Vitalik Buterin - creator of Ethereum

Vitalik Buterin - creator of Ethereum

Creation of cryptocurrency and online platform Ethereum

“When I came up with Ethereum, my first thought was: this thing is too good to be true. There should have been at least five professional cryptographers who would have pounced on me, smashed me to smithereens, said that I had not noticed a bunch of obvious flaws. Two weeks later, I was extremely surprised that none of this happened. As it turns out, the basic idea behind Ethereum was good - fundamentally, completely. ” (c) Vitalik Buterin

The award received was enough to start working on Ethereum full time. Buterin attracted a friend, co-founder of Bitcoin Magazine Mihai Alesi, and several other strong developers - well-known members of the blockchain community to the project. They introduced the crypto platform and altcoin to the general public at the annual Bitcoin Conference in Miami. Vitalik personally described Ethereum from the stage. His speech ended with a standing ovation from the audience.

“When Buterin starts talking about blockchain, Stanford professors take out notebooks and take notes.” (c) Techcrunch

A few months later, the US business community awarded Buterin the World Technology Awards. Among the nominees was Mark Zuckerberg

The creators of the new cryptocurrency through crowdfunding collected approximately 31,6 thousand BTC (at that time $ 18,5 million) and with this money opened a non-profit organization Ethereum Foundation in Switzerland, which took control of the development of open source Ether software. The first ETH was mined on June 30, 2015.

Since its launch, Ethereum has evolved into a true ecosystem with thousands of developers: payments, banking, crowdfunding, Uber and Airbnb sharing, social media, reputation rankings. Some experts say that Ether is the future of the world economy.

What is the difference between Bitcoin and Ethereum?

"If Bitcoin is email, then Ethereum is the Internet itself." (c) Vitalik Buterin

For most people, there is no difference between Bitcoin and Ethereum - just competing firms or alternative options for digital money. But for those who are interested in the topic of cryptocurrencies and blockchain, there is a difference and it is quite big, to be more precise - fundamental. A few main differences:

  • for the "mining" of coins, super-powerful computers and mining farms are not required;
  • unlike Bitcoin, the volume and period of production is not limited and not finite;
  • Bitcoin was originally conceived as a payment and settlement system, and Ethereum as a platform for creating smart contract programs (small agreements not controlled by a third party), independent applications;
  • to transfer funds to Ethereum, you can set any conditions - lottery, casino, auction;
  • transaction speed Ethereum - 15 seconds, Bitcoin - 10 minutes

There is one more difference between the two cryptocurrencies - if bitcoin exists independently, then Ethereum is still directly related to the personality of the creator. So, after the fake message about the death of Buterin in a car accident, which appeared on the Internet on June 25, 2017, the market value of the altcoin fell down by $ 4 billion.The fall was stopped only by Vitalik's post on Twitter, which proved that he is alive and well.

Ethereum is now in second place in terms of unit price after Bitcoin. Over the year, the value of the cryptocurrency has risen by almost 95% and further growth is predicted. Analysts believe the reason for the takeoff is the announcement of the European Investment Bank on the creation of the first digital bond on the Ethereum platform and plans to issue such securities in the amount of EUR 100 million.

Vitalik Buterin's fortune exceeded $ 1 billion in cryptocurrency alone, it is known that he has shares in large IT companies and promising startups.

Some more interesting facts about the creator of Ethereum

“I met him recently on a commuter train, and he was wearing Hello Kitty multicolored socks. Believe it or not, this is the man who is building the infrastructure that challenges the power structures of the world's most important financial institutions. ” (c) Mike Perklin, Ledger Labs

  • Vitalik speaks fluent Mandarin Chinese, and learned the language, according to friends, in just a few months;
  • all personal belongings of a billionaire fit easily into one suitcase. He prefers funny T-shirts and funny watches to expensive purchases;
  • now Buterin lives permanently in Singapore;
  • in 2017, he was a guest of the International Economic Forum in St. Petersburg, talking face to face with President Putin about the digital economy and blockchain;
  • plays excellent chess and recently fought five-time Canadian champion Alexandra Botez. The girl won;
  • Vitalik avoids social networks, he does not have Instagram and Facebook pages, but he actively uses Twitter;
  • does not like social events, his personal life remains a secret;
  • leads a healthy lifestyle, does not consume alcohol, tobacco and other stimulants. Favorite drink - green tea with lemon;
  • In 2018, he refused to work on a possible Google crypto project, since, according to him, the company offered an intern's salary;
  • his main charity project is the SENS Research Foundation, an anti-aging research foundation, to which he donated $ 2,4 million;
  • he is still worried about communication in simple everyday situations, the young man is afraid to behave incorrectly or funny.

Of course, Vitalik Buterin was lucky in many ways. Parents saw talent in time, were able to direct it in the right direction and he was at the right time in the right place. But natural ability is nothing without a strong character, work, and desire to follow your path. If not for these qualities, perhaps our hero would have remained an unknown genius programmer in a large corporation.