanked Indian-origin technology investor and entrepreneur Balaji Srinivasan for signal boosting the campaign.
Nailwal in his tweet shares that he plans to use the funds to get oxygen, food, and possibly even cover the cost of vaccines for poor people, and he has promised that all the spending will be published publicly for complete transparency.
Although you can't use cryptocurrencies like this to directly fund relief efforts as they are not widely accepted as currency, despite the name, there is a high market value placed around these tokens; Bitcoin is the largest and most famous, but many others including Ether, Litecoin, and of late, Dogecoin, have become very much in demand.
Although Buterin seems to have made this donation in his personal capacity, the Ethereum Foundation has also made significant donations in the past. Last year, the foundation reportedly donated 1,125 ETH to UNICEF, that was at the time worth $262,000 (roughly Rs. 1.9 crores at the time). Before that, in 2019, the foundation donated approximately $150,000 (roughly Rs. 1 crore at the time) in Bitcoin and Ether to UNICEF's experimental crypto fund.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
ICONS OF INDIA : ROSHNI NADAR MALHOTRA
Roshni Nadar Malhotra is the Chairperson of HCLTech, a leading global ...
Icons Of India : NEERAJ MITTAL
He started his career as an IAS Officer in 1992. He has held various a...
Icons Of India : MUKESH D. AMBANI
Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and ...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...