Ethereum co-founder Vitalik Buterin has donated money for relief in the COVID-19 epidemic inside India. By a post, Buterin gave 100 ETH and 100 MKR, which amounted to around $ 606,110 (about Rs 4.5 crore).
Ethereum is an open source blockchain software that was created in 2014. It is used to create contracts on the blockchain. It has been very much discussed in recent times. The reason for the discussion was its creation and transfer of non-substituted tokens (NFTs).
These tokens are uniquely identifiable and held by an individual. Ethereum has a currency named Ether which is the second largest cryptocurrency in the world after Bitcoin.
Many relief efforts have sprung up from the area and scale Corona Varayas tragedy has brought to India. These include giving funds to provide oxygen and other emergency supplies to the affected, from personal assistance to companies. People from all over the world are coming forward to help India. At the same time, after the donation of Buterin, it can be expected that the global cryptocurrency community will also help to change the situation here.
He has posted links to EtherScan on Buterin’s Twitter account. EtherScan is an independent platform for Ethereum to share blockchain data. It has a transaction of 100 MKR (Maker) and 100 ETH (Ether). Its market value is close to $ 600,000, ie around 4.5 crore rupees. Through the tweet, Buterin has thanked Indian tech founder Sandeep Nailwal for creating the COVID-19 relief fund. He also thanked technology investor and businessman Balaji Srinivasan of Indian origin for boosting this campaign. According to the tweet by Sandeep Nailwal, he will use this fund to raise the cost of oxygen, food and possibly vaccine for poor patients.
At the same time, he also promised that whatever would be spent would be published publicly so that there would be complete transparency. However, cryptocurrency is not widely accepted, so you cannot use it as a relief fund. Yet apart from the name, they also have high market value of which Bitcoin is the biggest and famous.
Also others like Ether, Litecoin and most recently Dogecoin are in demand nowadays. At the time of writing the news, the price of Bitcoin was Rs 37,12,394 while Ethereum is currently selling for Rs 1,63,519. At the same time, the price of a Litecoin is Rs 16,829.
This means that this fund can be used to create funds that will be beneficial in times of crisis. Although Buterin has given this donation in his personal capacity, the Ethereum Foundation has made such donations many times before. Last year, this institution donated 1,125 ETH to UNICEF.
It was around $ 262,000 (about Rs 1.9 crore) at that time. Earlier in 2019, the institution also donated about $ 150,000 (close to Rs 1 crore) to UNICEF’s Experimental Crypto Fund in the form of Bitcoin and Ether. The fund was given for investment worldwide and a 2020 donation was made to invest to mitigate the effects of the COVID-19 crisis, a UNICEF spokesperson said in a statement to the media. According to the report UNICEF is doing startups in India, Argentina, China and Turkey.
One such startup is StaTwig in India which is currently working on a project. The name of this project on its website has been named Vaccine Ledger. Its task will be to trace every single unit of the vaccine. It will do many more things, from locating an expired product to cold chain monitoring.