Vitalik Buterin – The Shib Daily

Vitalik Buterin Warns Musk: X Could Backfire as a Hate-Fueled Platform

Michaela — Thu, 11 Dec 2025 13:13:18 +0000

Ethereum co-founder Vitalik Buterin has cautioned Elon Musk that X’s shift from a free speech platform to one enabling “coordinated hate sessions” is detrimental to the cause of free speech.

“I think you should consider that making X a global totem pole for Free Speech, and then turning it into a death star laser for coordinated hate sessions, is actually harmful for the cause of free speech,” Buterin wrote in an X post, following a previous post discussing the public discourse around Europe’s geopolitical role. “I’m seriously worried that huge backlashes against values I hold dear are coming in a few years’ time,” he added.

Source: Vitalik Buterin

In his previous post, Buterin noted that public discussions about Europe, including remarks from individuals he once considered “interesting and sophisticated,” have become “unhinged,” driven by increasingly aggressive online narratives. While he recognized valid criticisms of the EU, such as GDPR “clickthroughs” and “Chat Control” policies that need reform, Buterin warned that the tone and coordination of these attacks point to deeper risks.

Source: Vitalik Buterin

“The apocalyptic attitude about the issues, evoking imagery of barbarians pillaging Rome etc, seems really over the top. It feels more like a coordinated attempt to delegitimize than constructive criticism,” Buterin wrote.

Buterin’s comments on Musk and X’s direction sparked notable reactions from the online community. One X user, Micah Zoltu, asked whether Buterin was suggesting that X should implement direct or shadow censorship on the speech he referenced. Zoltu further questioned what alternative actions the Ethereum co-founder envisioned, emphasizing that censorship should not be the solution.

“He’s clearly actively tweaking algorithms to boost some things and deboost other things based on pretty arbitrary criteria,” Buterin wrote in response. He added that as long as the platform retains such powers, he would prefer them to be used to encourage positive interactions rather than amplify “ragebait,” without expanding their scope.

Source: Vitalik Buterin

The exchange of views between Buterin and Musk emphasizes the broader tension social platforms face in balancing open expression with responsible moderation. As debates over X’s direction continue, industry observers say how the platform navigates these choices could set precedents for the future of online discourse.

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Ethereum Faces Quantum Threat: Buterin Warns Base Layer Must Ossify Before 2028

Michaela — Thu, 20 Nov 2025 09:03:21 +0000

Ethereum co-founder Vitalik Buterin has cautioned that elliptic curve cryptography could be vulnerable before the next U.S. presidential election and stressed that Ethereum’s base layer should remain fixed to protect against potential bugs.

At the Devconnect conference in Buenos Aires, Buterin suggested that the protocol’s base layer should ossify, marking a notable shift from its traditional focus on flexibility and iterative development.

“More and more ossification over time is good for Ethereum,” Buterin stated. “We have a much lower rate of surprises now.”

Buterin emphasized that stability should take priority over adaptability, signaling a shift from Ethereum’s traditional model of rapid evolution and open development. He suggested that different layers of the protocol could ossify at varying rates, with the consensus layer potentially locking changes while the Ethereum Virtual Machine remains flexible, or the reverse, noting that retaining some degree of flexibility remains important.

The aim is not to hinder innovation but to shift it away from Ethereum’s base layer toward the broader ecosystem. This includes Layer 2 rollups, wallets, privacy solutions, and user-focused applications, rather than core protocol changes. With Layer 2 networks already processing the bulk of Ethereum’s transactions, moving more activity off the base layer can free up capacity on Layer 1 for settlement and security. “It’s healthy to move attention out of L1 and into the surrounding ecosystem,” Buterin stated.

Buterin acknowledged that this strategic shift carries trade-offs. He noted that much of the space has favored a “fast follower” approach, where projects replicate existing successes, potentially limiting creativity and innovation. The Ethereum co-founder also cautioned that elliptic curve cryptography, which underpins the security of both Ethereum and Bitcoin, is not invulnerable and may eventually be compromised.

“Elliptic curves are going to die,” Buterin stated, spotlighting concerns that quantum computing could compromise Ethereum’s core security framework before the next U.S. presidential election in 2028.
As Ethereum continues to evolve, Buterin’s warnings serve as a reminder that even the most robust blockchain systems must plan for long-term technological shifts. Developers, investors, and users alike may need to prepare for a future where quantum computing reshapes security standards and drives innovation in both protocol design and surrounding ecosystems.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Trustless Manifesto: Buterin Urges Builders to Prioritize Decentralization

Michaela — Fri, 14 Nov 2025 07:01:08 +0000

Ethereum co-founder Vitalik Buterin, alongside Ethereum Foundation researchers Yoav Weiss and Marissa Posner, has released The Trustless Manifesto, urging developers to prioritize decentralization and censorship resistance over rapid adoption.

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Key points:

Ethereum co-founder Vitalik Buterin and researchers Yoav Weiss and Marissa Posner released the Trustless Manifesto, urging developers to prioritize decentralization and censorship resistance over rapid adoption.
The manifesto stresses that trustlessness is the foundation of Ethereum, ensuring correctness and fairness through math and consensus rather than intermediaries, and warns that neglecting it risks centralization.
The developers invite peers to endorse the manifesto’s pledge, committing to build systems where users can participate openly, decisions are governed by code, and incentives, not reputation or permission, drive inclusion.

In The Trustless Manifesto, Buterin, Weiss, and Posner argue that every system starts with “good intentions” and that each component may seem harmless alone. Over time, they warn, these elements can become routine, with gateways turning into platforms, platforms becoming landlords, and eventually “landlords decide who may enter and what they may do,” they wrote.

“The only defense is trustless design: systems whose correctness and fairness depend only on math and consensus, never on the goodwill of intermediaries,” the manifesto wrote.

The Ethere u m developers argued that trustlessness is not an optional feature but the foundation of the entire ecosystem, describing it as “the thing itself.” Without this core principle, they contend, improvements in efficiency, user experience, or scalability amount to little more than surface-level enhancements built on a vulnerable base. They add that trustlessness is essential for maintaining credible neutrality, warning that without it, any system inevitably drifts toward reliance on intermediaries.

“When complexity tempts us to centralize, we must remember: every line of convenience code can become a choke point,” the manifesto wrote. “When critics ask why our designs are complicated, we should ask them what — or whom — they are trusting instead. If simplicity comes from trust, it is not simplicity. It is surrender,” the developers added.

In the Trustless Manifesto, the developers outline their vision for Ethereum’s next phase, noting that while the network has achieved significant scaling progress, its continued legitimacy depends on maintaining its foundational principles. As Ethereum evolves with new layers, accounts, and interaction models, the authors stress that it must also retain the qualities that gave the network its significance. Those include users initiating their own actions, open participation and verification for all, and systems that do not quietly exclude anyone.

They emphasize that decision-making should remain governed by code rather than trust-based agreements, and that participation should rely on incentives rather than reputation or permission.

Buterin, Weiss, and Posner conclude the Trustless Manifesto by inviting developers to endorse its pledge, signaling their commitment to designing and supporting systems that uphold trustlessness, environments in which correctness and fairness are guaranteed by mathematics and consensus rather than intermediaries.

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5 Legendary Crypto Whales Who Changed the Industry Forever

Michaela — Mon, 03 Nov 2025 10:00:31 +0000

In the world of crypto, not all wallets are created equal, and the biggest belong to the crypto whales. These are the individuals or entities holding massive amounts of digital currency, with enough power to make waves across entire markets with a single move.

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Key points:

Crypto whales are more than big holders, they’re the innovators, builders, and risk-takers who helped shape the crypto world’s direction and legitimacy.
From Satoshi Nakamoto to CZ, each whale changed the game: Satoshi’s disappearance defined decentralization, Vitalik built Ethereum’s innovation hub, the Winklevoss twins bridged Wall Street, Saylor brought corporate credibility, and CZ built global access.
The next wave of whales may not be individuals but communities, DAOs and decentralized groups working together to make the next big splash in crypto’s evolution.

But whales aren’t just rich traders sitting on piles of Bitcoin or Ethereum. They’re the risk-takers, innovators, and sometimes the chaos-makers who’ve helped shape the crypto industry as we know it. From early Bitcoin believers to mysterious market movers, these legends didn’t just swim in the deep end, they changed the tide for everyone.

1. Satoshi Nakamoto – The Phantom Founder

Every ocean has its myths, and in crypto, none is greater than Satoshi Nakamoto. The mysterious creator of Bitcoin mined around one million BTC, then vanished without a trace. No tweets, no press releases, no farewell post, just gone. That disappearance didn’t just spark endless speculation about Nakamoto’s identity; it also cemented Bitcoin’s decentralized spirit. Without a central figure, Bitcoin became what it was always meant to be: a system powered by code and community, not personality.

2. Vitalik Buterin – The Visionary Builder

If Satoshi built the ocean, Vitalik built the reefs. As the co-founder of Ethereum, Vitalik Buterin introduced smart contracts, self-executing bits of code that made crypto more than just digital money. Suddenly, the blockchain wasn’t just a ledger; it was a playground for innovation. From non-fungible tokens (NFTs) to decentralized finance (DeFi), much of today’s crypto ecosystem swims in waters Vitalik helped create. While others chased price charts, Buterin was busy redefining what a blockchain could do.

3. The Winklevoss Twins – The Institutional Believers

Before Bitcoin hit Wall Street, Cameron and Tyler Winklevoss were already stacking sats. The twins, once known for their Facebook feud, became early Bitcoin adopters and later founded Gemini, a regulated crypto exchange that helped give the industry a dose of legitimacy. Their mission was simple: make crypto safe, structured, and respected by traditional finance. In a sea of speculation, they built a bridge, one that helped crypto swim into the mainstream.

4. Michael Saylor – The Corporate Whale

When Michael Saylor, CEO of MicroStrategy, dove into Bitcoin, he didn’t dip his toes, he cannonballed in. Turning his company’s cash reserves into Bitcoin, Saylor became one of the loudest corporate voices for crypto adoption. His strategy was bold: if cash loses value over time, why not hold an asset that might appreciate? Soon, other executives started taking notes. In the business world, Saylor proved that crypto whales don’t just move markets, they can move mindsets too.

5. Changpeng “CZ” Zhao – The Exchange Titan

Every crypto whale needs an ocean to swim in, and CZ built one of the biggest. As the founder of Binance, he turned an ambitious idea into one of the world’s largest crypto exchanges, offering millions of users easy access to trading. Binance became the hub where liquidity flowed and new projects launched. Love him or not, CZ’s influence on crypto’s growth is undeniable. He helped transform digital assets from niche fascination to global phenomenon.

Legacy of the Crypto Whales

From Satoshi’s quiet genius to CZ’s global empire, these crypto whales show that power in this space comes in many forms. Some shaped the code, others built the bridges, and a few turned entire industries toward digital assets. Innovation, conviction, and scale, that’s the current that’s carried crypto from a fringe experiment to a financial revolution.

But here’s the twist: the next generation of whales might not be lone figures at all. As DAOs, decentralized communities, and collective projects grow, influence is shifting from individuals to groups. The future of crypto could belong to entire schools of people working together, rather than one big fish steering the tide. In the end, the real story of crypto whales isn’t just about who holds the most, it’s about who makes the biggest splash.

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Vitalik Buterin Urges Open-Source Tech to Fix Health, Finance, Voting

Michaela — Thu, 25 Sep 2025 11:58:58 +0000

Ethereum co-founder Vitalik Buterin has urged industries from healthcare to finance to adopt open-source, verifiable infrastructure, warning that reliance on closed systems fosters monopolies, weakens security, and undermines public trust.

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Key points;

Vitalik Buterin warns that closed digital systems in healthcare, finance, and governance foster monopolies, weaken security, and erode public trust.
He advocates for open-source, verifiable infrastructure across software, hardware, and biological systems to ensure transparency and resilience.
Buterin spotlights examples from vaccines to financial transactions, urging secure and open frameworks for critical public systems like voting.

In a recent blog post, the Ethereum co-founder cautioned that growing dependence on closed digital systems heightens the risks of abuse and monopolization. He emphasized that while emerging technologies offer significant benefits, they also reshape power dynamics at both domestic and global levels.

Buterin stressed that the future will rely heavily on trust in technology, warning that backdoors or security breaches could erode this foundation with serious consequences. He argued that even the possibility of such failures undermines confidence.

To address these risks, he called for a technological framework spanning software, hardware, and biological systems, built on two key principles: true openness through free open-source licensing and verifiability.

Buterin outlined a vision of a future where verifiable devices serve as the foundation of global systems. He cautioned that, if left unchecked, most digital infrastructure will default to being controlled by centralized corporations. Still, he expressed optimism that a shift toward more open and transparent alternatives remains within reach.

Buterin argued that proprietary health technologies risk restricting access, fostering data monopolies, and exposing individuals to surveillance. He pointed to the COVID-19 vaccine rollout as an example of how closed manufacturing and communication systems can erode public trust.

“Vaccines were produced in only a few countries, which led to large disparities between when different countries were able to get access to them. Wealthier countries got top-quality vaccines in 2021, others got lower-quality vaccines in 2022 or 2023,” Buterin wrote. “There were initiatives to try to ensure equal access, but because the vaccines were designed to rely on capital-intensive proprietary manufacturing processes that could only be done in a few places, these initiatives could only do so much,” he added.

Additionally, Buterin drew parallels to the financial sector, contrasting the five seconds it took him to complete a crypto transaction with the half-hour and $119 required to send a signed legal form overseas. He stressed the importance of developing secure, open hardware and software for critical public systems, particularly voting.

Buterin’s reflections emphasize a broader crossroads for digital society: whether the systems shaping daily life will be guarded by closed gates or built on transparent foundations. As technology continues to define how people connect, transact, and govern, the path chosen today may determine the level of trust future generations can place in the digital world.

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Ethereum Needs Its ‘Google Search’? Vitalik Says Low-Risk DeFi Could Be It

Michaela — Mon, 22 Sep 2025 13:21:18 +0000

Ethereum co-founder Vitalik Buterin has emphasized that low-risk decentralized finance (DeFi) protocols could provide steady revenue for the network, similar to how Google Search fuels Google, while supporting Ethereum’s non-financial applications and cultural ethos.

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Key points:

Vitalik Buterin believes low-risk DeFi could provide Ethereum with steady revenue, similar to how Google Search drives Google’s profits, while supporting nonfinancial apps.
The disconnect between revenue-generating DeFi and culturally aligned Ethereum applications has caused community tension, but stablecoin lending on platforms like Aave now offers a viable solution.
Buterin warned that unlike Google’s ad-driven model, Ethereum must ensure any revenue-generating activity aligns with its decentralized and ethical principles, balancing financial growth with cultural values.

In a blog post on Sunday, the Ethereum co-founder suggested that low-risk DeFi could help resolve tensions within the community regarding whether revenue-generating applications align with the cultural and ethical principles that initially drew users to Ethereum.

“Historically, these two categories were very disjoint: the former was some combination of NFTs, [meme coins], and a type of defi that was backed up by temporary or recursive forces: people borrowing and lending to chase incentives provided by protocols, or a circular argument of “ETH is valuable because people use the Ethereum chain to buy and sell and leverage-trade ETH,” Buterin wrote.

He added that non-financial and semi-financial applications, including Lens, Farcaster, and Polymarket, while innovative, have seen limited adoption or generated insufficient fee revenue.

Buterin explained that this disconnect caused tension within the community, as much of its energy relied on the “theoretical hope that some application could emerge” to satisfy both financial sustainability and cultural alignment. He added that, as of this year, Ethereum now possesses such an application.

The Ethereum co-founder argued that low-risk DeFi could serve as the primary revenue driver for Ethereum, emphasizing stablecoin lending on the DeFi platform Aave, where deposit rates sit around 5% for major tokens like Tether and USDC and exceed 10% for higher-risk stablecoins.

Buterin compared this to Google, noting that while the tech giant produces “interesting and valuable things” such as its Chromium browsers, Pixel phones, and open-source AI Gemini models, the bulk of its revenue still comes from search and advertising.

However, Buterin criticized Google’s business model, arguing that its reliance on advertising revenue encourages the company to collect and centralize user data, undermining its original open-source principles and commitment to creating positive-sum outcomes.

“The cost of this kind of incongruence is even higher for Ethereum, because Ethereum is a decentralized ecosystem, and so any activity that Ethereum does cannot be a backroom decision of a few people, it must be viable as a cultural rallying point,” Buterin wrote.

Looking ahead, Ethereum’s evolution could redefine how digital networks balance profit and purpose. By prioritizing sustainable, low-risk DeFi, the ecosystem may set a new standard for combining financial growth with ethical innovation, showing that blockchain can be both economically robust and culturally aligned for years to come.

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Buterin Urges Faster Ethereum Withdrawals — Could This Boost Shibarium Too?

Michaela — Thu, 07 Aug 2025 10:48:57 +0000

Summary: Why does Vitalik Buterin want Ethereum Layer 2 withdrawals to be faster?

Buterin believes waiting days to withdraw from Layer 2s is too long and hurts user experience. He says quicker withdrawals would reduce reliance on insecure bridging solutions and lower the cost of capital. Faster, trustless exits would help Ethereum Layer 1 remain the core of its economic ecosystem.

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Ethereum Co-Founder Vitalik Buterin has stated that faster withdrawal times should take precedence over full Layer 2 decentralization, calling it essential to keeping Ethereum Layer 1 at the center of the network’s economic activity.

“Fast withdrawal times are important because waiting a week to withdraw is simply far too long for people, and even for intent-based bridging (eg. ERC-7683), the cost of capital becomes too high if the liquidity provider has to wait a week,” Buterin wrote in a post on X. His comments came in response to an update noting that six rollups, Unichain, Scroll, Kinto, Ink, Optimism, and Base, have completed the upgrades required under the revised Stage 1 framework and are now fully compliant.

Amazing to see so many major L2s now at stage 1.

The next goal we should shoot for is, in my view, fast (<1h) withdrawal times, enabled by validity (aka ZK) proof systems.

I consider this even more important than stage 2.

Fast withdrawal times are important because waiting a… https://t.co/YZs2hQ3Wrn
— vitalik.eth (@VitalikButerin) August 6, 2025

Extended withdrawal also delays increased reliance on bridging solutions that utilize less secure trust models, such as multisignature wallets and multi-party computation (MPC) systems.

Buterin suggested that bringing native withdrawal times below one hour in the short term, and down to 12 seconds in the medium term, would help solidify Ethereum Layer 1 as the primary hub for asset issuance and the economic core of the broader Ethereum network.

According to Buterin, to achieve faster withdrawal times, Ethereum must shift away from optimistic proof systems, which rely on multi-day waiting periods by design.

The Ethereum co-founder shared that Ethereum’s reliance on optimistic proofs, once necessary due to the cost and complexity of zero-knowledge (ZK) proofs, is nearing its end. As ZK tech matures, faster, more secure L2 withdrawals are becoming viable. He points to hybrid models like a “2-of-3” system using ZK, OP, and TEE methods, while noting that high gas fees for large ZK proofs remain a final hurdle.

Ethereum Withdrawal Upgrades Set New L2 Standard

This renewed push for faster withdrawals underscores Ethereum’s broader strategy to enhance scalability and user experience, key factors in driving mainstream adoption. For SHIB holders, the implications are clear. Shibarium, Shiba Inu’s Layer 2 network built on Ethereum, is designed to deliver low-cost, high-speed transactions. As Ethereum establishes new benchmarks for withdrawal efficiency and trustless bridging, Shibarium has a clear opportunity to meet or surpass these standards.

With Ethereum L1 positioning itself as the economic hub of its ecosystem, the performance of L2s like Shibarium becomes even more critical. Quick, secure access to funds without relying on centralized bridge infrastructure will be a major competitive edge. As ZK-based proofs become more practical, solutions like Shibarium can leverage this evolution to enhance user trust, reduce capital inefficiencies, and ensure seamless movement across the broader decentralized finance (DeFi) landscape.

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Ethereum Proposes Unified Fee Market to Simplify Costs — What It Means for Shib

Michaela — Wed, 06 Aug 2025 10:12:55 +0000

Summary: What is Ethereum’s unified fee market proposal and why does it matter?

Ethereum’s proposal aims to simplify transaction fees by allowing users to set a single maximum fee for all transaction components. This change would make fees easier to understand and predict, improving the user experience. It also helps enhance network stability by reducing complexity and preventing excessive gas use.

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Ethereum co-founder Vitalik Buterin and blockchain developer Anders Elowsson have unveiled a proposal aimed at simplifying Ethereum’s transaction fee system amid recent gas fee reductions and growing competition in the blockchain space.

The proposal, EIP-7999, published on Tuesday, aims to create a unified multidimensional fee market that enables users to set a single maximum fee covering multiple transaction resources.

Should the proposal be implemented, it would simplify transaction fee management by allowing users to set a single comprehensive maximum fee instead of handling multiple fee components. This approach aims to enhance capital efficiency and provide a more straightforward and predictable payment process, improving the overall user experience.

Ethereum’s gas fees have faced growing criticism for being excessively high, sparking concerns about the platform’s accessibility. In July, Buterin put forward EIP-7983, a proposal to introduce a protocol-level gas cap limiting individual transaction gas usage to 16.77 million units.

This upgrade aims to establish a uniform maximum gas limit of 16.77 million (2²⁴) per transaction, designed to enhance network stability by preventing excessive resource consumption. By enforcing this cap, the proposal seeks to ensure consistent blockchain performance and reduce the risk of congestion.

Shibarium and the Unified Fee Market Opportunity

Ethereum’s move to simplify transaction fees with a unified fee market emphasizes the increasing importance of user-friendly design in blockchain technology. For Shibarium, this presents a significant opportunity to advance by offering an even smoother and more cost-effective experience for SHIB holders and decentralized finance (DeFi) participants.

As Ethereum continues to navigate fee complexity amid growing competition, Shibarium’s commitment to low fees and ease of use positions it as a compelling alternative for everyday crypto transactions.

This proposal from Ethereum spotlights the market’s rising demand for straightforward, predictable fees, an area where Shibarium is already well-prepared. Building on this momentum, Shibarium is poised to expand its user base, enhance its ecosystem, and demonstrate its capacity to compete with leading blockchains by prioritizing community engagement and practical usability.

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Buterin Calls for AI Pause While Altman Focuses on Superintelligence

Gushiken Yona — Mon, 06 Jan 2025 11:18:17 +0000

In the race to shape the future of AI, two of the biggest names in tech—Vitalik Buterin and Sam Altman—have drawn battle lines. Buterin calls for a bold “pause,” while Altman dives headfirst into the development of superintelligence.

Buterin’s Proposal: A “Soft Pause” to Curb Unchecked AI Advancement

Buterin’s latest post rocked the Artificial Intelligence world. The Ethereum co-founder is sounding alarms over AI’s unchecked rise, proposing a radical “soft pause” on industrial-scale computing. His idea? Cut global computing power by 90-99% for one to two years, buying humanity time to catch up with the rapidly advancing tech.

Buterin’s reasoning is clear: Superintelligent AI is on the horizon and without slowing down development, we risk being overwhelmed by a force we’re not ready to control. He advocated for a decentralized approach, emphasizing the importance of ethical Artificial Intelligence and technology that defends rather than harms.

Altman’s Vision: Gradual Growth Toward Superintelligence

In stark contrast, Altman, CEO of OpenAI, is all in on superintelligence—but with a twist. Altman’s approach isn’t about halting progress but a gradual, iterative release. His strategy? Roll out Artificial Intelligence in small, manageable pieces, giving society time to adapt and ensure safety along the way.

Altman has a clear belief: Artificial Intelligence isn’t dangerous if we co-evolve with it, learning as we go. With OpenAI’s strong governance structure, Altman believes they can steer AI development in a direction that benefits humanity—no “pause” needed.

Diverging Paths on AI Regulation

Here’s where things get interesting. Buterin calls for a global “pause” to put a brake on runaway Artificial Intelligence development, while Altman is betting on governance. Buterin’s concern? Without immediate action, Artificial Intelligence could pose existential risks, including “irreversible human disempowerment.”

For Altman, the solution is governance: build a board, create accountability, and move forward carefully. His strategy focuses on making Artificial Intelligence safer as it develops—not stopping it.

The Uncertain Future of AI: A Call for Caution

Both Buterin and Altman agreed on one thing: Artificial Intelligence’s future is uncertain, and the stakes are enormous. Buterin fears the worst, while Altman acknowledged that Artificial Intelligence will continue to surprise, both in positive and negative ways.

Despite their differences, both tech leaders share a commitment to AI safety. While Buterin calls for slowing down to catch up, Altman believes society can grow into this new technological era—but only if we do it carefully and with full transparency.

AI: Pause or Progress?

As Artificial Intelligence races toward the future, Buterin and Altman’s diverging visions highlight the massive challenges ahead. The question isn’t whether AI will change the world—it’s how fast that change happens, and whether we’ll be prepared for it when it does.

Both approaches may be right—and the only certainty is that Artificial Intelligence’s journey is far from over.

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Vitalik Buterin Proposes Solutions to Ethereum Staking Centralization Issues

Lawrence Damilola — Mon, 21 Oct 2024 11:30:01 +0000

Ethereum co-creator Vitalik Buterin has proposed several changes to address centralization concerns in Ethereum’s staking and block production.

In an X post yesterday, Buterin emphasized that staking centralization poses one of the most significant risks to Ethereum, as economies of scale are pushing smaller staking pools to join larger ones. He expressed concern that two entities, Beaverbuild and Titan Builder, built 88% of all Ethereum blocks in just the first two weeks of October.

Possible futures of the Ethereum protocol, part 3: The Scourgehttps://t.co/mtzH1ZxTak

(I tried my best to be fair to all sides of the debates here!)
— vitalik.eth (@VitalikButerin) October 20, 2024

Buterin explained that while 30% of Ether (ETH) is currently staked, which is sufficient to protect the network from 51% attacks, further centralization could lead to additional risks. “One of the biggest risks to the Ethereum L1 is proof-of-stake centralizing due to economic pressures,” Buterin wrote, warning that if nearly all Ether were staked, the process could become less profitable and impose more obligations on holders.

He also cautioned that staking could weaken Ethereum’s slashing mechanism, which penalizes improper actions in staking. Buterin raised the concern that a liquid staking token could take over Ether’s role as a dominant network asset. To prevent these issues, he recommended placing a cap on the amount of Ether a user can stake and limiting penalties for stakers to 12.5% of the amount staked. He suggested a two-tier system that includes both “slashable” (risk-bearing) and “unslashable” (risk-free) options.

Block Production Centralization Concerns

In addition to staking, Buterin discussed the centralization of block production. He noted that the current system, which separates block builders from proposers, has led to the concentration of block-building power among a small number of entities. Ethereum researcher Toni Wahrstätter recently highlighted that Beaverbuild and Titan Builder constructed 88.7% of Ethereum blocks during the first two weeks of October.

Over the past two weeks, two block builders, Beaverbuild and Titan Builder, have produced 88.7% of all blocks.

This trend is primarily driven by the rise of private order flow (XOF), sold exclusively by certain apps. XOF reduces genuine competition among builders in the block… pic.twitter.com/6o96iLQLCv
— Toni Wahrstätter ⟠ (@nero_eth) October 17, 2024

Buterin warned that this concentration of block production could lead to a higher risk of transaction censorship and longer wait times for transactions to be included in blocks. He pointed out that users could experience delays of up to 114 seconds, compared to the current six seconds, as a result of centralization in block production.

To address this issue, Buterin proposed the “fork-choice-enforced inclusion lists,” which would return the responsibility of choosing transactions to proposers while allowing builders to focus on transaction ordering. Another proposed solution is “BRAID,” which would split block production across multiple actors, ensuring that no single entity could dominate the process.

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The Shib Crypto Recap: Monday

Malaya Ruiz — Mon, 14 Oct 2024 20:14:47 +0000

In today’s recap, we’ll explore the latest in crypto as we kick off the week. This Monday has brought with it reports of rising crypto-related crimes and the introduction of new regulatory enforcement strategies. We’ll also dive into Vitalik Buterin’s recent insights shared in a blog post, as well as Google’s controversial decision to remove live price charts from its interface. Additionally, the James Howells case continues to unveil fascinating aspects worth discussing in the crypto narrative.

Western Europe Faces Spike in Violent Home Invasions and High-Stakes Robberies

There has been a significant increase in violent home invasions aimed at cryptocurrency holders in Western Europe. Blockchain investigator ZachXBT reported receiving numerous messages from victims, highlighting a trend of criminals using extreme measures to steal digital assets. In one case, a victim lost $4.3 million in cryptocurrency during a June 2024 home invasion, with attackers posing as delivery personnel and armed with machetes. They likely obtained the victim’s information through a data breach.

Another significant case involved Nick Drakon, ex-CEO of Revelo Intel, who was threatened at gunpoint to transfer Bitcoin while his family was at risk. Data from GitHub shows at least 15 documented offline crypto robberies globally in the past year, with Western Europe being heavily impacted.

South Africa Mandates Crypto Disclosure to Curb Tax Evasion

In a decisive move against tax evasion, the South African Revenue Service (SARS) has launched an extensive investigation into cryptocurrency investments as over 5.8 million South Africans engage with digital assets. By officially recognizing cryptocurrencies such as Bitcoin and Ethereum as reportable assets, SARS mandates all citizens involved with crypto to declare their holdings on tax returns. There will be severe penalties for those who fail to comply.

Also, in a bid to enhance oversight, SARS is using advanced Artificial Intelligence (AI) to monitor crypto transactions in real-time. This allows the tax collecting authority to effectively identify any unreported activities regardless of where they occur.

Vitalik Buterin Outlines Key Improvements for a More Efficient PoS Network

In his latest blog post, Vitalik Buterin has addressed several aspects that require improvement in Ethereum’s Proof of Stake (PoS) network. In particular, he called attention to the challenges of staking accessibility and block finalization speed. He highlighted the high staking threshold of 32 ETH, arguing for a reduction to 1 ETH to promote solo staking and greater decentralization.

Source: Vitalik.eth.limo

Furthermore, he expressed concern over the current block finalization time of around 15 minutes. He suggested reducing it to about 12 seconds. Buterin proposed three solutions to tackle these issues, namely ZK-SNARKs, orbit committees, and a two-tiered staking system. He also outlined four potential trajectories for Ethereum’s future evolution: maintaining its current state, implementing Orbit SSF, adopting brute-force SSF, or establishing a two-tier staking framework.

Bitcoin and Ethereum Price Charts Disappear from Google Searches

Google has taken down live price charts for Bitcoin and cryptocurrencies from its search results. Users no longer see charts when searching for “Bitcoin price” or “Ethereum price.” While stock and index charts still show up, cryptocurrency prices can now only be checked through other sources. Google Finance provides some information, though the latest update dates back to October 7, raising questions about the reliability of that data. Google has not offered an explanation for this change, leaving users uncertain if it will last.

A £495 Million Quest: IT Engineer Sues Newport City Council to Reclaim Lost Bitcoin

James Howells, an IT engineer from Newport, is in a legal dispute with his hometown council, hoping to recover Bitcoin valued at nearly £495 million (about $647 million). The key to this wealth is locked away in a lost hard drive that contained the private keys to 8,000 Bitcoins. Eleven years ago, a mix-up caused the drive to be thrown out by his partner at the time. It ended up at a recycling center.

After years of challenges, he plans to sue Newport City Council, claiming he has faced numerous obstacles from environmental issues and bureaucratic barriers. His legal team has started crowdfunding for a private excavation, stating that this case is fundamentally about individual rights. They believe the Bitcoin community should support him in reclaiming his lost assets.

Shiba Inu & Shibarium: A Bullish Future With Triple-Digit Predictions and Strategic Integrations

In Shiba Inu news, a new prediction suggests that SHIB could increase by triple digits. Analyst Javon Marks noted a potential rise of around 342%. His analysis on social media highlighted a “falling wedge” pattern on SHIB’s price chart. This pattern is typically seen as bullish, and SHIB has been trading within these wedge boundaries.

Recently, Shiba Inu appeared on McDonald’s Japan’s chocolate pie packaging, reaching a vast audience without an official partnership. DeLorean Labs showcased SHIB in a nostalgic commercial featuring their iconic car. The team also partnered with Mass to serve as the financial layer of the Shiba Nation State. Additionally, the launch of Shiboshi Rush by Shib Games aims to engage the community and boost SHIB token interest, while LEASH, another Shib ecosystem token, was listed on the Triv Exchange.

Shibarium isn’t slacking either. Zypto, a comprehensive crypto platform bridging DeFi and CeFi, has announced its focus on integrating Shibarium, the layer-2 scaling solution for Shiba Inu. It stated that the next chains it will integrate include Shibarium. This integration is expected to drive significant growth for the Shib ecosystem, with Zypto making it easier for users to access the Shibarium network.

The post The Shib Crypto Recap: Monday first appeared on The Shib Daily.

Ethereum’s Future: How Vitalik Buterin Plans to Transform Staking and Decentralization

Lawrence Damilola — Mon, 14 Oct 2024 15:31:01 +0000

Vitalik Buterin has outlined several areas for improvement in Ethereum’s Proof of Stake (PoS) network, particularly focusing on staking accessibility and block finalization speed.

In a recent blog post, Buterin highlighted that while Ethereum’s transition from Proof of Work (PoW) to PoS was a significant milestone, issues remain. One primary concern is the high staking requirement of 32 ETH, which Buterin proposes lowering to 1 ETH to encourage solo staking. He believes that reducing this barrier could promote decentralization by allowing more individuals to participate.

Possible futures of the Ethereum protocol, part 1: the Mergehttps://t.co/JycODdM4wW
— vitalik.eth (@VitalikButerin) October 14, 2024

Buterin pointed out that Ethereum’s current block finalization time of around 15 minutes is another area needing improvement. He proposed reducing finalization to a single slot of about 12 seconds. However, this poses a challenge in balancing the number of validators with maintaining low node overhead. More validators lead to increased decentralization but can slow down verification times unless supported by powerful nodes.

Buterin presented three potential solutions to address these challenges. One involves improving signature aggregation using techniques like ZK-SNARKs, allowing the network to efficiently handle signatures from millions of validators. The second approach suggests using orbit committees, where only a subset of validators finalizes blocks, rotating committee members to maintain security. The third option is introducing a two-tiered staking system, with higher-tier stakers handling economic finality, while lower-tier stakers delegate their stakes to the higher tier.

Buterin’s Four Development Paths

Buterin also outlined four possible paths for Ethereum’s future development. The first option is to leave the network as it is, with no changes to current security and decentralization. The second is implementing Orbit SSF, which would adjust assumptions around economic finality. The third path, brute-force SSF, focuses on improving the handling of millions of validator signatures through more advanced technology. The fourth option introduces the two-tiered staking system, though this may carry risks of centralization.

Additionally, Buterin discussed Ethereum’s vulnerability to 51% attacks and the current reliance on the social layer for recovery. He suggested automating parts of this recovery process and increasing the quorum threshold for block finality from 67% to 80%, which could give more weight to solo stakers.

Buterin also mentioned that more advanced features like Single Secret Leader Election (SSLE) could be implemented after Ethereum adopts Zero-Knowledge Proofs (ZKPs).

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Can Meme Coins Save the World? Vitalik Buterin Thinks So

Gushiken Yona — Wed, 09 Oct 2024 07:12:59 +0000

Vitalik Buterin, the mind behind Ethereum, is thinking about more than just complex code and blockchain infrastructure these days. He’s contemplating a seemingly outlandish question: can meme coins, those often-derided digital tokens born from internet jokes, actually contribute to solving real-world problems? His answer, increasingly, is a resounding yes.

Buterin’s recent pronouncements on social media haven’t focused on the latest technical advancements. Instead, he’s been championing the surprising philanthropic potential of meme coins.

He recently lauded several projects for donating a portion of its token supply to various charities last month and revealed he redirected any meme coins sent to him towards charitable causes, highlighting a $10 billion donation from a crypto project earmarked for research into technologies combating airborne diseases.

This belief in the transformative power of meme coins isn’t a sudden epiphany. It’s rooted in a past experience that reshaped his perspective.

In 2020, the Shiba Inu community, perhaps as a marketing stunt or a genuine act of generosity, sent Buterin a massive quantity of SHIB. Faced with this unexpected windfall, Buterin made a decision that surprised many.

He donated a significant portion of the SHIB tokens to India’s COVID relief fund, a country then grappling with a devastating surge in cases. The donation provided crucial aid during a time of crisis and legitimized Shiba Inu in the eyes of many, revealing the unexpected philanthropic power of these digital assets.

This act foreshadowed Buterin’s recent, more explicit endorsements. In March, he reflected on his 2021 donation to several nonprofits, including the Future of Life Institute (FLI), a group dedicated to mitigating existential risks associated with artificial intelligence.

This donation, which included a substantial amount of SHIB, stemmed from Buterin’s initial assumption that the meme coin’s value would plummet. He anticipated the recipients cashing out a modest sum – perhaps in the $10-25 million range – before the inevitable decline.

“It’s the same situation as with crypto relief: I quickly sent a pile of SHIB, thinking it would surely drop 100x in a few days so I had to act fast, and expecting they would be able to cash out at most like $10-25m. But of course, SHIB massively outperformed my expectations,” the Ethereum co-founder said in an X post in March.

But Shiba Inu defied expectations, holding its ground and even appreciating in value, proving Buterin’s initial assessment wrong. The original SHIB gifted to Buterin, it should be noted, came from Ryoshi, the enigmatic pseudonymous creator of Shiba Inu, who bestowed upon him half of the total SHIB supply.

Buterin subsequently made the dramatic decision to burn 410 trillion SHIB tokens, significantly impacting the token’s supply, and distributed the remainder to various non-profits, including the FLI.

Buterin’s vision for the future of memecoin philanthropy extends beyond one-time donations. He now advocates for the creation of Decentralized Autonomous Organizations, or DAOs, specifically designed to manage charitable contributions.

These DAOs would empower memecoin communities to actively participate in deciding which causes to support, allocating funds transparently and democratically. This shift from passive recipients of donations to active agents of change, Buterin believes, is key to unlocking the full potential of memecoins for good. He envisions a future where these digital tokens, often dismissed as frivolous, become powerful tools for decentralized philanthropy, driven by the collective will of their communities.

While the question of whether meme coins can truly “save the world” remains open for debate, Buterin’s actions and pronouncements signal a significant shift in the narrative. He is challenging the perception of meme coins as mere speculative assets and offering a glimpse into a future where they contribute to positive social impact, one donation, one DAO, one community at a time.

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November. Tickets are available now at shibacon.shib.io.

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Buterin Defends Hezbollah Betting Section on Polymarket

Lawrence Damilola — Wed, 02 Oct 2024 12:49:20 +0000

Ethereum co-founder Vitalik Buterin has expressed support for war-related betting markets on Polymarket, the decentralized predictions platform.

His comments came after crypto community member “Legendary” raised concerns on X (formerly Twitter) regarding the existence of a Hezbollah betting section. The user argued that such markets trivialize conflict by turning it into a bet, likening it to a “football game to bet on.”

Hezbollah betting section in Polymarket. Source: Polymarket

In response, Buterin defended Polymarket, stating, “There are all kinds of people (including elites) on Twitter and the internet making harmful and inaccurate predictions about conflicts.”

He added that it’s valuable to see if those with “actual skin in the game” believe something has a 2% or 50% chance of happening. Buterin emphasized that these markets are not about “making money from bad stuff happening” but about creating a space where speech has consequences without relying on government or corporate censors.

I support these existing. The point of polymarket is that from the perspective of traders it's a betting site, but from the perspective of viewers it's a news site. There's all kinds of people (incl elites) on twitter and the internet making harmful and inaccurate predictions…
— vitalik.eth (@VitalikButerin) October 1, 2024

Polymarket currently hosts markets on geopolitical events, including bets on whether Israel will invade Lebanon or if the U.S. military will take action this year. Buterin noted that while these markets may appear as betting platforms from a trader’s perspective, they act as informational tools for viewers.

Concerns Over Potential Real-World Influence

Chainlink community member Zach Rynes also raised concerns about the potential risks of these prediction markets, asking Buterin whether such could incentivize harmful actions in the real world. Rynes questioned the idea of assassination markets, where individuals might act to influence outcomes and profit from bets.

Buterin opposed such markets, stating, “The dividing line is: is the market acting as a primary incentive for people to do bad things so they can insider-trade on them?” He acknowledged the concern but emphasized that current platforms are not yet large enough to influence events on that scale.

Rynes agreed that the example was extreme but argued that any prediction market related to influenceable events carries risks. In response, Buterin suggested the introduction of size-based soft caps on Polymarket to help prevent undesirable outcomes.

Polymarket’s Future

Polymarket, which raised $45 million in its Series B funding round, is reportedly considering a new capital raise of over $50 million. The platform is also exploring the possibility of launching its own token, which could give users voting rights on governance matters.

The post Buterin Defends Hezbollah Betting Section on Polymarket first appeared on The Shib Daily.

Buterin Proposes Standards for Ethereum Alignment

Lawrence Damilola — Mon, 30 Sep 2024 15:30:19 +0000

Ethereum co-founder Vitalik Buterin has proposed developing metrics to measure how aligned various projects are with Ethereum’s values.

In a blog post last Friday, Buterin stated that achieving “Ethereum alignment” is one of the most important social challenges within the ecosystem. He explained that the wide range of developers, researchers, and local communities all have different visions, and the challenge is to ensure they contribute to “one Ethereum ecosystem, and not 138 incompatible fiefdoms.”

Openness and Interoperability as Key Metrics for Ethereum Alignment

Buterin suggested that a project’s degree of openness can serve as a key metric for alignment. He said that while open-source code allows for inspection and improves security, it also reduces the risk of proprietary lock-in. “Core infrastructure components that the ecosystem depends on absolutely should be open source,” Buterin said, calling open standards the “gold standard” for Ethereum projects.

Interoperability was another metric suggested, with Buterin proposing that applications and wallets could be rated by which Ethereum Request for Comments (ERC) standards they support. He encouraged projects to build on open standards like ERC-20 and ERC-1271, adding that new standards should be introduced when necessary.

To ensure decentralization and security, he proposed two tests for evaluating projects. He introduced the “walkaway test,” asking, “If your team and servers disappear tomorrow, will your application still be usable?” He also mentioned the “insider attack test,” which questions how much damage could be done if a team itself tries to attack the system. Buterin suggested that both tests could help measure the decentralization and security of Ethereum-based projects.

Positive Contribution to the Ethereum Ecosystem

Buterin emphasized that Ethereum projects should positively contribute to the broader community. He asked projects to consider whether they improve financial inclusion or provide public goods. “Ethereum is here to make the world a more free and open place, enable new forms of ownership and collaboration, and contribute positively to important challenges facing humanity,” Buterin wrote. He recommended that projects reflect on how they contribute to these goals.

Buterin suggested that entities like L2beat could emerge to track Ethereum project alignment based on these metrics. However, he stressed that the Ethereum Foundation should distance itself from the process to avoid centralization.

The post Buterin Proposes Standards for Ethereum Alignment first appeared on The Shib Daily.

Vitalik Buterin Proposes Increasing Blob Count for Ethereum Network—Here’s Why

Lawrence Damilola — Fri, 27 Sep 2024 13:08:25 +0000

Vitalik Buterin, co-founder of Ethereum, has proposed increasing the network’s “blob count” following discussions during a recent developer call. The suggestion is aimed at addressing the growing demand for data storage on the Ethereum blockchain, which has seen its blob space usage reach approximately 75% capacity.

Blob space was introduced as part of Ethereum’s Dencun upgrade under Ethereum Improvement Proposal (EIP)-4844, also known as proto-danksharding.

The current limit allows for a target of three blobs per block, with a maximum of six blobs. Buterin is pushing for an increase to four blobs per block, with a maximum of eight, to enable layer-2 (L2) protocols to store more data on the Ethereum blockchain.

Vitalik Buterin’s statement on increasing blob count. Source: GitHub

EIP-7623 and Call Data Cost Adjustments

EIP-7623 has been proposed to modify the call data cost for transactions that rely on Ethereum for data availability. This would reduce the maximum block size from its current 2.7 megabytes to approximately 1MB. By doing so, it would potentially create more space for increasing the block gas limit or allowing for more blobs to be stored in each block.

Buterin highlighted that some L2 protocols are hesitant to fully adopt blobs due to concerns about market congestion. He urged the community not to delay the transition of L2 networks to blob usage. “We cannot afford to let momentum slip on moving more layer-2s over to using blobs,” Buterin noted. He stressed that EIP-7623 is essential because it significantly reduces the worst-case block size.

Support for Increasing Blob Count

Jesse Pollak, the creator of Coinbase’s layer-2 network Base, strongly supported Buterin’s proposal Pollak stated in a recent post on X that increasing the blob count “reduces worst-case block size and adds needed capacity for fast-growing L2s.” According to Pollak, this proposal is a crucial step for accommodating the rapid growth of L2 networks.

The proposed increase in blob count is expected to be part of Ethereum’s future upgrades. Ethereum developers are currently working on the Pectra upgrade, which has been split into two segments, PectraA and PectraB, to expedite deployment. This will introduce several Ethereum Improvement Proposals (EIPs) designed to enhance the network’s scalability, including changes to the execution and consensus layers.

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Ethereum’s Vitalik Buterin Responds to Claims That Crypto Market Maturity Has Arrived

Lawrence Damilola — Wed, 18 Sep 2024 16:12:51 +0000

Vitalik Buterin, co-founder of Ethereum, has recently commented on the ongoing debate over whether the cryptocurrency industry remains in its early stages. His remarks were in response to a discussion sparked by Travis Kling, Chief Investment Officer at crypto-focused fund Ikigai, who questioned the validity of the “we are still early” narrative in the crypto sector.

Another retort to the thesis I’ve laid out here is “we’re so early bro.” Stop. Stop it. It’s not that early.

Bitcoin is worth a trillion bucks and half of Wall Street owns it at this point. All the rest of crypto is worth another trillion. Tether owns more Treasuries than…
— Travis Kling (@Travis_Kling) September 3, 2024

Kling suggested that the idea of being “early” in the cryptocurrency market might no longer apply, citing Bitcoin’s market capitalization of $1 trillion, the significant presence of Tether in U.S. Treasury bills, and the substantial venture capital investment in the industry over the past few years.

According to Kling, these factors indicate that the market is now more mature and widely recognized. “We’re not that early,” he stated, challenging the notion that the crypto industry is still in its infancy.

Buterin, however, offered a different perspective. He pointed to the recent advancements in Ethereum’s ecosystem as evidence that there are still untapped opportunities. Specifically, he referred to the progress made in Layer 2 solutions following the Dencun upgrade in March 2024, which has reduced transaction fees and opened the door for more applications of decentralized finance (DeFi). “The really key thing that we’re early to is L2 finally being affordable,” Buterin stated. He further added, “I’ve been saying since ~2020 (if not earlier) that the whole ‘not just high-value defi’ part of crypto can only work if txfees are cheap. It’s only since March that they actually are.”

The really key thing that we're early to is L2 finally being affordable. I've been saying since ~2020 (if not earlier) that the whole "not just high-value defi" part of crypto can only work if txfees are cheap. It's only since March that they actually are. pic.twitter.com/Mc5HJBYN7F
— vitalik.eth (@VitalikButerin) September 16, 2024

Buterin also mentioned developments in zero-knowledge (ZK) technology, which he believes could facilitate new identity solutions and support more advanced features such as account abstraction. These technological advancements, according to Buterin, present new possibilities that have yet to be fully explored.

The discussion around the maturity of the crypto market has become a focal point as different voices weigh in on the industry’s progress. Kling argued that the current market sentiment suggests a period of disillusionment, describing it as “crypto experiencing pervasive quiet quitting.” He noted that many in the community seem less engaged, possibly due to growing doubts about whether crypto can solve real-world problems and achieve mass adoption.

“Stop with the comparisons to ‘the internet in the late 90’s and look what happened there,'” Kling stated. “This ain’t the internet in the late 90’s. Bitcoin has product-market fit and stables have product-market fit, and the rest of this stuff is lost at sea. Solutions looking for problems at best, a relentless and brutal grift at worst.”

While some share Kling’s perspective, others, like Buterin, believe that there are still significant opportunities in the crypto space, particularly with the latest technological advancements. The debate continues as to whether the industry’s potential has been realized or remains in its early stages.

The post Ethereum’s Vitalik Buterin Responds to Claims That Crypto Market Maturity Has Arrived first appeared on The Shib Daily.

The Future of Blockchain Scalability: ZK-Rollups and Buterin’s ‘Era of Cryptographic Trust’

Malaya Ruiz — Fri, 13 Sep 2024 20:13:40 +0000

Envisioning the future of blockchain, Layer 2 (L2) solutions in the form of zero-knowledge rollups (ZK-rollups) are a promising innovation and a major step forward for a more efficient ecosystem. These protocols aim to alleviate the computational and storage burdens on-chain by utilizing off-chain networks. This results in enhanced blockchain scalability, faster transaction speeds, and lower costs.

Vitalik Buterin’s New Benchmark for Rollups

The Shib Daily previously reported that Ethereum co-founder Vitalik Buterin shared his intention on social media platform X to make public mentions of L2s that are “stage 1+” starting next year. Pointing to a post he published in November 2022, he explained that this classification refers to rollups that possess at least a reliable fraud proof or validity proof system supported by a highly regulated multisig council and an upgrade process with activation delays.

He further explained that being “on a path to decentralization” is the bare minimum, adding that only those that have achieved at least stage 1 should qualify as rollups. Buterin pinpointed the “use of multiple prover implementations” as the way to advance to stage 2, where rollups are entirely supported by code, allowing a security council to intervene only if it “provably disagrees with itself.”

The Fundamental Function of ZK-Rollups

ZK-rollups, in essence, represent a key advancement in blockchain scalability using zero-knowledge proofs to optimize transaction efficiency while staying true to the foundational concepts of blockchain technology.

Crypto commentator MartyParty explained the concept of ZK-rollups as consolidating multiple transactions into a single batch for off-chain validation and execution. Once this process is finished, the batch is sent back to the main chain, where a zero-knowledge proof is generated and validated to ensure that the whole batch is legitimate. Consequently, this approach reduces the pressure on the main chain and improves overall scalability.

The core functionality of ZK-rollups is based on a smart contract established on the Layer 1 blockchain. This smart contract keeps an official record referred to as the state root.

(Source: Hacken)

From Limited Training Wheels to Zero Wheels

Interestingly, Buterin draws parallels between the progression of ZK-rollups—from having an operator that can post a false state root to being completely independent from any collective group that can post a state root—and discarding training wheels. He declared that the era of rollups being seen as “glorified multisigs” is ending and the future of L2s is now the “era of cryptographic trust.”

ZK-rollups serve as an L2 solution aimed at alleviating the computational and storage burdens on-chain by utilizing off-chain networks, thereby enhancing blockchain scalability, boosting transaction speed, and lowering costs.

Unlike other solutions, ZK-rollups implement a “rollup-first” framework, settling all transactions off-chain. They do not just assume that transactions are valid; they include cryptographic proofs to confirm the legitimacy of state transitions. This method offers a more enhanced security guarantee but can be more challenging to develop. ZK-rollups contribute to an improved user experience and quicker withdrawal times because of their trustless nature. Essentially, this characteristic means there is no need for data availability.

(Source: Chainlink)

ZK-rollups represent a transformative approach to enhancing blockchain scalability, aligning with Buterin’s proposed milestones for Layer 2 solutions. Projects in the space could do well to aim for the realization of zero training wheels—even if it’s a gradual transition as he himself recommends—to achieve full decentralization and contribute to a more cost-effective blockchain ecosystem.

The post The Future of Blockchain Scalability: ZK-Rollups and Buterin’s ‘Era of Cryptographic Trust’ first appeared on The Shib Daily.

Vitalik Buterin Calls for Greater Decentralization of Layer-2 Networks

Lawrence Damilola — Fri, 13 Sep 2024 17:26:32 +0000

Ethereum co-founder Vitalik Buterin has announced that he will limit his public references to layer-2 networks that are not decentralized enough.

In a post on X yesterday, Buterin wrote, “Starting next year, I plan to only publicly mention (in blogs, talks, etc) L2s that are stage 1+,” referring to the minimum standard set in his 2022 framework for classifying rollups based on their level of decentralization. He added, “It doesn’t matter if I invested, or if you’re my friend; stage 1 or bust.”

This move aims to push layer-2 projects to advance beyond what he describes as “training wheels,” which are interim measures these projects use before achieving full decentralization.

In 2022, Vitalik outlined in a blog post that many rollups launch early to allow ecosystem development but still rely on centralized controls like multisig systems instead of cryptographic proofs.

“While a project’s tech is still immature, the project launches early anyway to allow the ecosystem to start forming, but instead of relying fully on its fraud proofs or ZK proofs, there is some kind of multisig that has the ability to force a particular outcome in case there are bugs in the code,” Buterin explained.

I take this seriously. Starting next year, I plan to only publicly mention (in blogs, talks, etc) L2s that are stage 1+, with *maybe a short grace period* for new genuinely interesting projects.

It doesn't matter if I invested, or if you're my friend; stage 1 or bust.

Multiple… pic.twitter.com/4cGxgsfmUc
— vitalik.eth (@VitalikButerin) September 12, 2024

Buterin’s framework for rollups categorizes them into three stages, from Stage 0 to Stage 2. Stage 0 represents rollups that operate with full “training wheels,” meaning they rely on centralized controls such as multisigs to manage risks. In blockchain technology, a multisig, or multi-signature, involves a key controlled by multiple parties, allowing a small group to make changes under specific conditions. This setup is viewed as a temporary safety measure while the technology matures.

Stage 1, which Buterin now cites as a minimum standard, involves limited “training wheels” and the use of fraud proofs or zero-knowledge (ZK) proofs. These cryptographic methods allow transactions to be verified without a central authority having the final say.

Stage 2 indicates a fully decentralized network with no centralized controls or backstops.

According to L2Beat, a platform that tracks the status of layer-2 protocols, none of the prominent rollups have reached Stage 2 so far. However, some networks, such as Arbitrum One, OP Mainnet, and zkSync Lite, have achieved Stage 1 status. These networks have moved away from complete centralization but are not yet fully decentralized.

Buterin expressed that the current phase of rollups relying heavily on centralized multisig systems should be phased out. “The era of rollups being glorified multisigs is coming to an end,” he wrote on X. “The era of cryptographic trust is upon us.” His comments suggest a strong stance on the need for further decentralization within the Ethereum ecosystem’s layer-2 solutions.

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Do You Know How Much Ethereum’s Vitalik Buterin Makes? The Answer May Surprise You

Gushiken Yona — Fri, 30 Aug 2024 06:44:54 +0000

Vitalik Buterin, the co-founder and public face of Ethereum, the second-largest cryptocurrency by market capitalization, is known for his groundbreaking work in blockchain technology. But when it comes to his personal finances, Buterin has taken a surprising path. While many might assume he’s raking in millions from his involvement in Ethereum, the reality is far different.

Ethereum co-founder Buterin said Tuesday that the Ethereum Foundation pays him an annual salary of around $140,000, as the organization centered around Ethereum’s developers and researchers prepares a new spending report amid public scrutiny of its budget.

182,000 SGD per year
— vitalik.eth (@VitalikButerin) August 27, 2024

The Canadian programmer helped establish the Swiss-based nonprofit in 2014, which supports Ethereum’s ecosystem through research, grants, and events. Regarded as one of the crypto industry’s centric visionaries, Buterin sits on the Ethereum Foundation’s executive board alongside two other members, who help guide the organization’s initiatives.

Buterin disclosed his salary on Twitter (aka X) while sharing a snippet of an upcoming report, which breaks down the Ethereum Foundation’s spending through 2022 and 2023. Buterin divulged his salary in the form of Singapore dollars, totaling 182,000 in the nation’s currency—about $140,000 worth in U.S. dollars.The Ethereum Foundation describes itself as “part of a larger community of organizations and individuals that fund protocol development” on its website. Notably, the organization has maintained since its inception that it does not own or control Ethereum’s network.

Buterin’s disclosure comes amid newfound scrutiny toward the Ethereum Foundation’s current use of funds. Last week, questions emerged after the Ethereum Foundation moved about $94 million worth of ETH to crypto exchange Kraken, after which Executive Director Aya Miyaguchi revealed the organization’s budget via a tweet.

“[The Ethereum Foundation] has a budget of ~$100m per year, which is largely made up of grants and salaries,” Miyaguchi wrote. “This year, there was a long period of time when we were advised not to do any treasury activities due to the regulatory complications.”

While Ethereum boasts a staggering market capitalization of $310 billion, its architect, Vitalik Buterin, draws a comparatively modest salary. Compared to industry titans like Coinbase CEO Brian Armstrong, whose 2023 compensation reached $4.7 million, Buterin’s $140,000 annual pay from the Ethereum Foundation appears almost insignificant.

However, the narrative of Buterin’s wealth extends beyond his yearly earnings. The meteoric rise of Ethereum has significantly bolstered his personal fortune. Crypto analytics firm Nansen estimated Buterin’s net worth to have exceeded $1 billion in April, based solely on his publicly visible digital asset holdings. This figure excludes any undisclosed assets, such as traditional currency or real estate, suggesting his actual wealth could be substantially higher.

Currently, Buterin’s on-chain holdings are valued at approximately $604 million, with Ethereum comprising the vast majority of his portfolio. Holding 241,000 ETH, Buterin’s financial well-being remains intrinsically tied to the success and future growth of the blockchain platform he envisioned.

This dichotomy between a relatively modest salary and substantial crypto holdings paints a complex picture of wealth and influence in the decentralized world. While Buterin’s personal fortune reflects the immense value he has created through Ethereum, his comparatively low annual compensation from the foundation raises questions about the financial dynamics within the organization and the broader crypto landscape.

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Vitalik Buterin Proposes Airdrops as a Testing Ground for Blockchain Identity Frameworks

Lawrence Damilola — Wed, 28 Aug 2024 12:23:32 +0000

Vitalik Buterin, the co-founder of Ethereum, has described airdrops as an ideal use case for testing blockchain-based identity and credential frameworks.

According to Buterin on X (formally Twitter), these frameworks aim to address several key objectives, making airdrops a suitable environment to test their effectiveness in a live setting.

Airdrops are a fascinating initial use case for ZK / blockchain-based identity / credential / attestation frameworks. The goals of an airdrop are:

(i) distribute to community members [and not randos who will all immediately sell]
(ii) reward contributions to the project
(iii) be…
— vitalik.eth (@VitalikButerin) August 28, 2024

Buterin outlined four primary goals for airdrops: distributing tokens to genuine community members rather than random participants likely to sell immediately, rewarding individuals who contribute meaningfully to a project, maintaining a reasonably fair distribution while allowing some level of disparity, and preventing exploitation through extractive or adversarial tactics. He believes these objectives align closely with the goals of blockchain-based identity systems, which are designed to verify participants’ credentials while protecting their privacy.

He suggests that building such frameworks and using them for token issuance could be a strategic way to refine these systems. “It makes perfect sense to use token issuance as an initial use case to beta-test and refine their work in an adversarial environment,” Buterin noted. He also mentioned that giving tokens away for free is not the only method that makes sense, adding, “You can also do discounted sales.”

Buterin highlighted that offering tokens at a reduced price, based on the degree of verified membership or contribution, could help achieve a more distributed token supply while still rewarding non-financial contributions. This approach ensures that participants maintain a stake in the project and provides a way to balance distribution while incentivizing meaningful engagement.

He further elaborated that any technique effective for airdrops could also be applied to discounted sales. As an alternative to traditional models, Buterin referenced ideas such as subsidizing savings rates for smaller accounts, similar to Singapore’s Central Provident Fund (CPF), describing this as an alternative to Universal Basic Income (UBI).

Buterin also addressed the challenges with current digital identity systems, which rely heavily on methods like passwords, biometrics, and social media logins. He argued that these systems often fail to protect privacy. He pointed out that many of these methods link all user actions to a single identifier, creating vulnerabilities that can be exploited.

To address these issues, Buterin advocated for what he calls “intersectional social identity,” where multiple trusted sources verify an individual’s identity instead of relying on a single factor like a fingerprint or password. He suggested that this approach would allow individuals to prove their legitimacy as community members based on multiple references, rather than through a single point of authentication.

The post Vitalik Buterin Proposes Airdrops as a Testing Ground for Blockchain Identity Frameworks first appeared on The Shib Daily.

Elon Musk and Vitalik Buterin Champion California’s AI Safety Bill: But Is It Enough?

Gushiken Yona — Tue, 27 Aug 2024 10:10:12 +0000

Elon Musk and Vitalik Buterin, two of the most influential figures in the tech world, have thrown their weight behind California’s SB 1047 AI safety bill. However, questions remain about whether the bill will be sufficient to address the growing concerns surrounding the development and deployment of advanced AI systems.

In a bid to address these anxieties, California has proposed a groundbreaking AI Safety Bill, California lawmakers have introduced SB 1047, a bill aimed at ensuring the safe development and deployment of advanced AI models. The bill has garnered support from prominent figures in the tech industry, including tech mogul Elon Musk and Vitalik Buterin, co-founder of Ethereum.

Key Provisions of SB 1047

SB 1047 establishes a framework for regulating AI models that pose a significant risk to public safety. Key provisions of the bill include:

Threshold for Regulation: The bill applies to developers of AI models that require at least $100 million in computational resources to train.
Safety Testing: Developers must conduct rigorous safety testing to identify and mitigate potential risks before releasing their models.
Critical Harm Definition: “Critical harm” is defined as damage exceeding $500 million to critical infrastructure or mass casualties.
Responsibility for Harm: Developers are responsible for taking reasonable care to prevent their AI models from causing critical harm.
Whistleblower Protections: The bill provides protections for individuals who report concerns about AI safety risks.
Compute Cluster Requirements: Compute clusters used to train large AI models must implement know-your-customer (KYC) procedures for sufficiently large customers.

Musk has been a vocal advocate for AI regulation, and he believes that SB 1047 is a necessary step to mitigate the potential risks of advanced AI. “This is a tough call and will make some people upset, but, all things considered, I think California should probably pass the SB 1047 AI safety bill,” Musk tweeted.

Buterin, while generally supportive of the bill, expressed concerns about its potential impact on open-source AI development. He noted that earlier versions of the bill had provisions that could have restricted the development of open-source models. However, the final version of the bill appears to be more balanced, focusing on safety testing and accountability for developers of large-scale AI models.

However, the bill’s critics argued that it might be too narrowly focused. Dan Hendrycks, Director of the Center for AI Safety, pointed out that the bill only applies to models trained with over $100 million in compute and fine-tuned with over $10 million, potentially leaving smaller but potentially risky projects unregulated. This, he argued, could create a “safe harbor” for projects that might still pose a significant threat.

You're the best, Elon!

TLDR of 1047:
1. If you don’t train a model with $100 million in compute, and don’t fine-tune a ($100m+) model with $10 million in compute (or rent out a very large compute cluster), this law does not apply to you.

2. “Critical harm” means $500 million in… pic.twitter.com/aDnU95XqBb
— Dan Hendrycks (@hendrycks) August 26, 2024

There are also concerns about the bill’s potential impact on open-weight models, which allow for transparency and public collaboration. While optimistic about the bill’s intentions, Buterin acknowledged that some have expressed support for banning open weights, questioning whether the “duty of reasonable care” will be interpreted in a way that restricts this type of open development.

The debate surrounding the California AI Safety Bill underscores a key dilemma: how to balance promoting innovation with ensuring responsible development. While the bill seeks to address the potential dangers of powerful AI systems, critics argue that its thresholds and potential interpretations could hinder progress and limit open collaboration.

The outcome of this debate will have far-reaching implications for the future of AI and its role in society. As the bill moves through the legislative process, it will be crucial to carefully consider the potential impact on researchers, developers, and the public, ensuring a balance between safety and the continued advancement of this transformative technology.

The post Elon Musk and Vitalik Buterin Champion California’s AI Safety Bill: But Is It Enough? first appeared on The Shib Daily.

Vitalik Buterin Registers Ethereum Domain Focused on Defensive Accelerationism

Lawrence Damilola — Mon, 19 Aug 2024 08:51:10 +0000

Ethereum co-founder Vitalik Buterin recently acquired a new Ethereum Name Service (ENS) domain, “dacc.eth,” for 0.187 ETH, valued at just under $500.

This purchase occurred ahead of a scheduled discussion on Aug. 22 regarding the concept of “defensive accelerationism” (d/acc) in an X Spaces event. Buterin will discuss the idea with Prime Intellect founder Vincent Weisser and Skylar Weaver, who leads Devcon at the Ethereum Foundation.

Introducing d/acc Discovery Day at Devcon!

We'll talk with @VitalikButerin & @vincentweisser about the lineup, the d/acc (defensive acceleration) vision, crypto, biodefense, decentralized AI, longevity & more!

Join the space:
22 Aug, 3:30 UTC

Register: https://t.co/du0CVr9bhc pic.twitter.com/NAeLFpZvo7
— Devconnect ARG – the first Ethereum World’s Fair (@EFDevcon) August 16, 2024

The concept of defensive accelerationism was initially introduced by Buterin in a November 2022 blog post titled “My Techno-Optimism.” The philosophy focuses on promoting technological development with caution, advocating for human-AI collaboration and decentralization.

Buterin’s stance is positioned against the dominant “effective accelerationism” (e/acc) perspective common in Silicon Valley, which generally supports rapid and unrestricted technological growth. Instead, Buterin’s d/acc promotes a measured approach that considers potential risks and prioritizes the development of tools to address issues like cybersecurity, misinformation, and resilient infrastructure.

On a related note, Buterin has expressed concern over the risks of “superintelligent” AI, warning against the potential dangers of unchecked technological advancement. Defensive accelerationism encourages innovation in ways that protect individuals and society, emphasizing the need for decentralized governance and avoiding centralized control over key technologies.

Buterin has highlighted that many proposals for technological progress rely on granting power to small, centralized entities, which his d/acc concept aims to counter.

Following the registration of “dacc.eth,” some crypto enthusiasts created unrelated memecoins under the same name, which saw significant price jumps. Despite the surge in interest, these tokens have no connection to Buterin or his advocacy for the defensive accelerationism concept.

The Ethereum Name Service (ENS) has gained recognition within the Ethereum ecosystem, offering a decentralized alternative to traditional domain name systems. ENS allows users to register human-readable names like “dacc.eth,” replacing complex Ethereum addresses with simpler identifiers. This function is particularly useful for enhancing the accessibility of Ethereum and blockchain technology.

The post Vitalik Buterin Registers Ethereum Domain Focused on Defensive Accelerationism first appeared on The Shib Daily.

Buterin Optimistic Shibarium, Other Chains Could Enjoy Seamless Cross-L2 Interoperability Soon

Gushiken Yona — Mon, 05 Aug 2024 11:39:55 +0000

Shibarium, the layer-2 scalability solution of the Shiba inu project, alongside other chains, could soon provide a seamless user experience as Ethereum co-founder Vitalik Buterin expressed optimism on cross-L2 interoperability across the Ethereum-verse.

The 30-year-old crypto genius ignited a wave of optimism in the cryptocurrency community with a recent post suggesting rapid advancements in cross-Layer 2 (L2) interoperability. As Buterin himself expressed, “I think people will be surprised by how quickly ‘cross-L2 interoperability problems’ stop being problems.”

In his X post, Buterin envisions a future where users seamlessly traverse the complex landscape of Ethereum, from the mainnet to various L2 solutions like rollups and validiums. He highlighted the growing momentum and determination within the industry to overcome the challenges hindering cross-L2 asset and data transfer.

Amid a broader cryptocurrency market downturn, Buterin offered a glimmer of hope with his comments on cross-Layer 2 interoperability. His tweet, a rare bright spot in a sea of red, energized the community.

However, the crypto visionary offered no concrete timeline or technical roadmap for achieving this ambitious goal. The lack of specifics has ignited fervent speculation and anticipation among developers and investors alike, as they eagerly await further details on how Buterin envisions bridging the gap between disparate L2 solutions.

The Ethereum ecosystem has witnessed a surge in L2 development, with projects like Shibarium aiming to alleviate network congestion and reduce transaction fees. However, the proliferation of isolated L2s has created a fragmented landscape, hindering user experience and potentially stifling innovation.

Buterin’s vision of a unified Ethereum, where users can effortlessly interact with various L2s, is a significant step towards realizing the full potential of the blockchain platform. His proposal last December for an “enshrined ZK-EVM” is a potential pathway to achieve this goal, though experts cautioned that implementing such a complex change will require time and careful consideration.

Zero-knowledge proofs (ZKPs), the underlying technology for ZK-EVMs, offer the promise of enhanced security and scalability. Yet, integrating them into the Ethereum protocol presents substantial technical challenges.

While the industry is optimistic about the long-term benefits, the short-term implications for L2 developers and users remain uncertain. The realization of Buterin’s vision for a fully interconnected Ethereum ecosystem will require concerted efforts from developers, researchers, and the broader community.

Shibarium has demonstrated notable progress amid this evolving landscape. The platform has processed 416.574 million transactions with an average block time of 26.849 seconds. It supports 117,805 accounts, 1.812 million addresses, and 19,573 contracts, including 3,068 verified ones. A total of 1.824 million BONE transfers have been executed, and the platform supports 11,103 tokens.

The post Buterin Optimistic Shibarium, Other Chains Could Enjoy Seamless Cross-L2 Interoperability Soon first appeared on The Shib Daily.

Ethereum Turns Nine: Investor Hits $6.77 Million Jackpot, Buterin Charts Network’s Future

Gushiken Yona — Tue, 30 Jul 2024 18:38:04 +0000

Vitalik Buterin, co-founder and core developer of Ethereum, leads the global community in celebrating the network’s ninth anniversary. Amid the festivities, an early investor from Ethereum’s initial coin offering (ICO) has made headlines by realizing a $6.77 million windfall from their initial $620 investment.

The Ethereum (ETH) community is in a celebratory mood as it marks nine years of growth and innovation. Buterin is leading the festivities, which will culminate in his keynote address at the EDCON 2024 conference in Tokyo. The event promises to offer a glimpse into the future of the Ethereum network.

Happy 9th birthday, Ethereum!

Looking forward to seeing what the next decade brings. pic.twitter.com/bXq56mIff7
— vitalik.eth (@VitalikButerin) July 30, 2024

Since its inception in 2015, Ethereum has established itself as a powerhouse in the world of decentralized finance (DeFi) and smart contracts. The network boasts nearly $60 billion in total value locked and a stablecoin market cap exceeding $78 billion.

Key players in the Ethereum ecosystem include top-tier DeFi protocols such as Uniswap (UNI), EigenLayer, AAVE, and Maker. With more than 98 million on-chain holders, Ethereum’s influence is undeniable.

The network’s successful transition from the energy-intensive proof-of-work (PoW) consensus mechanism to the more efficient proof-of-stake (PoS) has attracted significant interest from institutional investors. Currently, over 35 million ETH units are staked, underscoring the community’s commitment to securing the blockchain.

Ethereum holds a special place in the Shiba Inu ecosystem. As an ERC-20 token, SHIB is intrinsically tied to the Ethereum blockchain. Buterin, or “Woofmeister,” as he is referred to by Ryoshi, the project’s creator, significantly influenced SHIB’s trajectory.

His decision to burn a significant portion of these tokens dramatically reduced supply, boosting SHIB’s value and cementing Ethereum’s status as a launchpad for groundbreaking crypto projects.

Amid this celebration, an early adopter of Ethereum has experienced a life-changing financial windfall as detailed by blockchain analytics tool LookOnChain. The investor, who participated in the platform’s 2014 ICO, recently transferred 1,111 ETH to a new wallet, now valued at approximately $3.7 million.

Initially investing a mere $620 in 2,000 ETH at $0.31 per token, this individual has seen their investment grow by a staggering 1,096,600% to a current value of $6,776,680. This extraordinary return highlights the potential for substantial profits in the cryptocurrency market, but also underscores the inherent risks involved.

This windfall highlights the dramatic appreciation of Ethereum over the past nine years, reflecting the network’s success and its pivotal role in the broader cryptocurrency landscape.

During his keynote at EDCON 2024, Vitalik Buterin is expected to outline the roadmap for Ethereum’s next decade. This future vision will likely focus on scaling solutions, enhanced security measures, and the continued expansion of the Ethereum ecosystem.

The post Ethereum Turns Nine: Investor Hits $6.77 Million Jackpot, Buterin Charts Network’s Future first appeared on The Shib Daily.

Weekly Meme Digest – July 20, 2024

Gushiken Yona — Sat, 20 Jul 2024 14:15:05 +0000

Welcome back, meme lords and ladies! We know you’ve been patiently waiting (or maybe not so patiently ) for your weekly dose of crypto chaos, Shiba Inu style. So, grab your popcorn , snuggle up with your favorite meme coin plushie, and prepare to embark on a wild ride through the cryptoverse!

This week, we’re serving up a meme-tastic feast that’ll leave you ROFLing and scratching your head in equal measure. We’ve got everything from Web3 throwing shade at Microsoft’s Web2 ways (oh snap! ) to a $230 million crypto blame game that’ll make your head spin. And let’s not forget Mark Cuban’s legendary flip-flop on Bitcoin – is he a believer or just another billionaire playing the hype game?

But wait, there’s more! We’re diving into the fiery depths of the Crypto Civil War (Buterin vs. Hoskinson, anyone? ) and exploring the age-old question: Is buying the dip a stroke of genius or a recipe for financial ruin?

So, whether you’re a seasoned crypto veteran or a newbie just dipping your toes into the blockchain waters, this week’s Shib’s Daily Meme Digest is your passport to a world of laughter, learning, and maybe even a little enlightenment.

Let’s get this meme party started! Remember, in the world of crypto, laughter is the best medicine (besides, you know, actually making money).

#5 The Crypto Civil War on Politics: Are You Team Buterin or Team Hoskinson?

Gushiken Yona

In the grand theater of crypto, where every day is a drama-filled episode, two titans have emerged to grapple with the age-old question: Should we base our political choices on who loves our beloved Bitcoin more? ₿

Vitalik Buterin, the Crypto Philosopher King :

This guy, with his Ethereum empire and wisdom beyond his years, wants us to slow down our crypto-crazed hearts, and think. Don’t just vote for someone because they tweet about Bitcoin he cried! Vitalik urged us to look beneath the shiny exterior and see if these politicians actually understand the blockchain gospel of decentralization, privacy, and digital freedom. It’s like choosing a therapist – you want someone who gets you, not just someone who looks good in a suit.

Danksharding, protodanksharding, y pare usted de contar #Ethereum #Vitalik #VitalikButerin #meme pic.twitter.com/F5Qk8Fmu59
— CriptoNoticias (@CriptoNoticias) February 16, 2024

Charles Hoskinson, the Crypto Warrior Poet :

Hold on to your hats, folks, because this Cardano creator isn’t having any of Vitalik’s calm reasoning. He’s ready to rally the crypto troops and march on Washington (or wherever those politicians hang out). “If they mess with our crypto, we’ll mess with their votes!” he bellows. Hoskinson sees this as a battle for the soul of the industry, where political support is the only shield against the evil forces of regulation. Sounds like a superhero movie, doesn’t it?

Arthur Hayes, the Crypto Whisperer :

Oh, and don’t forget Bitcoin billionaire Arthur Hayes, who decided to throw some gasoline on the fire. He claims crypto voters have enough power to swing elections. That’s right, your aunt who keeps asking you about Shiba Inu might be the deciding factor in the next presidential race!

The Big Questions: Who’s Right, and Does It Even Matter?

Amid all the political posturing and crypto-fueled chaos, we’re left with some serious questions:

Can we trust politicians who barely understand how a computer works with the future of a technology that could reshape the world?
Are we just pawns in a game of political chess, where our crypto dreams are leveraged for votes?
And most importantly, who’s going to create the best meme about all of this?

So, who’s right in this crypto-politics circus? Buterin with his cautious, thoughtful approach, or Hoskinson with his passionate call for political alignment? The truth likely lies somewhere in between. Crypto enthusiasts must be savvy enough to see through the political smoke and mirrors, ensuring that their support goes to candidates who truly understand and support the decentralized future.

Disclaimer: This article is for entertainment purposes only. Please don’t base your life choices on the opinions of crypto billionaires or people who talk to computers for a living.

#4 Mark Cuban: Crypto’s Biggest or Bitcoin’s 찐 Believer?

Gushiken Yona

Remember when Mark Cuban said he’d rather have bananas than Bitcoin? He didn’t stop there. Cuban likened Bitcoin enthusiasts to gold bugs, saying both were basically cultists. “Gold is a religion,” he quipped, suggesting that neither gold nor Bitcoin would save you in a financial apocalypse.

But wait! Fast forward a few years and suddenly Cuban’s singing a different tune. Despite his earlier disdain, he’s invested in various crypto businesses and even dabbled in Bitcoin himself.

Well, it seems the billionaire “Shark Tank” investor has done a full 180°, now singing Bitcoin’s praises like a choirboy on Sunday morning. Hallelujah!

Cuban’s been waxing poetic about Bitcoin as a potential safe haven, even claiming it could become the global currency of choice. He went so far as to say he lost nearly $1 million in crypto due to a hack and still believes in it! Talk about diamond hands!

Another short #Bitcoin story: pic.twitter.com/mkov5wP0AC
— Pacific Bitcoin Festival (@PacificBitcoin) July 17, 2024

But wait, there’s more! Cuban’s not just preaching the crypto gospel; he’s also throwing shade at Elon Musk and his band of Trump-loving billionaires. It seems Cuban prefers his bananas without a side of MAGA.

Cuban recently slammed Musk and other business moguls for supporting Trump’s campaign, calling out their “Virtue of Selfishness.” Musk, never one to back down, fired back with a personal attack, calling Cuban a “self-confessed racist.”

Cuban’s response? Classic sarcasm: “I love you too Elon. But not as much as I love me. And probably not as much as you love you. Sorry.” This isn’t their first feud. They’ve previously clashed over DEI programs, with Cuban advocating for well-implemented diversity initiatives and Musk calling them “racist.”

So, what’s the deal? Is Cuban a true Bitcoin believer, or is this just another publicity stunt from a billionaire who loves the limelight? Are his predictions about Bitcoin’s future rooted in sound analysis or carefully scripted drama? And most importantly, is he really feuding with Elon Musk, or are they just two eccentric billionaires engaging in some good old-fashioned banter?

Mark Cuban’s crypto rollercoaster ride is more entertaining than the latest Netflix drama. So grab your popcorn and enjoy the show!

#3 Buying the Dip: Courting Risk or a Stroke of Genius?

Malaya Ruiz

Crypto holders buying the dip—it’s a tale as old as time. When the market takes a nosedive, these brave souls are always ready to swoop in to have their share of that market-generated discount! It’s a risky move at times, but as the saying goes, fortune favors the bold (and the patient HODLer).

Newbies in crypto—and probably even normies—hear “buy the dip” whenever somebody starts yapping about crypto 101. While this article is strictly NFA, it’s as handy as it can get.

As Winston Churchill said, “Success is not final, failure is not fatal: It is the courage to continue that counts.” Let’s be real, people who are willing to dump their life savings into the most volatile market while wishing for the best are the most fearless people on earth. That’s the daredevil talking and winning every time.

This is exactly why crypto holders are often called degens. Degen is the new brave.

But let’s not forget to give credit to the day traders. They are a whole new level of brave. You’ve seen the memes where everybody wonders what trading strategy a crypto trader has and they look like this. Or this.

But going back to the main point, some holders are also like Charlie Lee, creator of Litecoin, who at one point said that the best time to buy is when there’s blood in the streets. Yes, that’s the same guy who sold almost all of his Litecoins in 2017!

Somebody also said, “In crypto, every dip is an opportunity to soar.” 🗠 Ah, contrarian investing at its finest.

If you’ve been in this scene for a while now, you’ve probably gone down this path quite a few times too. You’ve probably lost and gained and lost again and gained again, and so on and so forth. Because every “just one more dip” usually turns into “too many to count!”

And you know what comes after buying the dip. Actually, before and after.

The next thing in the agenda is usually hodling. Perhaps the most iconic quote in crypto comes from the legendary HODLer himself who once proclaimed, “I AM HODLING.” In a now-infamous forum post, this crypto crusader declared his intention to hold on to his coins for dear life no matter what the market threw his way. And honestly, if a guy with a username like GameKyuubi can weather the storm of a market crash with a misspelled meme, sheer determination, and just the right amount of alcohol, then surely the rest of us can too. Again, NFA!

But if you ever drunk-tweet and become famous in crypto, we’ll probably be referencing one of your quotes someday—right here in Weekly Meme Digest.

So here’s to all the brave souls out there buying the dip, 🗠 whether out of greed, fear, or just sheer lunacy. Remember, billionaire investor Ken Fisher once said, “Time in the market beats timing the market.” You might say that’s the genius part. At least that’s what we’ll keep telling ourselves as we watch our portfolio rollick like a yo-yo on steroids.

Cheers to the hodlers! May your dips be shallow and your gains be plentiful.

Warning: Reading this content may lead to sudden urges to quit your job to monitor crypto prices 24/7. Market fluctuations may cause you to experience an increased heart rate, obsessive checking of charts, and a dramatic affection for dips. Remember to HODL responsibly!

#2 WazirX vs Liminal Custody: The $230M Crypto Blame Game

Gushiken Yona

The real crypto drama is unfolding between WazirX and Liminal Custody, two companies currently engaged in a world-class finger-pointing competition after a casual $230 million vanished into the blockchain abyss. Poof!

Here’s the lowdown: WazirX claimed Liminal’s interface was glitching harder than a Bitcoin miner in a heatwave, misleading them into authorizing a heist worthy of a Hollywood blockbuster. Liminal, on the other hand, insisted their security is tighter than a Scrooge McDuck vault, and WazirX’s internal systems are more porous than a Swiss cheese factory.

Adding a spicy twist to this already juicy saga, crypto security firm Elliptic chimed in, stating that North Korean hackers appear to be the masterminds behind the exploit. Just when you thought it couldn’t get more dramatic, we’ve got an international cyber thriller on our hands.

WazirX, feeling the heat, filed a police report and engaged with the Indian Computer Emergency Response Team (CERT-In). They’re now scrambling to explain how nearly half of their $500 million holdings vanished faster than you can say “decentralized finance.”

For those not in the know, a multisig wallet requires several people to sign off on a transaction before it can be executed. It’s like a digital handshake to ensure security. But in this case, it seems the handshake turned into a game of digital hot potato, with each side trying to toss the blame to the other.

So, whodunnit? Was it a North Korean hacker collective with a penchant for multisig wallets? Or is this just a classic case of corporate CYA (Cover Your Assets)?

Meanwhile, the Indian Govt.#Wazirx #cryptotax pic.twitter.com/Fuk26rU6nH
— Kanik Rajput | Kanik.eth (@kaniik) July 18, 2024

As we watch this blame game unfold, it’s worth asking some serious questions. If a single discrepancy can lead to a $230 million exploit, how secure are these multisig wallets really? And if the fault can be so easily tossed between interfaces and transactions, what assurances do we have that our digital assets are safe?

How will this impact trust in the crypto industry, especially for centralized platforms? Will users flock to self-custody solutions, or will they simply shrug and hope for the best? Will this incident finally spur regulators to take a closer look at the Wild West of crypto custody? Could stricter oversight prevent future debacles like this one?

And what about those poor WazirX customers who woke up to find their portfolios lighter than a feather? Should they start practicing their “Where’s my Lambo?” memes in the past tense?

Stay tuned for the next episode of “As the Blockchain Turns,” where we’ll find out if anyone takes responsibility or if this just becomes another unsolved crypto mystery.

#1 Windows Weeping, Web3 Winning: A Big Tech Fumble Fuels Crypto Cheers

Gushiken Yona

The world is holding its breath, not because of an alien invasion or a zombie apocalypse , but because Microsoft Windows, the backbone of, well, everything , decided to take an unscheduled nap . Hospitals , banks , airports , even TV broadcasters — all victims of this unexpected digital slumber party. It seems a rogue update from cybersecurity firm CrowdStrike is the culprit behind this global tech tantrum .

But wait, there’s a silver lining! While the centralized world crumbles , the decentralized one stands tall . Bitcoin ₿, Ethereum , and the rest of the crypto gang are partying like it’s 1999 , unaffected by the Windows woes. Their decentralized dance floor, it seems, is immune to the centralized disco inferno .

CrowdStrike CEO George Kurtz reassured everyone, blaming a tech update gone awry. “This is not a security incident or cyberattack. The issue has been identified, isolated, and a fix has been deployed,” he said, likely while envisioning the next episode of ‘When Good Software Updates Go Bad.’ Mac and Linux hosts? Totally unaffected.

The crypto Twitterverse is abuzz, of course. Bitcoin OGs and maxis smugly tweeted about Bitcoin and Ethereum unaffected amid global IT chaos Others are echoing the sentiment, pointing out the irony of a single software update crippling the world while a decentralized network of magic internet money continues to hum along .

Some Bitcoin bigwigs remind us that Bitcoin doesn’t do automatic updates , a feature that seems less like a tech quirk and more like a life-saving superpower in light of recent events . Even Senator Lummis, a known crypto enthusiast, couldn’t resist a cheeky tweet, “Which currency was unaffected by the cyber outages? Bitcoin.” The crypto community, never missing a beat, flooded social media with praise for DeFi’s decentralized reliability

The real story behind Windows outage #Crowdstrike pic.twitter.com/ceb7v6nqxL
— It's FOSS (@itsfoss2) July 19, 2024

Amid the laughter, serious questions arise. If a single software update can wreak such havoc, what assurances do we have it won’t happen again? Imagine a similar meltdown during an election – the results could be more controversial than a Shiba Inu Super Bowl ad. Are we placing too much trust in centralized systems that can fail spectacularly? But most importantly, does this Windows meltdown signal a turning point for Web3? Are we witnessing the beginning of the end for centralized systems and the dawn of a decentralized future ? Is it time to consider the robustness of decentralized networks for more than just financial transactions?

Disclaimer: This article was written with tongue firmly in cheek. While the world scrambles to fix centralized systems, enjoy the little things – like a blockchain that just won’t quit. All jokes aside, maybe it’s time to rethink our reliance on systems that can be brought down by a rogue software update. Stay decentralized, my friends!

pic.twitter.com/Ivw9qBSJFG
— naiive (@naiivememe) July 19, 2024

#BTC and Ethereum entering Stock Market pic.twitter.com/DV1pGH7WIL
— naiive (@naiivememe) July 20, 2024

Well, crypto comrades, we’ve reached the end of another wild ride through the Meme Digest circus! Thanks for joining us on this rollercoaster of laughs, gasps, and eyebrow-raises. From Big Tech faceplants to billionaire brawls, it’s been a blast poking fun and stirring the pot.

Did You Enjoy the Show?

Remember, the crypto world is a stage, and we’re all just players. As you mull over the latest fiascos and feuds, ask yourself: Are you holding onto bananas or Bitcoin? Team Buterin or Team Hoskinson? And most importantly, how can we navigate this zany digital landscape with a bit more wisdom and a lot more humor?

Stay Tuned for More Meme Magic!

Don’t forget to mark your calendars and join us next weekend for another edition of Shib’s Daily Weekly Meme Digest! We promise more satire, more sarcasm, and more of the juicy crypto drama you crave.

Stay Connected with The Shib Daily!

In the meantime, don’t let your FOMO get the best of you! Stay ahead of the crypto curve with The Shib Daily’s meme-tastic news and hilarious hot takes.

For your daily dose of crypto hilarity and latest new and updates, follow us on our official social media channels:

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Final Thought-Provoking Nugget

If a tweet can tank markets and a billionaire’s whim can sway the masses, what does that say about the future of finance? As we laugh at the absurdity, let’s also consider the power we give to personalities over principles.

See you next weekend for another round of crypto craziness! Keep those memes spicy, your bags HODLing strong, and your spirits higher than a Bitcoin after a good pump. And remember, laughter is the best way to survive this wild, wacky world of crypto.

Disclaimer: This edition was served with a side of sarcasm and a sprinkle of satire. While the crypto world spins and memes fly, remember to keep your investments secure and your skepticism high. Stay savvy, stay skeptical, and see you next week, meme warriors! WAGMI

Until Next Time! Meme you later, crypto champs!

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The post Weekly Meme Digest – July 20, 2024 first appeared on The Shib Daily.

The Crypto Civil War on Politics: Are You Team Buterin or Team Hoskinson?

Gushiken Yona — Sat, 20 Jul 2024 14:06:01 +0000

Vitalik Buterin, the Crypto Philosopher King :

Danksharding, protodanksharding, y pare usted de contar #Ethereum #Vitalik #VitalikButerin #meme pic.twitter.com/F5Qk8Fmu59
— CriptoNoticias (@CriptoNoticias) February 16, 2024

Charles Hoskinson, the Crypto Warrior Poet :

Arthur Hayes, the Crypto Whisperer :

The Big Questions: Who’s Right, and Does It Even Matter?

Amid all the political posturing and crypto-fueled chaos, we’re left with some serious questions:

Can we trust politicians who barely understand how a computer works with the future of a technology that could reshape the world?
Are we just pawns in a game of political chess, where our crypto dreams are leveraged for votes?
And most importantly, who’s going to create the best meme about all of this?

Disclaimer: This article is for entertainment purposes only. Please don’t base your life choices on the opinions of crypto billionaires or people who talk to computers for a living.

P.S. If you’re still reading this, you might need a break from crypto Twitter. Go outside, touch some grass, and remember that the real world exists.

The post The Crypto Civil War on Politics: Are You Team Buterin or Team Hoskinson? first appeared on The Shib Daily.

Vitalik Buterin Warns Against Blindly Supporting Pro-Crypto Politicians, Emphasizes Broader Political Awareness

Gairika Mitra — Fri, 19 Jul 2024 14:28:18 +0000

Vitalik Buterin, co-creator of Ethereum, warned against voting for candidates who express their fondness for crypto in the upcoming U.S. presidential elections. He mentioned that politics is far more complicated than the winner of the next election, and it affects a lot of other levers.

In his blog, Buterin revealed that blockchain was not the ideology behind building and creating crypto. In fact, he said what created crypto originally was the cypherpunk movement – a loosely organized group of people who spoke about cryptography and protecting individual freedoms in the digital age.

He then alluded to Satoshi Nakamoto, the pseudonymous pioneering developer of Bitcoin who noted, “You will not find a solution to political problems in cryptography. Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.”

Buterin noted that freedom is important and decentralized networks are good at protecting freedom. He made a mention of money, calling it an important sphere where such networks can be applied.

“If you care about freedom, you might want the government to respect your freedom to have the kind of family you want. If you care about building more efficient and equitable economies, you might want to look at the implications of that in housing. And so on,” he said in his blog post.

In terms of a pro-crypto politician’s stance, he revealed that if a politician has talked about the freedom to trade coins but not about the above topics, then the “underlying thought process that causes them to support the freedom to trade coins is very different from mine (and possibly yours).”

Buterin also expressed his optimism for internationalism and said that he judges politicians on the basis of how much they care about the outside world, highlighting incidents where visa accessibility has been a major cause of concern for several nationals. “The crypto industry is uniquely international, and so immigration law is crypto law. Which politicians, and which countries, recognize this?” he said.

To drive his point home, he said anyone claiming to be crypto-friendly now doesn’t guarantee they will remain so in the next five years. He asked readers to find out what this person’s stance was five years ago.

The Shib Daily reported that Trump had been an outspoken critic of the crypto space previously.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019

Trump’s post on X on July 12, 2019

“If you see a ‘pro-crypto’ politician today, it’s worth it to explore their underlying values and see which side they will prioritize if a conflict does arise,” he added.

If a politician is pro-crypto, Buterin says that it must be understood if they are in it for the right reasons.

“Do they have a vision of how technology, politics and the economy should go in the 21st century that aligns with yours? Do they have a good positive vision, that goes beyond near-term concerns like ‘smash the bad other tribe’? If they do, then great: you should support them, and make clear that that’s why you are supporting them. If not, then either stay out entirely or find better forces to align with,” he concluded.

People have mostly supported Buterin’s blog post. Jake Chervinsky, chief legal officer of Variant, a crypto venture capital firm, commented, “You make some solid points here. Too many people will read the headline as ‘vote Biden!’ and miss the rest.

“That said, overall, much of this seems too clever by half. The good crypto policy requires electing pro-crypto candidates, period. Political reality beats idealism every time.”

You make some solid points here. Too many people will read the headline as "vote Biden!" and miss the rest.

That said, overall, much of this seems too clever by half. Good crypto policy requires electing pro-crypto candidates, period. Political reality beats idealism every time.
— Jake Chervinsky (@jchervinsky) July 17, 2024

Tesla CEO Elon Musk, venture capitalist Peter Thiel, and prominent crypto figures such as Tyler and Cameron Winklevoss have been supporting Trump in his campaigns. The crypto players believe that Trump’s administration might help in offering a favorable regulatory environment as compared to others. Some of the economic policies of Trump such as tax reforms and deregulation are seen as beneficial to the crypto space.

Notably, the Trump administration has always adopted a pro-tech stance, helping crypto players build robust strategic alliances, navigate regulatory challenges, and obtain favorable treatment from the government.

The post Vitalik Buterin Warns Against Blindly Supporting Pro-Crypto Politicians, Emphasizes Broader Political Awareness first appeared on The Shib Daily.

Vitalik Buterin Urges Transparency in Crypto Regulation, Criticizes ‘Anarcho-Tyranny’ by Regulators

Gushiken Yona — Tue, 02 Jul 2024 09:38:50 +0000

Ethereum co-founder Vitalik Buterin voiced concerns over the current state of cryptocurrency regulation, particularly in the United States, calling for increased transparency and best practices while criticizing what he termed “anarcho-tyranny” among regulators.

In a recent post on the decentralized social media platform Warpcast, Buterin highlighted a regulatory paradox where projects offering vague promises and unclear returns face less scrutiny than those providing clear explanations and customer rights. He argued that this situation incentivizes the creation of “useless” products and services, hindering genuine innovation in the crypto space.

Buterin contended that this “anarcho-tyranny” – a combination of regulatory ambiguity and heavy-handed enforcement – creates a worse environment than either complete regulatory absence or strict control. He advocated for a shift where projects are incentivized to provide clear, long-term narratives about their tokens’ economic value and adhere to best practices to avoid regulatory risks.

“The main challenge with crypto regulation (especially in the U.S.) has always been this phenomenon where if you do something useless, or something where you’re asking people to give you money in exchange for vague references to potential returns at best, you are free and clear, but if you try to give your customers a clear story of where returns come from, and promises about what rights they have, then you’re screwed because you’re “a security”. The incentive gradient that this ‘anarcho-tyranny’ creates ends up worse for the space than either plain anarchy _or_ plain tyranny,” Buterin said.

The Ethereum co-founder’s comments came amid heightened regulatory scrutiny in the U.S. crypto industry. Last Friday, the Securities and Exchange Commission (SEC) filed a lawsuit against Consensys, a prominent blockchain software technology company founded by Ethereum co-founder Joseph Lubin. The lawsuit alleges that Consensys’ staking-as-a-service program violated securities laws.

The SEC also alleged that Consensys failed to register the offer and sale of certain securities through its crypto staking programs, which allow users to lock up tokens for a certain period of time in exchange for yield, the SEC said. The regulator said in its complaint, which was filed in the U.S. District Court in Brooklyn, New York, that Consensys had collected more than $250 million in fees through “its conduct as an unregistered broker.

Buterin’s critique resonated with many in the crypto community who have expressed frustration with the SEC’s “regulation by enforcement” approach. Critics argue that this approach stifles innovation and creates uncertainty for businesses operating in the space.

Buterin stressed the importance of good-faith engagement from both sides to achieve a more balanced and effective regulatory framework. He called on regulators to foster an environment that encourages legitimate projects while discouraging frivolous ones. At the same time, he urged industry players to adopt best practices and provide transparent disclosures to build trust and legitimacy within the crypto space.

The post Vitalik Buterin Urges Transparency in Crypto Regulation, Criticizes ‘Anarcho-Tyranny’ by Regulators first appeared on The Shib Daily.

Iggy Azalea Reignites Feud with Vitalik Buterin Over Crypto ‘Gas Tax’ After Breastfeeding Meme Jab

Gushiken Yona — Sat, 08 Jun 2024 20:17:21 +0000

Iggy Azalea, the renowned female rapper and composer behind the MOTHER token, has taken aim at Vitalik Buterin, the crypto genius and co-founder of Ethereum. In a recent podcast, Azalea didn’t mince words, launching a scathing attack on Buterin’s stance regarding celebrity meme coins—a trend that has gained significant traction in recent times.

Azalea’s fiery rhetoric centered on what she perceived as Buterin’s hypocrisy in critiquing the financialization of projects like MOTHER while imposing what she dubbed a “gas tax” through transaction fees. “It’s so rich of you to have an opinion on charities and hospitals, whatever, but let’s talk about the gas fees…the gas tax,” Azalea exclaimed, her frustration palpable.

The term “gas fees” refers to the costs incurred when executing transactions on blockchain networks—an ubiquitous aspect of the crypto landscape that has drawn criticism for its impact on users. Azalea’s accusation of Buterin imposing a “gas tax” struck a chord with many, resonating with those who have felt the pinch of escalating transaction costs.

But Azalea didn’t stop there. She also called into question Buterin’s philanthropic endeavors, linking them to the contentious gas fees.

Buterin’s track record of donating over $1 billion in crypto, including a substantial sum from the Shiba Inu token, has earned him accolades within the crypto community. A well-known philanthropist, the crypto genius has donated over $1 billion in crypto. A significant portion of this came from Shiba Inu donations, of which 90% were permanently destroyed and 10% were given to India during the peak of the COVID-19 pandemic.

Buterin has previously expressed his discontent with the celebrity meme coin trend, stating: “I’m feeling quite unhappy about ‘this cycle’s celebrity experimentation’ so far. ‘Financialization as a means toward an end’, I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization as the final product.”

It’s important to note that gas fees are paid to miners who validate transactions on a blockchain, not to Buterin directly. Technically, gas fees are like the fuel that powers the blockchain engine. These fees are paid to validators or miners responsible for verifying and adding transactions to the blockchain. Gas fees exist to incentivize these validators to keep the network secure and running smoothly.

The amount of gas needed for a transaction varies depending on the complexity of the operation and the network congestion. However, not all blockchains have gas fees. For example, Solana, the blockchain where Azalea’s MOTHER token is based, utilizes a different mechanism for transaction fees. Instead of gas fees, Solana uses a system called “rent,” which is a fee paid to store data on the blockchain.

Prior to this podcast, Azalea tweeted a provocative meme shared on social media. Depicting the celebrity cradling a baby adorned with Buterin’s face in a scene reminiscent of breastfeeding. The meme sparked controversy and further fueled the ongoing feud between the two crypto personalities. Azalea’s caption accompanying the image—”he was just hangry (sic)”—served as a pointed jab at Buterin’s perceived disposition.

The post Iggy Azalea Reignites Feud with Vitalik Buterin Over Crypto ‘Gas Tax’ After Breastfeeding Meme Jab first appeared on The Shib Daily.

Crypto Genius Buterin Fights For Tornado Cash Developers’ Freedom Amid Regulatory Crackdown

Gushiken Yona — Thu, 30 May 2024 16:42:08 +0000

Amid a regulatory crackdown on cryptocurrency privacy tools, Ethereum co-founder and crypto genius Vitalik Buterin has stepped up to champion the cause of Tornado Cash developers facing legal battles, donating a significant sum to their defense fund and reigniting the debate on privacy rights in the digital age.

Data from Ethereum blockchain explorer Etherscan showed that Buterin donated a substantial 30 ETH (approximately $111,000) to a legal defense fund for Tornado Cash developers. The fund, established through Juicebox, aimed to support Alexey Pertsev and Roman Storm, who were facing legal challenges for their alleged role in facilitating illicit activities through the privacy-centric mixer.

The developers of Tornado Cash, a decentralized protocol designed to obscure the origin and destination of cryptocurrency transactions, were facing legal repercussions for their alleged involvement in money laundering activities. While the platform was intended to provide users with enhanced financial privacy, authorities argued that it had been exploited by bad actors for illicit purposes.

The U.S. Treasury Department clarified its stance on cryptocurrency mixers, asserting that it did not seek to ban them outright, but rather aimed to increase transparency and curb their misuse. Brian Nelson, the undersecretary of the Treasury for Terrorism and Financial Intelligence, emphasized the importance of distinguishing between legitimate privacy tools and those designed to evade regulatory scrutiny.

“From our perspective, we believe that there is a difference between obfuscation and anonymity enhancing services that support privacy – we of course totally recognize that, in the context of public blockchains…that there would be a desire to have a certain degree of privacy,” Nelson said. “In that spirit, we want to work closely with industry to identify and collaborate on tools that can enhance privacy,” the undersecretary noted.

More than a financial support for the Tornado Cash developers, Buterin’s donation served as a broader statement on the importance of privacy in the digital age. This act aligned with his previous contributions to causes like AssangeDAO, which focused on supporting WikiLeaks founder Julian Assange’s legal battles.

As of May 2024, the legal status of the Tornado Cash developers remains uncertain. Alexey Pertsev, a developer arrested in August 2022, continues to face legal proceedings in the Netherlands. Roman Storm, another developer, was arrested in August 2023 in Washington state and is awaiting trial in the U.S. The legal cases against them are ongoing, with potential implications for the broader cryptocurrency community and the future of privacy-focused tools.

The post Crypto Genius Buterin Fights For Tornado Cash Developers’ Freedom Amid Regulatory Crackdown first appeared on The Shib Daily.

K9 Finance’s Historic Burn of 410M $KNINE is Scheduled for May 31

Violet Vallaya — Tue, 28 May 2024 14:47:04 +0000

In a groundbreaking move, K9 Finance will burn a staggering 410 million KNINE tokens, marking a significant milestone for the project. The burn, scheduled for May 31, pays homage to Ethereum co-founder Vitalik Buterin’s audacious SHIB token burn three years ago, which sent shockwaves through the crypto space.

This burn paves the way for $KNINE to become a deflationary token, meaning the circulating supply will continue to decrease over time, potentially positively impacting the token’s long-term value. Also, with a reduced overall supply, the percentage ownership of existing $KNINE holders automatically increases.

Legendary $KNINE Burn Imminent!

May 31st will signify the first ever K9 Finance DAO official burn of 410 million $KNINE in commemoration of Vitalik's @Shibtoken burn!

This event has major impact

Honors @VitalikButerin 410 trillion $SHIB burn
Reduces the fully diluted… pic.twitter.com/lVkJOMEbhP
— K9 Finance DAO (@K9finance) May 27, 2024

Vitalik Buterin’s SHIB Burn: A Turning Point

On May 17, 2021, Vitalik Buterin executed a historic burn of 410 trillion Shiba Inu (SHIB) tokens, permanently removing them from circulation. Buterin, who had been gifted half of SHIB’s total supply, decided to incinerate over 90% of his holdings. The remaining portion was allocated to charity, specifically the India Crypto Relief Fund (COVID-19), aligning with Buterin’s long-term saving ideals.

This bold move had a profound impact on SHIB’s trajectory. Investors flocked to the token, propelling it to an all-time high of $0.00008845 in October 2021. Buterin’s decision to burn SHIB was driven by his desire not to wield excessive power and his skepticism about the token’s future performance.

K9 Finance’s Tribute

Fast forward to today, and K9 Finance DAO is following in Buterin’s footsteps. The project’s official liquid staking partner has proposed burning 410 million KNINE tokens from its total supply of 1 trillion. Approximately 115.53 billion KNINE are currently in circulation.

By burning 410 million KNINE, K9 Finance officially transforms the token into a deflationary asset. Just as Buterin’s SHIB burn reduced its supply, the KNINE burn aims to create scarcity, potentially driving up its value over time. With fewer tokens in circulation, existing KNINE holders stand to benefit.

K9 Finance’s burn underscores the project’s commitment to community-driven decisions and responsible token management. As the crypto landscape continues to evolve, the KNINE burn represents a pivotal moment—one that echoes Buterin’s vision of responsible tokenomics. May 31 will mark the official commencement of this historic event, solidifying K9 Finance’s place in the ever-expanding Shiba Inu ecosystem.

The post K9 Finance’s Historic Burn of 410M $KNINE is Scheduled for May 31 first appeared on The Shib Daily.

Vitalik Buterin Identifies Challenges to Ethereum’s Decentralization

Violet Vallaya — Mon, 20 May 2024 13:35:18 +0000

Ethereum co-founder Vitalik Buterin has delved into critical issues surrounding the decentralization of the Ethereum network.

These are concerns widely shared within the crypto community, which seem to have prompted Buterin to propose potential solutions in a recent blog post.

One of the primary challenges Buterin identifies is the Miner Extractable Value (MEV). MEV refers to the financial gain that sophisticated node operators can achieve by reordering transactions within a block. Buterin suggests two approaches to tackle this issue: “minimization” and “quarantine.”

Minimization focuses on reducing MEV through intelligent protocol design, while quarantine aims to eliminate MEV through in-protocol techniques. However, the latter carries risks of centralization. Buterin supports concepts like transaction inclusion lists to strike a balance between minimizing MEV and maintaining decentralization.

Another significant challenge is the low number of solo stakers within the Ethereum network. Many users opt for centralized staking providers or decentralized solutions due to the complexities involved, hardware requirements, and the 32 ETH minimum needed to run an independent Ethereum node. While there has been progress in this area, Buterin emphasizes the need for further improvements to reduce these barriers, making it easier for individuals to participate as solo stakers.

The third challenge revolves around node hardware requirements. The essence of blockchain technology lies in decentralization, where no single entity should dominate. However, the increasing centralization of nodes poses a threat to this principle. Buterin highlights the importance of addressing the costs and complexities associated with node hardware to encourage more independent node operators. Reducing these barriers is crucial to maintaining a truly decentralized network.

To enhance Ethereum’s decentralization, Buterin proposes a two-tier model. The first tier focuses on improving the Layer 1 (L1) consensus mechanism. This involves ensuring efficient and decentralized node selection across staking pools, thereby promoting a more distributed network. Enhancing the consensus mechanism will help mitigate the risks associated with centralization and improve the overall resilience of the Ethereum network.

The second tier involves reducing barriers to node operation. This includes simplifying node management processes, lowering hardware costs, and encouraging more solo stakers.

The proposed solutions aim to strike a balance between improving protocol efficiency and maintaining a decentralized structure. Buterin’s focus on these issues highlights the importance of continuous innovation and community engagement in the crypto space.

The post Vitalik Buterin Identifies Challenges to Ethereum’s Decentralization first appeared on The Shib Daily.

Ethereum Co-Founder Vitalik Buterin Proposes EIP-7706 to Tackle Rising Gas Fees

Violet Vallaya — Tue, 14 May 2024 13:51:13 +0000

Ethereum co-founder Vitalik Buterin has proposed an Ethereum Improvement Proposal (EIP) to enhance the network’s efficiency and reduce transaction costs. The proposal, known as EIP-7706, focuses on a new type of gas specifically designed for transaction calldata.

The Ethereum network has been facing challenges with rising gas fees as its adoption continues to surge. High transaction costs have been a significant hurdle, impacting the network’s scalability and usability. Buterin’s proposal seeks to address this critical issue by introducing innovative solutions.

EIP-7706 can introduce a new approach by creating a dedicated gas type for transaction calldata. Calldata encompasses the input data included in a transaction, such as function parameters and contract data. Ethereum can optimize fee calculations and improve overall performance by isolating calldata gas.

Key features of EIP-7706 include the introduction of a Max Base Fee and Priority Fee Vector. This vector combines the max base fee and priority fee, providing users with a better understanding of the cost breakdown for execution gas, blob gas, and calldata gas.

Additionally, the proposal integrates the three gas types (execution gas, blob gas, and calldata gas) into a cohesive system, ensuring more predictable and fair fee structures. Furthermore, EIP-7706 recommends modifying the base fee adjustment mechanism to align with the new gas type, stabilizing gas prices during network congestion.

If implemented, EIP-7706 could significantly reduce gas fees for users, making Ethereum more accessible and efficient. Developers, decentralized applications (dApps), and decentralized finance (DeFi) projects would benefit from streamlined transactions and improved cost predictability.

Understanding Ethereum gas fees is crucial for users navigating the network. Gas fees are calculated based on the computational actions performed in a transaction, with each action having a predefined gas price.

Users pay gas fees in Ether (ETH), denominated in Gwei (1 billion wei), with the total gas fee determined by the formula: Units of Gas Used * (Base Fee + Priority Fee). Gas fees are typically expressed in Gwei, as wei (1 quintillion) is too small a unit. As of reporting time, the average gas price is around 11 Gwei, with fluctuations based on network demand.

The post Ethereum Co-Founder Vitalik Buterin Proposes EIP-7706 to Tackle Rising Gas Fees first appeared on The Shib Daily.

K9 Finance DAO Plans Major KNINE Token Burn to Honor Crypto Genius Vitalik Buterin

Gushiken Yona — Tue, 14 May 2024 13:40:36 +0000

K9 Finance DAO, a decentralized autonomous organization, and the official liquid staking platform on Shiba Inu’s Shibarium has proposed a significant move to burn 410 million KNINE tokens in a bid to honor Ethereum co-founder and crypto genius Vitalik Buterin, the organization announced Tuesday.

Honoring Vitalik

K9 Finance DAO has proposed burning 410 million KNINE tokens from its treasury, specifically from the marketing allocation, to honor Vitalik Buterin’s significant burn of 410 trillion SHIB tokens on May 16. This move aimed to celebrate SHIB’s history and encourage unity among SHIB-related projects.

“K9 Finance DAO is proposing as the official liquid staking product for Shib that we burn 410M KNINE tokens from the treasury. These tokens would come from the marketing allocation within the treasury and will not have an impact on long-term operations,” the proposal read.

K9 Finance DAO views this as an opportunity to unite SHIB projects in a collective burn during the month, setting a precedent for other projects within the Shib ecosystem.

“An important catalyst in the success of Shib growing into a behemoth was the burn of 410 trillion Shib by Vitalik on May 16th, and K9 DAO sees an opportunity to unite Shib projects to celebrate and burn together during this month, honoring the history of Shib and setting the tone for other projects in the Shib ecosystem,” the proposal further underlined.

Symbolic Gesture in Crypto History

It may be recalled that three years ago, in May 2021, the crypto world witnessed a dramatic and symbolic gesture by Ethereum co-creator Vitalik Buterin. Unwillingly gifted half of SHIB’s total supply, Buterin made a decisive move by burning 90% of his holdings, worth approximately $7 billion.

He transferred over 410 trillion tokens to a dead blockchain address, effectively removing them from circulation in a single, unprecedented transaction. This act, driven by his desire to avoid becoming a central power figure, left the remaining 10% of his SHIB earmarked for charitable causes, underlining his commitment to ethical principles and decentralization.

Voting Process and Community Support

The voting system for the proposal to burn 410 million KNINE tokens is single-choice voting. It started on May 14, 2024, at 12:08 a.m. and will end on May 19, 2024, at 12:08 a.m. The snapshot for the vote was taken at block 19,862,183.

The proposal to burn 410 million KNINE tokens received strong support, with 83.32% of votes in favor, totaling 10 billion KNINE tokens, and 16.68% against, totaling 2 billion KNINE tokens. The quorum required for the vote was 5 billion KNINE tokens, and the total votes cast were 12 billion KNINE tokens, thus meeting the quorum.

This highlighted the significant approval for the proposed token burn within the K9 Finance DAO community.

Additional Proposals and Community Engagement

The official X account of K9 Finance DAO announced on the social media platform Tuesday that two proposals are now live for voting by KNINE holders. The first proposal suggests burning KNINE tokens to honor Vitalik Buterin’s SHIB burn in May 2021.

Snapshot Voting Now Live

The Roundtable of Dogs met to discuss all proposals in the DAO forum. 2 are NOW LIVE for all $KNINE holders to vote on

1⃣Burn $KNINE to honor @VitalikButerin burning $SHIB in the month of May 2021

https://t.co/Db2mVMSJ6n

2⃣Treasury… pic.twitter.com/U5icMhbjv2
— K9 Finance DAO (@K9finance) May 13, 2024

The second proposal involves managing the treasury by investing $ETH, $USDT, $USDC, and $DAI into $stETH and other money markets managed by Shima. Voting will be live for five days and end on May 18. Full meeting minutes are available for the community to review all proposals.

The post K9 Finance DAO Plans Major KNINE Token Burn to Honor Crypto Genius Vitalik Buterin first appeared on The Shib Daily.

Crypto Genius Buterin Refreshes Personal Piece on SHIB’s L3 Privacy Chain Feature Amid Significant Reader Interest

Gushiken Yona — Mon, 06 May 2024 09:39:55 +0000

Crypto genius and co-founder of Ethereum, Vitalik Buterin, has once again seized the attention of enthusiasts with his latest update. Renowned for his brilliant mind and unwavering focus on privacy and security within the blockchain sphere, Buterin’s decision to refresh his article on Fully Homomorphic Encryption (FHE) couldn’t be timelier.

His move, citing significant interest in the topic, coincides with an important announcement from the Shiba Inu development team, revealing plans to integrate ZAMA’s FHE technology into a layer-3 privacy chain.

In an article penned by Buterin himself in July 2020, he eloquently described the concept of FHE as a cryptographic holy grail. The technology, he said, represents a groundbreaking advancement wherein computations can be performed on encrypted data without the need for decryption, presenting a formidable solution to privacy concerns in data processing.

As the crypto genius articulates, “The promise of fully homomorphic encryption (FHE) is powerful: it is a type of encryption that allows a third party to perform computations on encrypted data, and get an encrypted result that they can hand back to whoever has the decryption key for the original data, without the third party being able to decrypt the data or the result themselves.”

Since a lot of people are interested in fully homomorphic encryption (FHE) recently, re-upping my article from 2020 that goes into how the math works in depth:https://t.co/TuHK3DoJrZ
— vitalik.eth (@VitalikButerin) May 5, 2024

On Feb. 28, through The Shib magazine, Shiba Inu unveiled its strategic alliance with ZAMA, an avant-garde open-source cryptography company specializing in cutting-edge FHE solutions for blockchain and artificial intelligence. This partnership marks a seminal moment in the progression of Web3, uniting two trailblazing entities in the crypto realm to establish unprecedented standards in data privacy and security.

Amid the flourishing and expansive growth of the Shib ecosystem, the integration of Zama’s solutions presents a groundbreaking opportunity. By leveraging Zama’s encryption tools, the Shib ecosystem can significantly enhance privacy measures throughout its infrastructure, safeguarding transactional confidentiality, user interactions, and data privacy at every level of the chain.

However, the vision extended far beyond mere integration. In a significant move, the Shiba Inu development team disclosed in April that it successfully raised $12 million through the sale of its yet-unreleased token, TREAT, to non-U.S. venture capital investors. These funds are earmarked for the development of a groundbreaking privacy-focused Layer 3 blockchain, constructed on Shibarium, with the forthcoming TREAT serving as its utility and governance token.

The new blockchain would be designed to adhere to regulatory standards. Shiba Inu lead developer Shytoshi Kusama emphasized the importance of maintaining a project that aligns with international laws while safeguarding data privacy and individual security. He said. “By allowing people to both be private yet still gain credentials to verify their identity, our entire system extends security and compliance at the same time.”

The post Crypto Genius Buterin Refreshes Personal Piece on SHIB’s L3 Privacy Chain Feature Amid Significant Reader Interest first appeared on The Shib Daily.

Shibarium Tech Admin Challenges Misinformation, Emphasizes Devs’ Shib-Burn Commitment

Gushiken Yona — Mon, 06 May 2024 01:58:33 +0000

“We are all Ryoshi,” a mantra coined by the enigmatic creator of Shiba Inu, continues to resonate within the community.

Recently, DaVinci, the pseudonymous administrator of Shibarium Tech’s Discord and Telegram channels, echoed this sentiment. In a bold statement, DaVinci addressed critics who questioned the developers’ commitment to delivering the promised auto-burn feature.

He admonished these critics, pointing out their hypocrisy in selfishly demanding features while neglecting their role in promoting Shibarium, the ecosystem’s layer-2 scalability solution.

The Shibarium Tech administrator’s statement was widely shared by several Shib Army OGs on X (formerly Twitter) over the weekend, quickly gaining traction within the community. Addressing the community’s questions and concerns regarding the Shib Burn commitment, DaVinci highlighted the significant burns that have already taken place.

“Yes, developers talked [about] significant burns, as THOUSANDS of people were screaming WEN SHIBARIUM,” He said. “So, before you ask where the fulfilled promises are, ask where all the people screaming wen Shibarium went,” Davinci said conveying a sense of accountability, while encouraging a more thoughtful approach to understanding the context of unfulfilled expectations.

#UseShibarium $Bone Fee Token!!!

Yes, developers talked significant burns, as THOUSANDS of people were screaming WEN SHIBARIUM? So, before you ask where the fulfilled promises are, ask where all the people screaming wen Shibarium went.
Billions of Shib were burned in March… pic.twitter.com/8IkAmuoQPn
— SpecialK (@SpecialShib) May 5, 2024

Additionally, DaVinci revealed that in March, billions of SHIB were intentionally removed from circulation permanently because of Shibarium activities, a commitment fulfilled by the developers. He stressed the importance of community engagement in Shibarium to witness these burns, as they are tied to the blockchain’s activities. Further, DaVinci took aim at those following influencers disseminating inaccurate information, urging the community to focus on promoting Shibarium instead.

“Autoburns still require activity on Shibarium. So, instead of following influencers who spread nonsense about using Shib as gas for Ethereum, try spreading the word to use Shibarium,” the Shibarium Tech administrator added, before adding sarcastically, (“Yes, Vitalik will dump all the Ethereum holders because a bunch of uneducated influencers requested it. Check how many Ethereum holders there are heavy sarcasm) EDUCATE YOUR SELF. Thank you.”

DaVinci’s statement referenced a trend on X where multiple accounts were urging Vitalik Buterin to consider using SHIB as the gas fee token for Ethereum, rather than the blockchain’s native token Ether (ETH).

Another OG Shib Army reacted to the ongoing call for Buterin to replace ETH with SHIB. User @NoOneHasSpoken emphasized that directing anger or demands at Vitalik Buterin achieves nothing and reflects poorly on the ShibArmy. He dismissed the idea that Buterin would suddenly abandon Ethereum to pump SHIB tokens, comparing it to the unlikely scenario of the U.S. replacing the USD with SHIB.

Moreover, his statement urged people to focus on actions that benefit the Shib ecosystem, such as spreading positive awareness, using Shibarium, and generating transactions with Bone gas to burn SHIB tokens. He also highlighted that increasing demand and reducing supply are key to sustainable price growth while spreading fear, uncertainty, and doubt (FUD) only harms Shib’s reputation and discourages potential users and investors.

Yelling at Vitalik achieves nothing except showing ShibArmy in bad light.

Eth is second biggest crypto in the world. How on earth someone thinks he would zero all that he has built, rug the Eth community holding these tokens and just pump Shib bags?

It's just as likely that US…
— No One (@NoOneHasSpoken) May 5, 2024

In this context, Ryoshi’s statement, “We are all Ryoshi” could be about the idea that everyone in the community has a role to play in the development and success of the Shib ecosystem. It suggests that each member, regardless of their specific role or influence, contributes to the overall progress and evolution of Shibarium and the Shib token.

This statement emphasizes the importance of community engagement and collaboration, highlighting that everyone can make a difference in advancing the goals of the project.

The post Shibarium Tech Admin Challenges Misinformation, Emphasizes Devs’ Shib-Burn Commitment first appeared on The Shib Daily.

Vitalik Buterin’s Shibarium Snub: Shiba Inu Community Asks, ‘Wen Us?’

Saha Swatilakha — Mon, 08 Apr 2024 19:05:22 +0000

The Shiba Inu community is urging Ethereum founder Vitalik Buterin to acknowledge Shibarium as a key Ethereum layer-2 network. Despite Shibarium’s low fees and growing prominence, it was conspicuously absent from a list of layer-2 networks recognized by Buterin during a recent presentation on Ethereum’s Dencun hard fork.

In a light-hearted response, Ragnar, a notable Shib ecosystem team member and community figure, asked Buterin when the Ethereum team plans to include Shibarium on the list. However, Buterin has yet to respond, leaving the Shiba Inu community wondering, “Wen Shibarium @VitalikButerin??”

Wen Shibarium @VitalikButerin ??? Let’s do it. https://t.co/9uGXcn7qt8
— RagnarShib.eth (@RagnarShiba) March 30, 2024

This omission is not the first time Buterin has underestimated Shiba Inu. In 2021, he received half of Shiba Inu’s circulating supply as a donation. Initially, he burned most of it and gave the rest to charity, expecting the meme coin to crash like other meme coins. Despite his initial skepticism, Buterin has since recognized Shiba Inu’s potential.

The Shiba Inu community’s demand for recognition highlights the growing importance of layer-2 networks in the Ethereum ecosystem. As Ethereum continues to evolve, the inclusion of Shibarium could further enhance the network’s capabilities and reduce gas fees for users. In the meantime, the community remains vocal in their quest for recognition, reminding Buterin and the Ethereum team that Shibarium is indeed part of the Ethereum chain.

The post Vitalik Buterin’s Shibarium Snub: Shiba Inu Community Asks, ‘Wen Us?’ first appeared on The Shib Daily.

Buterin Unveils ‘The Purge’: ETH Protocol Streamlining and Enhanced Security Measures

Violet Vallaya — Mon, 01 Apr 2024 13:28:01 +0000

Ethereum co-founder Vitalik Buterin has unveiled a pivotal phase in the network’s evolution: “The Purge.” The strategic initiative, unveiled in a recent communication, aims to simplify the Ethereum protocol while enhancing its security measures, ushering in a new era of innovation within the blockchain ecosystem.

A quick note on next steps in Ethereum protocol simplification and node resource load decreases (aka "the Purge"):https://t.co/BAebCGrisB
— vitalik.eth (@VitalikButerin) April 1, 2024

EIP-6780: A Key Improvement

At the core of this evolution lies EIP-6780, an often-overlooked enhancement introduced during the Dencun hard fork. This improvement specifically targets the SELFDESTRUCT opcode, a powerful feature that allows smart contracts to self-destruct or terminate themselves.

By streamlining the functionality of SELFDESTRUCT, Ethereum aims to achieve several critical goals:

Simplified Protocol: EIP-6780 eliminates complexity by reducing the functionality of SELFDESTRUCT. This change ensures that the protocol remains efficient and straightforward.
Enhanced Security: By limiting SELFDESTRUCT’s capability to contracts created within the same transaction, Ethereum introduces new security measures. This approach prevents potential abuse and malicious activities.
Resource Optimization: Ethereum clients have already witnessed a substantial reduction in code lines, thanks to the elimination of support for pre-merge proof-of-work networks. Additionally, the platform’s storage mechanism has undergone optimization, significantly reducing storage requirements for node operators.

The Purge in Action

“The Purge” initiative includes multiple transformations:

Code Reduction: Ethereum’s codebase has become leaner, eliminating redundancies and technical burdens.
Resource Efficiency: Support for pre-merge PoW networks has been phased out, streamlining the network’s operation.
Storage Optimization: Ethereum’s storage mechanism has been fine-tuned, reducing the storage demands on node operators.

Beyond EIP-6780

Buterin’s vision extends beyond EIP-6780. He outlines additional areas for refinement, including:

Precompile Revaluation: Ethereum aims to optimize precompile contracts, which handle complex cryptographic operations. By reassessing their role, the platform can enhance efficiency and reduce implementation challenges.
Historical Data Optimization: Ethereum explores ways to improve historical data storage. These efforts will benefit both node operators and developers.
SimpleSerialize (SSZ): Buterin hints at transitioning to SSZ, a more efficient block structure. This move promises a simpler and cleaner future for Ethereum’s data management.

The post Buterin Unveils ‘The Purge’: ETH Protocol Streamlining and Enhanced Security Measures first appeared on The Shib Daily.

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