Since 2011, Vitalik Buterin, a Russian-Canadian writer and programmer, has been active in the crypto community and has co-founded and contributed to Bitcoin magazine. He is best known as the creator of Ethereum, a blockchain-based platform that functions as a global computer for decentralized applications (DApps).

Buterin co-created Ethereum, the blockchain that enables a variety of tasks, including the creation of applications and programs using cryptocurrencies such as Ether. Smart contracts, which are fundamentally programs that can be stored and run on the Ethereum network, are the means by which the platform does this. Let’s discover who Vitalik Buterin is and how he made his $400 fortune.

Early Life And Introduction To Bitcoin

Vitalik Buterin was born in Kolomna, Moscow Oblast, Russia, on January 31, 1994. His parents made the decision to come to Canada in quest of better career possibilities when he was six years old. Buterin avoided social gatherings and extracurricular activities. As he recalls, numerous individuals referred to him as a math prodigy. He subsequently attended Toronto’s Abelard School, a private high school, for four years.

The institution radically altered both his attitude toward education and his academic accomplishments. In Abelard, he developed his signature thirst for knowledge, which became his principal objective in life. In 2011, while searching for a new direction in life, Vitalik discovered Bitcoin. Initially, he was dubious, and he could not see how something without tangible backing could have any worth. But as he gained more knowledge, he got increasingly captivated.

He desired to formally participate in this new and experimental economy by acquiring tokens but lacked the processing capability to create them and the funds to acquire Bitcoin. Therefore, he searched for Bitcoin-related work on several sites and ultimately began writing blog articles for approximately five Bitcoin per article. In 2013, Buterin crossed the globe for six months to meet with Bitcoin developers. He realized he could build a new, potentially greater version by iterating on the Bitcoin network.

To illustrate this concept, he compared Bitcoin to a calculator and a potential blockchain to a smartphone, applying the same notion of increasing the system’s strength by making it more flexible to blockchain networks. Ether is a cryptocurrency based on the Ethereum blockchain network, whereas Bitcoin was the world’s first cryptocurrency.

The Birth Of Ethereum

In late 2013, Vitalik Buterin outlined his concept in a whitepaper, which he distributed to a few of his close friends, who enthusiastically embraced it. As a consequence, over thirty individuals contacted Vitalik to discuss the proposal. Initially, the concept behind Ethereum was primarily concerned with digital cash. By the end of January 2014, the team had established that it is reasonably simple to create decentralized file storage and that concepts such as name registry may be implemented with only a few lines of code.

The project was introduced publicly in January 2014, with Vitalik Buterin, Mihai Alise, Anthony Di Iorio, Charles Hoskinson, Joe Lubin, and Gavin Wood as the core team. In addition, Buterin presented Ethereum at a Bitcoin conference in Miami. A few months later, the team decided to fund the development via an initial coin offering (ICO) of Ether, the native token of the Ethereum network.

Vitalik earned the Thiel Fellowship grant of $100,000 at the same time. The team raised around 31,000 BTC in Ether sales or approximately $18 million at the time. The Ethereum team founded the Ethereum Foundation, a non-profit corporation in Switzerland entrusted with managing the development of Ethereum’s open-source software. Despite certain difficulties, Ethereum’s crowdfunding effort was a success.

The World’s Youngest Crypto Billionaire

Now that you are familiar with Ethereum’s brief history, let’s return to the matter at hand and explore the genius behind this incredible achievement. Celebrity Net Worth reported that Vitalik Buterin, the 28-year-old co-founder of Ethereum, has recaptured the title of the world’s youngest crypto billionaire, thanks to Ether’s recent increases.

Moreover, Buterin reportedly joined the so-called “three-comma club” in May of last year, when Ether crossed the $3,000 threshold for the first time.

However, it should be noted that he quickly lost his crypto billionaire title after Ether and several other virtual currencies on the market plunged to a low of approximately $1,725 later that month after Tesla ceased accepting Bitcoin as a form of payment on November 19, Chinese regulators merely escalated their crackdown on virtual currency trading and mining activity.

Buterin’s Plans For The Future

Buterin believes that in ten years, Ethereum will “rule the Metaverse.” The Metaverse is a concept for a huge virtual world in which avatars can interact with each other and digital things. According to him, Ethereum is in a remarkable position to become an integral element of the Metaverse, given that the Internet and shared state enabled things to travel between platforms.

Overall, he believes that the Ethereum Name Service (ENS) ecosystem, which offers a Web 3.0 account name for all of your Bitcoin addresses and decentralized websites, is an obvious application that people do not comprehend, but ENS provides these solutions. Ethereum is a long-term, function-oriented cryptocurrency that will aid the future success of decentralized finance (DeFi). However, many individuals await the adoption of official legislation before taking action.

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Sources: Tech Story, Cointelegraph, CNBC

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Pratibha Chandel (96 Articles Published)

Pratibha is a freelance content writer from India. She loves to write about luxury lifestyle, entertainment, technology, and healthcare. She is also a poetry enthusiast and loves to read her daily dose of books from any genre. She is a dreamer and has a vivid imagination about anything.

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