In a lengthy interview with podcats UpOnly two days ago, Vitalik Buterin explained how he burned 90% of the Shiba Inu he received, worth nearly $7 billion, after donating 10% of it (worth $1.2 billion, in May when the transaction was made) to the India Covid Crypto Relief Fund, an Indian organization focused on fighting COVID-19 through cryptocurrency donations.
Vitalik Buterin burned his Shiba Inu tokens
In May, Vitalik Buterin surprisingly announced that he had burned almost all of the Shiba Inu tokens in his possession to reward the great generosity of his community.
“I was really impressed with how the dog token communities responded to the recent donations! A lot of people have shown their generosity and willingness to not just focus on their own profits but to make the world a better place. I support everyone who sincerely acts in this way.”
That had been his comment.
The growth of Shiba Inu
The great run of the Shiba Inu token, which had arrived, after an incredibly exponential growth of + 40,330,695% last year, among the top ten cryptocurrencies by capitalization, surpassing its rival Dogecoin, began to stop right after the news of the token’s elimination by Buterin. But subsequently, the asset rose again in the wake of some major news, such as AMC accepting token payments at its movie theaters and theaters in the US.
How the SHIB tokens were burned
Now a few months later, Ethereum’s founder wanted to explain in detail how he was able to pull off a transaction that was anything but simple.
Buterin told the podcast that he had to buy a new laptop to do the token burning transaction. The funds he received from SHIBA’s founders were stored in a so-called cold paper wallet, an offline cryptocurrency wallet, precisely by printing the access keys on a medium not connected to the network.
The two access keys were stored separately, one by him and the second was kept by his family in Canada.
“One of those numbers was with me; the other was with my family in Canada,”
Quite simply, he called his family in Canada to acquire the other number. He then entered the private key into his new computer and generated an Ethereum transaction so he could send the tokens to charity. Buterin then downloaded a program to generate the necessary QR codes. Next, he scanned the QR code for the transaction with his cell phone, copied it to his laptop, then entered it into etherscan.io/pushTx. He then started sending the tokens.
The Future of Ethereum
During the interview with Buterin, questions were also clearly asked about the future of Ethereum and the problem related to the high transaction costs of its blockchain network.
Buterin was once again optimistic in this regard, specifying that he is confident that with the new updates, transaction costs will drop to no more than $0.05 per transaction within two years at the most.