Vitalik Buterin, a Co-Founder of Ethereum, spoke to the UpOnly podcast. He admitted to burning Shiba Inu tokens worth $7 billion. Vitalik Buterin burned his share of SHIB with the hope of lowering the congestion on the Ethereum network.
In a two-hour-long interaction with Cobie and Ledger, he also revealed how he burned the tokens and donated a portion of them to a Covid Relief Fund.
Buterin Burns $7B Worth SHIB
A monetary value of $7 billion is a lot for someone to digest. If rewarded, people dream of buying a new house or a car and saving some portion for the future.
Another path that one can choose is to donate or let go of it completely.
The Co-Founder of Ethereum decided to go with the latter option. He burned some portion of SHIB and donated the remaining portion for a noble cause.
SHIB tokens were given to him by the founder of Shiba Inu. Out of the total of 500 trillion SHIB tokens, Vitalik Buterin burned 90% and donated the remaining 10% to the India Covid Crypto Relief Fund.
90% of the total SHIB came to a value of $7 billion, and the donated portion came to the value of $1.2 billion at the time of burning the token.
He said that he burned the majority of the SHIB token to avoid being at the center of the monetary power.
Vitalik Buterin further revealed that he had to buy a second laptop to burn the $7 billion worth SHIB token. It was not easy to execute the burning process, but he concluded it in the right manner.
SHIB tokens given to him were held in a cold-paper wallet, requiring him to enter two numbers to generate the transaction.
He had one number and asked his relative in Canada for another number. Once received, he entered the key and generated the Ethereum transaction. This transaction was used to donate his portion of SHIB to the India Covid Crypto Relief Fund.
Buterin generated QR codes to burn the remaining portion of SHIB tokens. He generated codes by downloading a program on his laptop. Once generated, the codes were scanned with his mobile, copied on the laptop, and entered at etherscan.io/oushTx.
The tokens were then sent out. He burned his share to lower the congestion on the Ethereum network.
SHIBA grew by 40,000,000% in the previous year. This made its holders very rich in a short time. It looks to be going strong in the present, with a lot to come in the future.
Ethereum co-founder discussed that the only ways forward for SHIB were rollup and sharding. Rollup is an Ethereum-based layer two solutions.
The transaction data gets posted on layer one while they are executed on the main Ethereum chain. This relates to rollup. Sharding, on the other hand, means scaling the database horizontally.
Read this Shiba Inu price prediction to gain insight into the future of the meme coin.