Ehtereum co-founder Vitalik Buterin has published evidence of the transfer of 100 ETH and 100 MKR worth approximately $ 606,110 (approximately Rs. 4.5 crores) for use in the relief of COVID-19 in India. Ethereum, the open source software for blockchain, founded in 2014, is used to build blockchain contracts and has recently been in the news due to its use in the creation and transfer of irreplaceable tokens (NFT) – digital collectibles that can be uniquely identified and held by individuals. Ethereum has a currency called Ether, which is the second largest cryptocurrency in the world after Bitcoin.
Given the scale and scale of the tragedy that the coronavirus is causing in India, many relief actions have been launched, ranging from people devoting their time and helps people coordinate and find resources, to companies donating money for oxygen and other emergency deliveries. People around the world are also coming to support India, and Buterin’s donation should help encourage the global cryptocurrency community to change here.
In his Twitter account, the founder of the technology published a pair of connections to EtherScan, an independent blockchain data sharing platform built for Ethereum that shows a transaction of 100 MKR (Manufacturer) and 100 ETH (Ether), that have a combined market value from over $ 600,000 or over Rs. 4.5 crores.
On Twitter, Buterin thanked Indian technology founder Sandeep Nailwal for organizing the COVID-19 support fund, and also thanked Indian investor and entrepreneur Balaji Srinivasan for boosting the campaign signal.
I can no longer sit, I will run a campaign to help Covid instead of what is happening in India.
You need help from the global crypto community.
I take full responsibility for transparency, the use of funds and compliance with regulatory requirements
If you want to donate .. 1 / n
– Sandeep – Polygon (formerly Matic Network) (@sandeepnailwal) April 24, 2021
According to Nailwal’s tweets, he plans to use the funds to provide oxygen, food and possibly even cover the cost of vaccines for poor people, and has promised that all costs will be made public for full transparency.
Although you cannot use cryptocurrencies like this to directly fund relief efforts, as they are not widely accepted as a currency, despite the name, there is a high market value around these symbols; Bitcoin is the largest and most famous, but many others, including Ether, Litecoin and more recently, Dogecoin, have become much sought after. At the time of writing, Bitcoin price is of Rs. 37,12,394, while Ethereum currently sells for Rs. 1,63,519, and Litecoin will cost you Rs. 16,829 to purchase one unit. This means that the fund can be used to generate a lot of money, which in turn can be spent on this crisis.
Although Buterin appears to have made this donation in a personal capacity, the Ethereum Foundation has also made significant donations in the past. Last year the foundation it was reportedly donated 1125 ETH for UNICEF, which at the time was worth $ 262,000 (approximately Rs. 1.9 crores at the time). Before that, in 2019, the foundation donated approximately $ 150,000 (approximately Rs. 1 crore at the time) in bitcoin and ether for UNICEF’s experimental cryptocurrency fund.
The fund has been used for investments around the world, and the 2020 donation has been used for investments to mitigate the effects of the COVID-19 crisis, a UNICEF spokesman said in a press release. According to the UNICEF report in start-ups in countries including India, Argentina, China and Turkey.
One such recipient is the Indian startup StaTwig, which is currently working on a project described in it website such as a vaccine book that can be used to track a unit level of vaccine, detect expired products, monitor the cold chain, and more.