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Ethereum Creator Vitalik Buterin Sells All Remaining MKR Tokens After Two Years of Inactivity: On-Chain Data

Ethereum Creator Vitalik Buterin Sells All Remaining MKR Tokens After Two Years of Inactivity: On-Chain Data

Ethereum (ETH) co-founder Vitalik Buterin has sold off the rest of his Maker (MKR) tokens after not making any moves for two years, on-chain data shows. First spotted by blockchain tracking firm Lookonchain, Etherscan data shows Buterin’s Ethereum address trading 500 MKR for 353 ETH, worth about $580,000. The trade came 861 days after Buterin’s […]

The post Ethereum Creator Vitalik Buterin Sells All Remaining MKR Tokens After Two Years of Inactivity: On-Chain Data appeared first on The Daily Hodl.

First ‘AI to AI’ Crypto Payments Now Underway, According to Coinbase CEO Brian Armstrong

Vitalik Buterin Sends 600 Ethereum (ETH) Worth Over $1,000,000 to Coinbase As Crypto Markets Continue To Bleed

Vitalik Buterin Sends 600 Ethereum (ETH) Worth Over ,000,000 to Coinbase As Crypto Markets Continue To Bleed

Ethereum (ETH) founder Vitalik Buterin has been spotted sending hundreds of ETH to a major US-based digital asset exchange. According to Ethereum blockchain tracker Etherscan, a wallet owned by Buterin shifted 600 ETH worth over $1 million to Coinbase, where it could potentially be sold on the open market. According to Etherscan, Buterin paid less than […]

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First ‘AI to AI’ Crypto Payments Now Underway, According to Coinbase CEO Brian Armstrong

Ethereum co-founder Vitalik Buterin moves $1M of ETH to Coinbase

Onchain data shows that Ethereum co-founder Vitalik Buterin moved 600 ETH to U.S. exchange Coinbase amid ongoing market woes.

Blockchain sleuths have flagged the transfer of $1 million of ETH belonging to a wallet controlled by Ethereum (ETH) co-founder Vitalik Buterin as cryptocurrency markets remain depressed after widespread weekend losses.

The publicly labeled Ethereum wallet address vitalik.eth transferred 600 ETH on Aug. 21, with the address still holding over 3,900 ETH valued at $6.5 million as per data from Etherscan.

Blockchain data analysis from Lookonchain also revealed that vitalik.eth repaid 251,000 RAI tokens on Maker and withdrew 1,000 ETH, worth $1,67 million, hours before the movement of ETH to Coinbase.

A number of prominent blockchain data aggregators and publications shared insights into the transfer of 600 ETH to United States-based cryptocurrency exchange Coinbase. The move caused a stir on social media in the hours after the transfer, with speculation around the transaction rife. 

Buterin's transaction comes as wider cryptocurrency markets remain fragile follow a sharp correction over the weekend. Bitcoin and Ethereum saw losses of 11% and 8% respectively. 

Related: Vitalik dumps $700K worth of shitcoins that he never asked for

As Cointelegraph has previously reported, Buterin has admitted to selling portions of his ETH holdings on separate occasions over the past five years and has also publicly dumped tokens he has received in unsolicited alt coin airdrops.

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Ethereum Creator Vitalik Buterin Receives Taiwan Employment Gold Card, Says Robust ETH Community in Country: Report

Ethereum Creator Vitalik Buterin Receives Taiwan Employment Gold Card, Says Robust ETH Community in Country: Report

Ethereum (ETH) creator Vitalik Buterin has reportedly received a residency permit in Taiwan allowing him to live and work within the country for three years at a time. According to a report from local Taiwanese media, the country’s digital minister has confirmed that Buterin has obtained the Taiwan Employment Gold Card. The program aims to […]

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First ‘AI to AI’ Crypto Payments Now Underway, According to Coinbase CEO Brian Armstrong

Vitalik Buterin calls X’s Community Notes an example of ‘crypto values’

The Ethereum co-founder said the algorithm behind X’s tool to rate content as helpful and provide context was “surprisingly close to satisfying the ideal of credible neutrality.”

Ethereum co-founder Vitalik Buterin has offered an analysis of the Community Notes tool from X — formerly Twitter — comparing the feature to an example of “crypto values” on social media. 

In an Aug. 16 post on his personal website, Buterin said that given X’s Community Notes were shown or not shown based “entirely by an open source algorithm,” the platform tool was “the closest thing to an instantiation of ‘crypto values’ that we have seen in the mainstream world.” Community Notes, a Twitter feature launched in the U.S. as Birdwatch in October 2022 — prior to Elon Musk’s purchase of the firm — was aimed at allowing contributors to rate tweets as “helpful” and offer context.

“It’s not perfect,” said Buterin on the algorithm behind the feature. “But it’s surprisingly close to satisfying the ideal of credible neutrality, all while being impressively useful, even under contentious conditions, at the same time.”

The Ethereum co-founder provided a detailed analysis of the Community Notes algorithm, including it not “naively taking an average score from people’s votes” to determine how helpful a comment may be to users, as well as detecting major political divides on content. The feature has allowed additional context for seemingly misleading photos used as previews for stories and COVID-19 misinformation.

“I would say that the ‘theorycel aesthetic’ side of crypto [referencing this tweet] is necessary precisely to distinguish protocols that are actually trustless from janky constructions that look fine and seem to work well but under the hood require trusting a few centralized actors - or worse, actually end up being outright scams,” said Buterin.

He added:

“It’s the closest that very-large-scale applications are going to get within the next couple of years, and we can see that it provides a lot of value already.”

Related: Vitalik Buterin: Ethereum ‘fails’ without these 3 important ‘transitions’

Buterin went as far as to suggest that Musk may have ordered people working on the platform to remove certain Community Notes that may have been against his business interests, such as criticizing China’s government. Despite the Ethereum co-founder’s suggestion and criticism of “highly contentious actions” at Twitter following Musk’s takeover, the X CEO called the post a “great analysis.”

Musk, who described himself as a “free speech absolutist” prior to his takeover of Twitter in October 2022, may have been behind adding a five-second delay for links to news organizations, including The New York Times, and Facebook, according to a Washington Post report. Buterin’s analysis came as Musk was engaged in an online squabble with Meta CEO Mark Zuckerberg over the two billionaires planning a mixed martial arts fight at some point in the future.

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Vitalik Buterin Issues Warning on $22,500,000,000 Crypto Project From OpenAI CEO, Says Major Privacy Risks Loom

Vitalik Buterin Issues Warning on ,500,000,000 Crypto Project From OpenAI CEO, Says Major Privacy Risks Loom

Ethereum (ETH) creator Vitalik Buterin is weighing in on Worldcoin (WLD), a newly launched crypto project from OpenAI, the creators of ChatGPT. Worldcoin aims to be a decentralized database that verifies users’ identities by scanning their irises using a hardware “Orb.” According to Worldcoin, it plans on manufacturing 1,500 Orbs and deploying them into 35 […]

The post Vitalik Buterin Issues Warning on $22,500,000,000 Crypto Project From OpenAI CEO, Says Major Privacy Risks Loom appeared first on The Daily Hodl.

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Worldcoin token launch sparks response from Vitalik Buterin

The Ethereum co-founder released a long-form response to the launch of Worldcoin’s decentralized human identity verification system.

Vitalik Buterin, the co-founder of the Ethereum network, released a long-form essay with his thoughts on the recently launched Worldcoin human identity verification system. 

On July 24th, Buterin tweeted his response to Worldcoin which launched on the same day.

In his article, along with an explanation of Worldcoin and how it intends to work, Buterin addressed the larger concept in discussion within the release of the Worldcoin token which is proof-of-humanity.”

Worldcoin, along with other similar identity solutions such as Proof of Humanity, BrightID, Idenam and Circles believe that as artificial intelligence (AI) advances it will become increasingly difficult to distinguish between humans and machines.

Most of these systems that supply a type of token, such as Worldcoin, also see human utility being endangered by bots and therefore needing a type of universal basic income (UBI).

Buterin writes that these factors combined beckon the need for digital verification of humans. He argues that this system of proof of personhood is valuable to solving “anti-spam and anti-concentration-of-power problems.”

Related: OpenAI CEO Sam Altman testifies in ‘historic’ Senate hearing on AI safety

Additionally, the Ethereum co-founder also highlights that systems like Worldcoin, if it continues to decentralize as promised, will avoid “dependence on centralized authorities and reveal the minimal information possible.”

“If proof of personhood is not solved, decentralized governance… becomes much easier to capture by very wealthy actors, including hostile governments.”

Buterin also addressed the major concerns looming over such solutions, which he summarized into four main points of privacy, accessibility, centralization within the Worldcoin Foundation and security. 

On June 27th, Worldcoin had a small scare that it immediately clarified after thousands of Safe deployments to Optimism caused speculation of an attack.

Steve Dakh, a developer working on the Ethereum Attestation Service (EAS), which is the network’s own service that creates, verifies and revokes on/off-chain attestations said commented on Buterin’s post saying systems like Worldcoin could be complimentary with EAS.

In conclusion, Buterin said there is currently “no ideal form of proof of personhood” and currently envisions three different approaches to the problem that could potentially become a hybrid of each other. 

He called for community accountability in the process with audits and checks and balances. Although saying he does not envy those whose task it is to design and implement such systems, his point is simple:

“A world with no proof-of-personhood seems more likely to be a world dominated by centralized identity solutions, money, small closed communities, or some combination of all three.”

As of July 14, a week prior to the system’s launch, sign-ups for Worldcoin surpassed 2 million to World ID in less than half the time that it took to reach the first million.

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Vitalik Buterin shares account abstraction challenges in Ethereum: EthCC

Vitalik Buterin explained how an account abstraction extension called “paymasters” can allow users to pay for gas fees using “whatever coins that they are transferring.”

While account abstraction is perceived to be a catalyst that could onboard a billion users to Ethereum, its co-founder Vitalik Buterin shared some challenges in implementing the new feature on the blockchain.

Speaking on July 18 at the Ethereum Community Conference (EthCC) event in Paris, Buterin explained some of the key innovations that modern account abstraction brings and the current hurdles that the community is facing when it comes to the concept.

Vitalik Buterin at the EthCC event held in Paris. Source: EthCC

At the moment, when Ethereum users are transferring ERC-20 tokens, they are required to hold Ether (ETH) to pay for the transaction fees within the network. According to Buterin, account abstraction extensions, generally called “paymasters,” can allow users to pay their fees with “whatever coins that they are transferring.” Apart from this, the extension can also allow decentralized applications (DApps) to sponsor transactions for their users. 

Moreover, Buterin also talked about another extension called signature aggregation. According to the Ethereum founder, by compiling signatures with the feature, developers can save money on gas and data. He explained:

“This is actually especially a big deal on rollups because in a rollup a big or on because a big part of the size of a transaction is the signature on a rollup.”

Along with the potential benefits of account abstraction for users, Buterin also recognized that developers still need to overcome challenges. This includes needing an Ethereum Improvement Proposal (EIP) to upgrade current Ethereum externally-owned accounts — normal user accounts — into smart contracts and ensuring the protocol works similarly in layer-2 solutions.

Related: Lost keys have already cost billions of dollars, many more at risk — Polygon exec

Buterin also highlighted that there are additional challenges when it comes to integrating with existing technologies, such as biometrics and integration with existing wallets.

Despite the obstacles the account abstraction endeavor faced, the Ethereum co-founder expressed excitement about its progress. “Account abstraction has made a lot of progress, and I’m excited about all of the progress that we’ll continue making in the future,” he said.

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Vitalik Buterin wants Bitcoin to experiment with layer2 solutions just like Ethereum

Buterin also lauded the recent rise of Ordinals and believes it has brought the builder culture back to the Bitcoin ecosystem.

Ethereum co-founder Vitalik Buterin believes the Bitcoin network needs scalable solutions like the zero-knowledge (ZK) rollups to become more than another payment network. Buterin’s comments came during a Twitter space hosted by Bitcoin developer Udi Wertheimer with discussions revolving around Ethereum’s scaling experiments.

A ZK-rollup chain is an off-chain protocol that operates on top of the Ethereum blockchain and is managed by on-chain Ethereum smart contracts. It offers a more scalable and faster way to verify transactions without sharing critical user information.

The Ethereum co-founder shed light on how Ethereum has managed to incorporate various scaling solutions over the years and the recent experiment with ZK rollups and Plasma has given better throughput. Buterin cited the example of Optimism and Arbitrum as two successful examples of “rollups” that could be looked as case studies for Bitcoin.

“I think if we want Bitcoin to be more than payments, it needs more scaling solutions,” Buterin added,

Scalability has been a long-drawn point of discussion for Bitcoin and Ethereum over the years. While the Ethereum network has shifted from a proof-of-work to a proof-of-stake network, it is also experimenting with various layer-2 solutions like ZK roll-ups and Plasma.

Related: Zero-knowledge proofs coming to Bitcoin, overhauling network state validation

On the other hand, Bitcoin’s layer-2 solution lightning network has been crucial to its scalability aspirations and lately, Bitcoin ordinals have also joined in on the scalability bandwagon and helped the Bitcoin network become more than just another payment layer. Buterin also lauded the rise of Ordinals and said that he thinks Ordinals have brought back the builder culture into the Bitcoin ecosystem.

Bitcoin Ordinals are the latest layer-2 solution enabling decentralized storage of digital art on the Bitcoin blockchain. Its popularity soared fast and by the end of June, Bitcoin Ordinals inscriptions led to more than $210 million in trading volume.

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Vitalik Buterin says Ordinals have revived ‘builder culture’ on Bitcoin

The Ethereum co-founder said new developments on Bitcoin provide "good" pushback against “laser-eye” maximalists.

The advent of Bitcoin (BTC) Ordinals signals the “organic return of builder culture” to the network, according to Ethereum co-founder Vitalik Buterin.

Buterin made the comments in a July 7 Twitter space where he spoke at length with Bitcoin proponents Eric Wall and Udi Wertheimer about what Bitcoin developers could learn from Ethereum devs.

Buterin praised Ordinals and the BRC-20 token standard which he sees as a rejection of “stagnant” politics in the Bitcoin ecosystem.

“Ordinals are starting to bring back a culture of actually doing things. It feels like there's real pushback to the laser-eye movement, which is good,” Buterin said.

The nearly two-hour-long conversation centered around the issue of scalability. Wall claimed Bitcoin’s Lightning Network can’t scale for future users and it fails “frequently” when processing “even medium-sized payments.”

In response, Buterin suggested the best approach would be to focus on implementing different types of layer-2 solutions along with looking for ways to make the Bitcoin base layer more efficient.

“I think focusing on rollups is good and so is being open to ZK-snark-based scaling solutions.”

Wertheimer believed the introduction of rollups could create an interesting side effect.

“If we adopted rollups for Bitcoin, we actually get an execution environment too […] We can do smart contracts,” Wertheimer said.

Wall and Wertheimer — two key figures behind the Ordinals project Taproot Wizards — are outspoken exponents of Ordinals and routinely advocate for building increased functionality on top of the Bitcoin network.

Related: Bitcoin miners raked $184M in fees in Q2, surpassing all of 2022

Their stance has drawn criticism from more fundamentalist Bitcoiners who claim NFTs and smart contracts on Bitcoin dilute its supposed primary function as a peer-to-peer cash network.

Such critics include Jan3 CEO Samson Mow, who believes Ordinals waste block space that could otherwise be dedicated to Bitcoin payments.

Wall noted these criticisms and explained that Bitcoin could be used as a “proof system” for zero-knowledge proofs which wouldn’t congest the network.

“My perspective is that we [Bitcoiners] always wanted to do DeFi adjacent things but we just wanted the Bitcoin base layer to just act as sort of a judge or an arbiter of that computation and not have to run the computation on-chain,” Wall said.

“We shouldn't necessarily just be thinking about second layers as a way to make payments, but I think we could also think about them [as a way of doing] expressive things.”

The discussion yielded fresh controversy in the Bitcoin community, with Wertheimer slamming Mow and Blockstream CEO Adam Beck for being dismissive of the conversation with Buterin.

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