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Ethereum co-founder Vitalik Buterin donates cryptocurrency worth $1.14B to India

Ethereum (ETH) co-founder and the world’s youngest cryptocurrency billionaire Vitalik Buterin has reportedly donated 50 trillion Shiba Inu (SHIB) tokens worth $1.14 billion to India COVID Relief Fund set up by Polygon founder Sandeep Nailwal as the country grapples with the second wave of the pandemic.

Sandeep Nailwal, the man behind India Covid-Crypto Relief Fund, said in a tweet that “One thing we have learned from Ethereum and Vitalik Buterin is the importance of community. We will not do anything which hurts any community, especially the retail community involved with $SHIB. We will act responsibly. Please don’t worry, $SHIB holders.”

According to TechCrunch, the meme coin has recently gathered billions of dollars of funding. According to the paper, “A number of entrepreneurs, including Balaji Srinivasan, have contributed to the India Crypto Relief Fund, which keeps track of all donations.”

Vitalik Buterin is a Russian-Canadian programmer and writer who is best known as one of Ethereum’s co-founders. He was one of the first people to get involved in bitcoins, co-founding Bitcoin Magazine in 2011. In 2013, he travelled to other countries to meet developers who shared his passion for coding. In 2014, he launched Ethereum. The price of the cryptocurrency is currently Rs 2.88 lakh.

What is Cryptocurrency?

A cryptocurrency is a virtual or digital currency secured by cryptography, which makes it nearly impossible to counterfeit and double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology – a distributed ledger enforced by a disparate network of computers. A defining feature of Cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Bitcoin was the first blockchain-based cryptocurrency. Bitcoin was launched in Japan in 2009 by Satoshi Nakamoto. Till March 2021, 18.6 million bitcoins were in circulation with a total market capitalization of around $927 billion.

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