Buterin Explains How He Burned-Over $7 Billion in Shiba Inu (SHIB)

Ethereum Co-Founder Vitalik Buterin speaks with the UpOnly podcast. He admits to burning $7 billion in Shiba Inu tokens. Vitalik Buterin burnt a portion of his SHIB to reduce congestion on the Ethereum network.

He also detailed how he burnt the tokens and gave a part of them to the Covid Relief Fund during a two-hour conversation with Cobie and Ledger.

Buterin Destroys SHIB Worth $7 Billion

A $7 billion monetary worth is difficult to comprehend. People dream of purchasing a new home or automobile and keeping a part of the proceeds for the future if they are rewarded.

Another option is to give it or altogether abandon it.

Ethereum's Co-Founder chose the latter. He burnt part of the SHIB and gave the rest to a worthy charity.

The creator of Shiba Inu presented him with SHIB tokens. Vitalik Buterin burnt 90% of the 500 trillion SHIB coins and gave the other 10% to the India Covid Crypto Relief Fund.

At the time of the token's burning, 90 percent of the entire SHIB was worth $7 billion, with the donated fraction worth $1.2 billion.

He said that he torched the bulk of the SHIB tokens to avoid being at the epicenter of monetary power.

Vitalik Buterin also disclosed that he had to purchase a second laptop to burn the $7 billion in SHIB tokens. The burning procedure was difficult to carry out, but he did it well.

The SHIB tokens he was handed were stored in a cold-paper wallet, and he had to input two digits to initiate the transaction.

He only had one number and had to call a cousin in Canada to get another. He inserted the key and created the Ethereum transaction after it was received. This transaction was used to contribute SHIB to the India Covid Crypto Relief Fund.

Buterin created QR codes to burn the last of the SHIB tokens. On his laptop, he downloaded an application that created codes. The codes were created, scanned with his phone, transferred to his PC, and submitted into etherscan.io/oushTx.

Following that, the tokens were distributed. He torched his stake to help the Ethereum network run more smoothly.

In the previous year, SHIBA expanded by 40,000,000%. This resulted in its holders being very wealthy in a relatively short period. It seems to be doing well right now, with much more to come in the future.

The only route forward for SHIB, according to Ethereum co-founder, was rollup and sharding. Rollup is a layer two solution that is Ethereum-based.

While transactions are being performed on the main Ethereum chain, their data is recorded on layer one. This has something to do with a rollup. Sharding, on the other hand, entails horizontally scaling the database.