Vitalik Buterin Becomes Billionaire As ETH Hits $3000: Report

Vitalik Buterin becomes a billionaire as the cryptocurrency hit $3000 recently to a new all-time high with the crypto holdings doubling since January 2021 to surge above $1 billion as we are reading more in our latest Ethereum news today.

Buterin’s public Ether address that was described as his main wallet back in 2018, hit $1 billion on the balance following Ether’s meteoric rise above $3000 on Monday. At the time of writing, the address holds around 333,500 ETH now worth $1.029 billion according to the on-chain data from Etherscan as ETH quadrupled in value to around $700 at the start of 2021.

At publishing time, the world’s biggest altcoin traded at $3,144 which is an 8.6% rise over the past 24hours with gains of 36% over the past week according to the data from CoinGecko. According to some online analysts, 27-year old Buterin now could be the youngest self-made billionaire in the crypto space. Amid the surging prices, Buterin was generous with his crypto holdings and in late April, the Russian-Canadian programmer even donated 100 Ether and 100 Maker tokens to a COVID-relief fund in India.

As reported previously, The ethereum co-founder Vitalik Buterin believes that the network will soon scale better by a factor of 100 predicting Optimism will release a layer-two solution in the next few weeks. Buterin noted that the ETH2 developers are focused on working and creating a merge with Ethereum and believes that the layer-two solutions will support the network until the sharing solution is developed and implemented.

buterin slammed, ripple, sec, XRP

Rollups are the second layer solution that processes and stores transaction data on one sidechain before bundling the batches of transactions on the ETH mainnet and the solutions are also crated to mitigate the scaling woes where fierce competition for bandwidth on the ETH mainnet resulted in staggering fees. While ETH2 uses sharding to ensure scalability when it’s rolled out, Buterin thinks that this feature will be enough for the mid-term and noted that rollups will improve Etheruem’s transactional throughput by about 100 times. The Optimism rollups are going to be embraced by some of DeFi’s industry leaders with commentators saying that Uniswap’s coming V3 overhaul will start utilizing it. Synehtix and Aave are also the first projects that will utilize the technology. Buterin even authored a proposal for a system allowing the smart contract protocols to directly communicate between one another in different layer two scaling solutions.

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Author: Stefan