Vitalik Buterin, the co-founder of Ethereum, has donated around Rs. 4.7 crore worth of cryptocurrencies (as per current market price) for Covid-19 relief campaign started by Sandeep Nailwal, co-founder of Polygon (previously Matic Network). Vitalik posted the link on his social handle confirming the transfer of 100 ETH and 100 MKR to provided address.
Ether (ETH) is ranked second after Bitcoin in terms of market cap and is the go-to public blockchain for developers looking to launch their blockchain-based startup or their own cryptocurrency (tokens). For starters, Ethereum is a decentralized open-source blockchain technology that has its own digital currency called Ether (ETH) used to incentivize those running the network. Ethereum also works as a platform for various other cryptocurrencies such as UNI, AAVE, MKR, ZRX, and many more and can also be utilized for deploying NFTs (Non-fungible tokens) which are digital collectibles that can be uniquely identified and owned by individuals.
Vitalik shared the link to Etherscan, a platform to explore transactions on Ethereum blockchain, as the proof of transfer of 100 MKR and 100 ETH worth over Rs. 4.5 crores and thanked Sandeep Nailwal for organizing the campaign.
It’s a great step forward from the Ethereum co-founder itself to encourage the global cryptocurrency community to join hands and come forward and support those in need. The move will not just help those in need but also boost the cryptocurrency market worldwide. If you want to donate and make a difference, copy the address from the below tweet:
Users can track all the donations made to the India Covid-Crypto Relief fund address on Etherscan as the process is completely transparent, thanks to the blockchain technology. The funds will be used to buy oxygen, food, vaccines, and other required resources to support those in need. All the details will be published publicly and you can also track where the funds are moving by heading over to the provided link above.
The campaign is also a great step towards raising awareness among the people of India that digital currencies exist and will boost the utilization of cryptocurrencies in the country. India had banned cryptocurrencies in 2018 but in 2020, the Supreme Court had lifted the ban stating that it violated business and professional freedom under Article 19(1)(g) of the Constitution. RBI and the Indian government are currently thinking over the topic once again and it is still unknown if the country will regulate and allow buying, selling, and holding of digital currencies or ban them.
Global cryptocurrency markets are on the boom with increased use-cases and a growing user-base. The global crypto market cap crossed the $2 trillion cap recently and is currently (at the time of writing) at $1.83 trillion as the crypto market is down with bitcoin price tumbling less than $50,000 for the first time since March.