Cryptocurrency Eth 2 : Buterin deposited $ 1.4 million in Eth 2's deposit contract
Vitalik Buterin, inventor of Ethereum sends $ 1.4 million or 3200 ETH to the deposit contract of Eth 2. Ethereum is experiencing bullish moments after the confirmation of the launch of Ethereum 2.0 by the Ethereum Foundation on 4th November.
December 1 is set as the tentative date for the implementation of Beacon Chain. Investors have to pay 32 Ether (ETH) for participating in the launch of the deposit contract. They are required to send the funds to the address of the deposit contract.
For the deployment of Beacon Chain, there must be a total of 16,384 deposits or 5,24,288 ETH which are almost $ 200 million.
Buterin is always considered as the most important contributor. The inventor of Ethereum, Vitalik is very confident about the project. He has shown his confidence by depositing 3200 ETH for over $ 1.4 million segregated into 100 transactions, each of 32 ETH.
Still $ 2.5 million in the address from which the funds were sent and $ 1 million in the assets based on Ethereum are retained by Buterin. It is believed that the transactions made by Buterin are a part of his strategy. He wants to encourage investors to stake the required amount of ETH by building their confidence.
The funds of the investors will be locked up for two years, as a part of the deployment of the Beacon Chain. Investors are not fully sure about investing in this , some of them have expressed concern, therefore, Buterin sent a message to build their confidence.
Simultaneously, a publication exploring the advantages of the Ethereum 2.0, Proof-of-stake over consensus protocol of bitcoin, benefits of consensus protocol of Eth 2 and Proof-of-works has been made by the Ethereum’s inventor.
In order to reach a goal of 5,24,288 ETH which will be locked in for 2 years, Buterin seeks to build confidence and trust in users to launch Ethereum 2.0.
Crypto Business World
CBW - External Analyst