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Cryptocurrency News Articles
Vitalik Buterin's Turning Point: From Ethereum Co-Founder to Privacy Advocate
Aug 21, 2024 at 05:46 pm
Just a few days ago, Vitalik transferred 400 Ether (ETH) – approximately one million dollars – to the Railgun protocol. This is not the first time
Almost his entire fortune is on-chain for everyone to see, and his transactions often reflect what he is passionate about.
It must be quite uncomfortable to be Vitalik Buterin, the famous co-founder of Ethereum, who is both a driving force and the mascot of the second-largest cryptocurrency. Buterin is incredibly wealthy and famous – but the entire world can look into his wallet.
Spot onchain displays eight of Buterin’s wallets, which together contain a total of $746 million, the vast majority of which is in Ether ($729 million), followed by USDC ($16 million). Surely, he has other wallets, but it is equally certain that these public wallets hold a large portion of his wealth, if not the largest. Every move he makes is closely watched by speculators hoping for a quick profit and journalists looking for gossip.
We can see what Buterin does with his wealth – and we can track on-chain what he is engaged in. Rarely do transactions and idealism go hand in hand like this; Buterin’s wallet is not just a financial account – it is a book, a manifesto.
Buterin’s Turning Point
Just a few days ago, Buterin transferred 400 Ether (ETH) – approximately one million dollars – to the Railgun protocol. This is not the first time, as he sent a similar amount to Railgun nearly a year ago.
Screenshot from Spot onchain.
Railgun is a privacy protocol on Ethereum, a smart contract that helps users anonymize their tokens, similar to the now-sanctioned mixer Tornado Cash. Users burn tokens and mint new ones, proving through a Zero-Knowledge Proof that they have burned tokens without revealing which ones. There are differences from Tornado Cash, but the basic concept is the same, and the details are not the focus here.
Buterin has long advocated for more privacy on a blockchain. He of all people knows what it means to have a transparent wallet and the whole world watching where he sends his funds.
In a long, autobiographical blog post, he talks about the „end of my childhood.“ February 23, 2022, was a key date. „I still remember being filled with dread as I watched the TV in my hotel room in Denver at 7:20 AM local time.“ Russia crossed the border with tanks and sent bombers to Kyiv. The start of state-organized Russian mass murder on foreign soil marked a turning point not only for Chancellor Scholz but also for Buterin.
The next morning, he learned that the Ukrainian government was seeking crypto donations on Twitter. He first thought it must be a scam, possibly by the Russians, but quickly found out it was real and posted it on Twitter. What happened next would change everything: „An hour later, a relative sent me a message that for my own safety, I should no longer travel to Russia.“
Buterin experienced firsthand how uncomfortable financial transparency can be. He began using anonymization protocols to donate anonymously, first Tornado Cash, then Railgun. Privacy is, he emphasizes, „normal,“ meaning it should be the standard, not the exception. He started focusing more on technologies that make Ethereum more private, such as Stealth Addresses, and brought prominence to them through the weight of his name.
A Second Vision for Crypto
But the turning point for the Ethereum co-founder doesn’t stop there. He also realized that his previously neutral, morally detached actions, which were solely focused on crypto, had a cost.
„Most of my decisions in Ethereum involved responding to the pressure and wishes of other people. When I met Vladimir Putin in 2017, I did not contribute to arranging the meeting; someone else suggested it and I said ‚ok‘.“ Ok because it was good for Ethereum, even if one is critical of Putin; ok because Ethereum was more likely to change Putin than the other way around. Now, five years later, „I finally realized that (i) I had made myself an accomplice in legitimizing a genocidal dictatorship, and (ii) I no longer had the luxury of leaning back in the crypto space and letting mystical ‚other people‘ run the show.“
Instead of being a mascot of his own creation, Buterin seeks and formulates „a second vision for how the crypto space can evolve to better meet the needs and demands of the 21st century.“ He no longer wants to be driven around by others in the success of his creation but rather to shape it himself; no compromises with what helps success in the market, but back to the roots, to the ideals.
Blockchains are supposed to protect people’s freedom. They should grant autonomy and privacy, resolve the unholy dichotomy of „anonymous and not trustworthy“ or „fully verified,“ create financial independence, and so forth. Blockchains should live up to these ideals; they should promote the utopia of a better world instead of risking the descent into a dystopia.
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