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Ethereum founder confesses how he has been affected by the crypto crash

Ethereum
TL;DR Breakdown

• Buterin Vitalik clarifies that Red Ether is not a mistake and is just going through a bad patch.
• ETH merger would put an end to harmful crypto mining.

Recently, Ethereum‘s founder, Vitalk Buterin, acknowledged that he no longer falls into the category of the most valued billionaires in the US. According to reports, the crypto programmer published a tweet where he confessed he is no longer a billionaire because the second largest market cap token lost around 50 percent in value. Buterin, who had become the main face of Ethereum, admits that the token is going through a rough patch. However, he expects that this phase will soon end.

The Ethereum cryptocurrency was launched by the Ethereum company between 2014-15. Buterin Vitalik ended up becoming a major cog in the development of Blockchain technology and an important entity in creating Ethereum.

Blockchain technology founder makes some alarming tweets

Ethereum

The Ethereum founder tweeted that mistakes are sometimes made, especially with political issues, although he applies to other categories. Buterin went ahead to clarify that Ether is not the error, referring to the troll community harassing him lately due to the cryptocurrency’s imbalance.

Recently the digital media company Insider spoke with Buterin to discuss the bearish streak that the Ether token has been faced with recently. Based on the interview, the insider also said that the fall of LUNA and the TerraUSD Stablecoin annoyed the entire community of crypto enthusiasts.

ETH has cemented its place as one of the top 2 of the most valued tokens in the market according to its capitalization, which reaches over $230B. In the last half of the year, the token has lost approximately 60 percent of its value.

Ethereum merger has a date

Ethereum
oli

Although Buterin throws out slightly negative comments on Ethereum, Blockchain, and cryptocurrencies, not all the news from the virtual space looks so discouraging. The ETH Merger date was recently announced, an event in which the advances in technology were revealed and how it is taking off from crypto mining.

In the words of the data center creator, Preston Van Loon, the event may be launched in August. However, its launch date could also be accelerated. The ETH Merger will show it is possible to mine the token with Proof-of-stake and not with proof-of-work, which has been the traditional way of mining Ethereum.

The advancement of technology will allow the energy consumption with ETH mining to drop to almost 99 percent. This way, global regulators’ criticism of crypto-mining and its excessive energy consumption would be covered efficiently.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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