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Ethereum [ETH]’s Vitalik Buterin donates in cryptocurrency for development of three projects




Ethereum [ETH]'s Vitalik Buterin donates over 1,000 ETH for development of three projects
Source: Unsplash

Vitalik Buterin, the co-founder of Ethereum [ETH], the third-largest cryptocurrency by market cap, is back in the spotlight for donating Ethereum for three projects in the ecosystem. Nonetheless, this step by Buterin was criticized by one of the core developers of the foundation.

The first project to receive a donation from the co-founder of Ethereum was Prsymatic Labs, one of the teams working towards scaling Ethereum. Buterin donated over 1,000 ETH to the project after co-founder Preston Van Loon stated that they were unable to completely focus on scaling towards Ethereum as the team members were still working full-time at other jobs. He said:

“Our biggest distraction @prylabs is that we are still working full time for other jobs. Even with recent grants, it’s hardly enough to take the whole team full time with significant pay cuts and it’s certainly not even for us to scale the team to where we need it.”

To this, Vitalik said:

Vitalik's reply to Preston | Source: Twitter

Vitalik’s reply to Preston | Source: Twitter

Following this donation, the Twitter thread which was initiated for speaking about the progress of Ethereum or lack thereof, soon turned into a donation thread as Buterin continued to giveaway cryptocurrencies to two more projects. The projects are noted to be Sigma Prime and ChainSafe, wherein the co-founder donated 1,000 ETH to each of them.

Paul Hauner, the co-founder of Sigma Prime stated on Twitter:

“Hey, we’re building #lighthouse and have been knocked back for a couple of grants recently. We can certainly turn 1k ETH into more developers!”

Vitalik's reply to Paul Hauner | Source: Twitter

Vitalik’s reply to Paul Hauner | Source: Twitter

Vitalik's donation thread to ChainSafe | Source: Twitter

Vitalik’s donation thread to ChainSafe | Source: Twitter

The last project, ChainSafe, drew the attention of Peter Szilagyi, a core developer of Ethereum Foundation, who went on to say:

Peter Szilagyi's statement on the last donation | Source: Twitter

Peter Szilagyi’s statement on the last donation | Source: Twitter

Furthermore, Peter stated that he considers the step taken by Buterin “insanely reckless” towards the entire Ethereum ecosystem even though the donation were his own and not the Foundation’s. According to him, this is because the donations undermine the entire idea of the Foundation’s grants system. He added:

“[…] and it is also undermining the idea that working hard get get you ahead. What this just proved is you need to make something @VitalikButerin likes and he’ll bring the lambos.”

The co-founder was quick to respond to the statement by pointing out that ChainSafe is one of the leading projects working towards the development of the ecosystem, according to a list made by Coindesk. Additionally, Peter also spoke about the other concerns related to this particular donation, a majority of the developers have “zero knowledge about computer science fundamentals, and end up designing things that look good, except they don’t work or don’t scale”.

Vitalik's reply to Peter's statement | Source: Twitter

Vitalik’s reply to Peter’s statement | Source: Twitter

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand



Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”

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