Donate Rs. 4.5 Crores For COVID-19 Ethereum Co-Founder Donate for India

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Ehtereum cofounder Vitalik Buterin tweeted the proof of transaction – Vitalik Buterin, Ethereum’s co-founder, has issued a proof of 100 ETH and 100 MKR transfer worth approximately $606,110 for use in Indian COVID-19 relief (roughly Rs. 4,5 crores). Ethereum, the open-source blockchain software created in 2014, is used to develop blockchain contracts and was very popular recently in the press due to its use for the production and transfer of non-fungible tokens (NFTs), digital collectors that are unique to people and hold them. Ethereum is the second largest crypto-currency in the world, after Bitcoin, in the name of Ether.

In view of the scale and scope of the tragedy caused by coronaviruses in India, a great deal of relief has begun. This includes providing time and helping people to coordinate and find resources, donating companies for oxygen and other emergency supplies. People worldwide are also supporting India, and the donation of Buterin should help encourage the global community of cryptocurrency to make a difference.

The technology founder posted a couple of links on his Twitter accounts to EtherScan, a separate platform for sharing Ethereum data which shows a transaction of over $600,000 or over Rs. 4.5. A transaction of 100 MKR (Maker) and 100 ETH (Ether) has been created.

In the tweet Buterin expressed thanks for organizing the relief fund COVID-19 for the Indian tech founder Sandeep Nailwal, and also thanked the Indian investor and entrepreneur Balaji Srinivasan for the supporting signal of the campaign.

He plans to use the funds to get oxygen, feed and perhaps even to cover the costs for poor vaccines, according to Nailwal’s tweets. He promised that all expenses would be publicly published to ensure full openness.

Although you can’t use cryptocurrencies like this in order to fund relief efforts directly, because they aren’t widely accepted as money, in spite of the name, the value of those tokens is high; Bitcoin is the largest and most famous, but many others like Ether, Litecoin and late Dogecoin are very in demand. Bitcoin price is at Rs. 37,12,394 at the time of writing, while Ethereum is selling Rs. 1.63,519 at present and Litecoin will cost you Rs. 16,829 in buying a unit. This means that the Fund can generate a great deal of money that can be spent on this crisis in turn.

Buterin seems in his personal capacity to have made this donation, but in the past the Ethereum Foundation has also made substantial donations. It reportedly gave 1,125 ETH to UNICEF last year, valued at the time at 262,000 dollars (roughly Rs. 1.9 crores at the time). Before that, it had donated about $150,000 in 2019 (about 1 crore at that time) to UNICEF’s experimental cryptofund in Bitcoin and Ether.

In the press release the UNICEF spokesman said the fund was used to make investments around the world, and the 2020 donation was used to invest to mitigate the effects of the COVID 19 crisis. Unicef reports on start-ups in countries such as India, Argentina, China and Turkey. According to the report.

One such beneficiary is the Indian startup StaTwig, which is now working on a project called a Vaccine Ledger on its website that can be used for unit-level vaccine tracking, expired detection, cold-chain monitoring and much more.