Ethereum Co-Founder Donates Rs. 4.5 Crores For COVID-19 Relief in India


Ehtereum co-founder Vitalik Buterin posted a proof of transfer of 100 ETH and 100 MKR, worth about $606,110 (kind of Rs. 4.5 crores), to be used in COVID-19 relief in India. Ethereum, the open-source blockchain software founded in 2014, is used to build contracts on the blockchain, and has recently been in the news a lot as a result of its use in the making and transferring of non-fungible tokens (NFTs) — digital collectibles that may be uniquely identified and held by individuals. Ethereum has a currency called Ether that is the second one biggest cryptocurrency on this planet after Bitcoin.

Provided the scale and scope of the tragedy that coronavirus is causing in India, many relief efforts have sprung into action, ranging from individuals giving their time and helping people coordinate and find resources, to companies donating money for oxygen and other emergency supplies. People around the globe are also coming to give a boost to India, and Buterin’s donation will have to help encourage the global cryptocurrency community to make a difference here.

On his Twitter account, the technology founder posted a twosome of links to EtherScan, an independent platform for sharing blockchain data built for Ethereum, which showed a transaction of 100 MKR (Maker) and 100 ETH (Ether), that hold a combined market value of over $600,000, or over Rs. 4.5 crores.

In the tweet, Buterin thanked Indian tech founder Sandeep Nailwal for organising the COVID-19 relief fund, and also thanked Indian-origin technology investor and entrepreneur Balaji Srinivasan for sign boosting the crusade.

Can’t take this sitting down anymore, I’m going to run a Covid relief crusade in lieu of what is going on in India.

Need help from the Global crypto community.

I will be able to take full responsibility for transparency, funds usage and regulatory compliance

If you wish to donate.. 1/n

— Sandeep – Polygon(prev Matic Network) (@sandeepnailwal) April 24, 2021

According to Nailwal’s tweets, he plans to use the funds to receive oxygen, food, and perhaps even cover the price of vaccines for naughty people, and he has promised that all of the spending will be published publicly for total transparency.

Even supposing you’ll’t use cryptocurrencies like this to directly fund relief efforts as they are not widely accepted as currency, despite the name, there’s a high market value placed around these tokens; Bitcoin is the largest and most famed, but many others including Ether, Litecoin, and of late, Dogecoin, have grow to be very much in demand. At the time of writing, Bitcoin price is at Rs. 37,12,394, while Ethereum is currently selling for Rs. 1,63,519, and Litecoin will cost you Rs. 16,829 to shop for one unit. Which means the fund can be utilized to generate some huge cash that can in turn be spent on this crisis.

Even supposing Buterin seems to have made this donation in his personal capacity, the Ethereum Foundation has also made remarkable donations prior to now. Final year, the foundation reportedly donated 1,125 ETH to UNICEF, that used to be at the time worth $262,000 (kind of Rs. 1.9 crores at the time). Before that, in 2019, the foundation donated about $150,000 (kind of Rs. 1 crore at the time) in Bitcoin and Ether to UNICEF’s experimental crypto fund.

The fund has been used to make investments around the globe and the 2020 donation used to be used to make investments to mitigate the effects of the COVID-19 crisis, the UNICEF spokesperson said in a press remark. According to the outline, UNICEF in startups in countries including India, Argentina, China, and Turkey.

One such recipient is the Indian startup StaTwig, which is currently working on a project described on its website as a Vaccine Ledger, that can be utilized for unit level traceability of vaccines, detection of expired products, bloodless chain monitoring, and more.

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