Portrait of the world’s youngest billionaire
Vitalik Buterin, the “father” of the electronic currency Ethereum (also known as Ether or ETH) recently recorded His name is on the list of the world’s youngest billionaires with a fortune of more than 1 billion USD. Born in 1994 in the town of Kolomna outside Moscow, Buterin moved to Canada with his family and grew up in Toronto.
In 2012 Buterin co-founded and was the lead writer for Bitcoin magazine before launching Ethereum.
In 2014 Buterin was awarded a $100,000 Thiel scholarship for young people under 23 years old pursuing interests outside of academia. Scholarship funded by billionaire Peter Thiel.
Fate with cryptocurrency
praised as one of the talented founding members of cryptocurrencies and other blockchain applications known today The “father” of Ether first proposed the design of the Ethereum platform in 2013 when just 19 years old to create a common language to develop blockchain-based applications.
However, few people know that Buterin’s path to Ethereum was not easy, even difficult. a little skeptical.
The first time the “father” of Ethereum heard about cryptocurrency was in 2010 when he heard from his father about Bitcoin but did not find it attractive at all. He even thought it would fail.
However, Bitcoin’s increasing popularity later attracted the attention of the young man at that time and he began to participate in Bitcoin forums. Since then, the technology behind Bitcoin has gradually attracted him.
At that time Vitalik considered everything related to government regulation Government or corporate control is just something that is not positive. Naturally, the decentralized and uncontrollable nature of Bitcoin has attracted Vitalik’s interest over time but Vitalik still maintained his original belief that power would be concentrated in truly powerful things.
Over time this guy eventually spent his time on the various forums related to Bitcoin and started researching about Blockchain network Initially the cryptocurrency element of Blockchain network attracted his attention but as he became more and more involved in the community Vitalik began to understand. Get the virtually unlimited potential of the technology behind Bitcoin.
The “Door” opens
Buterin Vitalik wants to officially join the platform This new and experimental economy by owning some tokens but not having the computing power to mine them nor the cash to buy Bitcoin. So Vitalik searched for jobs that paid in Bitcoin on various forums and eventually started writing articles for a blog earning about 5 Bitcoin per article.
Through articles and his forum work Vitalik has sought to gain more knowledge and experience about Bitcoin as well as gain exposure to the cryptocurrency community. At the same time, he was also looking at all the different techno-economic and political aspects of cryptocurrencies.
Vitalik’s articles caught the attention of Mihai Alisie, an enthusiast. Romania’s passion for Bitcoin led to the two actively collaborating and eventually in late 2011 co-founding Bitcoin Magazine. Buterin took on the job of chief writer for the magazine while holding another part-time job as a research assistant to cryptographer Ian Goldberg. Furthermore, Vitalik is taking five advanced courses at the University of Waterloo at the same time.
In May 2013 Vitalik took a trip to San Jose California to attend a conference related to Bitcoin as representative of Bitcoin Magazine. This was the first time Buterin saw how the community that appeared around cryptocurrency was alive and growing, which convinced himself that this was a project really worth participating in.
At the end of 2013 Vitalik dropped out of University and spent the Bitcoin he had accumulated traveling around the world and meeting people who were trying to expand the capabilities of the Bitcoin network and turn it into a bigger with more potential.
During his travels Vitalik saw a lot of different Bitcoin-related projects from small shops in New Hampshire and restaurants in Berlin accepting Bitcoin to Bitcoin ATMs and various small communities around the world. However, all of that is still mainly focused on how to improve and promote Bitcoin’s function as a currency.
In October 2013 Vitalik was in Israel where the young man was five years old. Now that I’m more mature, I meet the people behind the projects called “CovertCoins” and “MasterCoin”. These are projects designed to use the basic Bitcoin Blockchain but have assigned new properties to Bitcoin transactions.
After reviewing the protocols that the projects that was using Vitalik realized that it was possible to massively generalize what the protocols were doing by replacing all of their functionality with a Turing complete programming language.
In computer science a Turing complete programming language is something that allows a computer to solve any given problem with the appropriate algorithm and the required amount of time and memory. He initially presented his idea with existing projects but everyone said that although it was an interesting idea, it was not the right time to do such big things. So Vitalik decided to do it himself.
Ethereum was born
As mentioned above in 2013 after Vitalik proposed Ethereum design the first Ethereum network was crowdfunded in 2014 and the first version launched in 2015 with initial supply The first was 72 million Ether.
When Ethereum officially launched, it quickly became a new craze among cryptocurrency players. Recently, in the trading session on May 3, this coin reached the all-time high of $3,456 marks an increase of about 360% since the beginning of 2021.
According to Bloomberg founder Buterin’s Ether wallet owns about 333,520 ETH worth 1 09 billion USD with Ether price calculated at 3,278 USD.
Today Ethereum is the most actively used blockchain in the world with many different applications Ethereum is an electric currency the second largest cryptocurrency after Bitcoin by market value. Both cryptocurrencies have seen a sharp increase in value over the past year and are gradually being embraced by the mainstream financial world as legitimate assets. France. Since the beginning of 2021, the value of Ethereum has increased more than four times and currently has a market capitalization of 364 billion USD, surpassing Bank of America, the second largest bank in the US.
Dang after the rise of Ethereum
ETH the world’s second largest cryptocurrency by market value is on the rise ETH just hit an all-time high surpassing 3,430 USD/ETH at the beginning of May 4.
The notable point of Ether in this increase in volatility is its status of “going private” independently of the fluctuations of Bitcoin (BTC). Historically, ETH and BTC price fluctuations have always been closely linked. If a BTC sell-off occurs, it will create an inevitable hit to the value of other cryptocurrencies on the market.
This fork has been in the works for a while as the network Ether runs on called Ethereum is currently undergoing a major overhaul. Developers say Eth2 will make Ethereum more secure, scalable and sustainable, making mining the new ether token much less energy-intensive.
When Bitcoin fell back to the 50,000 USD/BTC mark, investors cryptocurrencies reassessed their portfolios and in comparison Ether was much less volatile.
Issues with bitcoin’s network created congestion in transactions on earlier this month only served to boost Ether’s popularity. On May 4 ether rose more than 4% while bitcoin and major coin XRP fell between 5% and 10%.
Mati Greenspan Cryptocurrency investor and CEO of Quantum Economics says the behavioral shift among bitcoin alternatives marks the start of a new divergence called “alt season”.
< p>Greenspan said: “It’s not that Bitcoin is going down, Bitcoin is hovering in the middle of its price range. What’s even more interesting is how these two platforms seem to simultaneously cooperate and compete.”
Ethereum is known for its ease with smart contracts hence its subsequent popularity. of Ether as a medium of exchange for non-fungible tokens (NFT).
The NFT token type can be found on many different blockchain platforms but is currently mainly created and used on Ethereum’s blockchain. Over the past year, millions of dollars have been poured into NFT purchases.
Meanwhile, the trend of using a lot of energy to mine Bitcoin has caused some investors to In this sense, Ethereum’s upgrade could make it a much more attractive alternative according to Dong Giam TP Icap’s director of digital asset brokerage Duncan Trenholme.
Trenholme told Fintech Files: “Network fees on Ethereum and whether proof of stake can be enforced are two factors large in terms of the degree to which Ethereum will continue to be adopted.”
Even though Ether is a digital currency it is more likely that the network will attract investors to the currency’s potential as an asset to their investment portfolio. The European Investment Bank issued the first digital bond using Ethereum last month alongside Goldman Sachs Societe Generale and Santander as financial institutions consider how they can use the protocol for decentralized finance application.
Ark Invest analysts also gave three reasons why ether will continue its upward momentum in a note to clients on Monday.
Analysts say surge in institutional investment signals strong on-chain usage of ETH and “imminent protocol upgrades” set to boost the coin This moves forward.
EX-Ark Invest analyst James Wang even made the case for ETH reaching $40,000/coin in a recent interview.
If the cryptocurrency rises to previously unimaginable heights Eether co-founder Vitalik Buterin will be worth a staggering $13,340,840,000.
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