We have been living in the world of cryptocurrencies for a while now, and ever since it was first popularised, it has successfully established a name for itself in the international market and recently experienced a surge in growth and popularity. It has become quite popular due to its virtual benefits and future insights.
Bitcoin was the first cryptocurrency, and it was quite the market leader, but it now has a competitor, Ethereum. Vitalik Buterin created Ethereum, the world’s second-largest cryptocurrency at just 19 years old.
Vitalik Buterin, the genius behind this is being called “The philosopher king” because of his work in Blockchain and Ethereum. He is also well known for having a 257 IQ score.
Nine years ago, Vitalik dreamed of a platform that would make use of the blockchain technology that underpins Bitcoin for a variety of non-cash applications. To realize this dream, he founded Ethereum, which supporters claim will be the foundation of a new, open-source, decentralized internet.
Now his estimated net worth is $400–500 million, and he was listed as the 17th richest person in the cryptocurrency world on the Forbes list. Buterin had a natural aptitude for math and programming, so in 2013 he decided to drop out of school and concentrate on cryptocurrencies.
Today, Vitalik Buterin is not only one of the wealthiest people in the digital currency community, but also one of our generation’s most influential thinkers. Here’s how Vitalik Buterin got to the top.
Vitalik Buterin was born on January 31, 1994, in Kolomna, Russia, to computer Buterin scientist Dmitry Buterin and Natalia Ameline. He lived there until the age of six when his parents moved to Canada. Vitalik had already shown a remarkable grasp of complex concepts by the age of seven.
Vitalik once created a complex document about bunnies that an average child couldn’t even comprehend. Vitalik’s father claims that this document, which was known as the Encyclopedia of Bunnies, contained intricate math, graphs, and calculations.
He was placed in a gifted program when he was in the third grade at a Canadian primary school. While in the program, Vitalik quickly realized that his unique skills and talents made him stand out among his peers and even his teachers.
He was predisposed to math and programming from birth, had an early and strong interest in economics, and could mentally add three-digit numbers twice as fast as the average person his age.
Vitalik worked as a research assistant for cryptographer Ian Goldberg, who invented off-the-record messaging, at Waterloo. Vitalik’s father, an IT expert introduced him to the idea of Cryptocurrencies. Vitalik initially thought of it as a lame concept but on he began thinking about it. He researched the topic and found it very intriguing.
Soon after, Vitalik met someone willing to pay him in bitcoin for writing blog posts for a publication called Bitcoin Weekly. When Vitalik accepted the offer, he was paid five bitcoins (about $3.50 at the time) for each article.
Vitalik started to become well-known when Bitcoin Weekly quickly gained a lot of community support. Mihai Alisie, a Romanian Bitcoin enthusiast, was drawn to his writing and struck up a conversation with him.
After Bitcoin Weekly was forced to close due to a lack of funds, Vitalik decided to launch his own Bitcoin publication. After discussing this concept with Alisie, they both decided to co-found Bitcoin Magazine.
Vitalik had to manage to work as Goldberg’s research assistant and enroll in classes at the University of Waterloo while carrying out all of these tasks. He was writing, traveling, and working on crypto for more than 30 hours a day, so he decided to drop out of university.
He traveled the world looking at various crypto projects and eventually concluded that they were too focused on specific applications and not broad enough.
THE BEGINNING OF ETHEREUM
Vitalik is known to have spent about six months traveling the globe in 2013 to speak with various Bitcoin developers. This experience helped Vitalik realize that by simply iterating on the Bitcoin blockchain, he could create a new and potentially better version of the cryptocurrency using smart contracts.
Vitalik first introduced the concept of Ethereum in a white paper in November 2013. Buterin had argued that a scripting language was required for application development in bitcoin. But when that didn’t work, he suggested creating a new platform with a broader scripting language.
In the latter part of 2013 and the beginning of 2014, the Ethereum white paper was made public, and interest in the new protocol increased. Vitalik put together his team over the following month, and they started working assiduously on the Ethereum chain.
They rented a home in Miami, bought plane tickets, and packed their laptop computers. It was time to start building. The core team included Anthony Di Lorio, a Toronto-based Bitcoin community organizer; Mihai Alisie from Bitcoin Magazine; Amir Chetrit, with whom he had worked on a Bitcoin project in Israel; and Charles Hoskinson, an American mathematician.
On January 26, in Miami, Vitalik made a more formal announcement about Ethereum. In a 25-minute speech, Vitalik described the general-purpose global computer running on a decentralized permissionless network. He concluded by outlining some possible applications for Ethereum, such as crop insurance, decentralized exchanges, and DAOs.
According to Vitalik, the nerf to his World of Warcraft character, specifically patch 3.1.0, is what inspired him to develop decentralized money. In an interview, he stated that he used to enjoy playing ‘World of Warcraft’ from 2007 to 2010 until Blizzard removed the damage component from his beloved warlock’s Siphon Life spell. He decided to leave the day he realized what horrors centralized services could bring. He had planned to sleep that day.
Ethereum is the world’s second-largest cryptocurrency, which led to Vitalik being named one of Time magazine’s 100 most influential people in 2021. When it comes to Ethereum, or Ether as it is more commonly known, it is nothing more than a decentralized open-source blockchain system known for its native utility token ETH.
Ethereum aspires to be a global platform for decentralized applications (DApps), allowing users worldwide to create and run software that is resistant to fraud, censorship, and downtime. In a similar vein, Ethereum has been extremely successful in developing the idea of a platform for blockchain smart contracts.
If you’re unaware, smart contracts are simply computer programs that, according to their proponents, will automatically carry out the necessary steps to fulfill an agreement reached between various parties online.
They were also intended to decrease the need for trusted intermediaries in general among contractors, which would lower transaction costs and improve transaction reliability. With the help of its ERC-20 compatibility standards, Ethereum’s blockchain can also host other cryptocurrencies known as “tokens” in addition to smart contracts.
The decision of whether to establish Ethereum as a non-profit or for-profit business was one of the most significant conflicts it faced in its early years. This question effectively split the co-founders’ team in half.
Most of them, particularly Anthony Di Lorio, had put a significant amount of their own money toward team expenses. Their investments would essentially become a charity if Ethereum were made non-profit.
Vitalik’s faction eventually prevailed because he always knew he wanted Ethereum to be a non-profit. It was not free, though. The team had no other option but to sell Ether for Bitcoin to raise funds.
Even so, Ethereum’s and the Ethereum Foundation’s beginnings were not the most favorable. For starters, after Bitcoin’s rise, its price fell, costing the foundation millions of dollars. However, the chain and the foundation made it through those challenging early months to emerge as the first successful chain unrelated to Bitcoin.
After Bitcoin, Ethereum is now the second largest chain. And Vitalik Buterin is still in charge. Although Ethereum has changed significantly, its creator has remained constant.
There is no denying Ethereum’s influence on the current crypto ecosystem. It has grown far larger than most people anticipated. It is still expanding today. And none of it would have been possible if Vitalik Buterin, a quiet teenager, hadn’t dropped out of school to pursue his dream.
There is no doubt that Vitalik is a genius. But is success solely determined by his IQ? No, I don’t believe so. He learned about cryptocurrencies and didn’t like them, but he still looked into them and discovered their potential. He used his skills to create a one-of-a-kind platform that not only made him famous but also benefited its audience.
You can draw your own conclusions from his life, but what I discovered was that we should not simply reject something if we do not understand it. Who knows, that concept might be the future. We tend to reject things we don’t understand, but every revolution began as an absurd idea that no one understood.
So, give the new things a try and think about them for a while. Who knows, you might come up with something better, just like Vitalik.
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