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Wed 29 May 2024 4 min of reading by Evans S.

Vitalik Buterin, co-founder of Ethereum crypto, has never been afraid to challenge conventions. Recently, he targeted the traditional definition of inflation, asserting that the crypto community has the right to redefine the term according to its own criteria. For Buterin, inflation should no longer be limited to a simple price increase but should encompass the increase in the money supply. This bold statement highlights the tensions between traditional economic definitions and modern perceptions in the crypto universe.

Vitalik Buterins remarks are a direct response to a post published by Axios on X, which argued that the word inflation now meant high prices rather than an increase in the money supply. Buterin, never short of sharp retorts, claimed that the crypto community had already claimed the right to massacre the term inflation, thus redefining its meaning.

According to him, inflation should be understood as the increase in the total money supply. This perspective clashes with traditional definitions, where inflation is often seen as a general rise in prices of goods and services. For Buterin and a part of the crypto community, this new definition is crucial for understanding and mastering modern economic dynamics.

Buterin is not alone in this semantic crusade. Many users of Farcaster, including former Coinbase employees like Binji.eth, have supported his position. This solidarity shows that the redefinition of inflation is not just a personal whim of Buterin, but a broader movement within the crypto community.

This bold redefinition of inflation by Vitalik Buterin has significant repercussions on the crypto community. By redefining inflation as an increase in the money supply, Buterin and his supporters aim to tackle misinformation and clarify fundamental economic concepts for new crypto investors.

Traditionally, inflation is perceived as a threat to purchasing power, reducing the value of money over time. However, in the world of cryptocurrencies, where supply and demand dynamics can be radically different, this new definition may offer a more accurate and relevant perspective.

Buterins critiques didnt stop at Axios. He also emphasized the importance of financial education, urging media and influencers to better inform the public rather than perpetuate false ideas. This approach reflects Buterins belief that knowledge and understanding are essential to navigating the complex world of cryptocurrencies.

Buterins vision is not limited to the redefinition of economic terms. He also advocates for greater transparency and better governance within the crypto community. Recently, he addressed Farcaster to propose solutions to recurring industry issues, such as miner extractable value (MEV) and challenges related to privacy preservation.

Buterin also stressed the importance of technological innovation, particularly concerning social media and zero-knowledge proof (ZK) technologies. For him, these advances are crucial to maintaining the integrity and security of decentralized networks.

However, not everything is rosy in the world of crypto. The decision by some researchers from the Ethereum Foundation to join EigenLayer in exchange for substantial compensation in EIGEN tokens has sparked a heated debate. While some community members have welcomed the transparency of the disclosures, others have criticized this decision, fearing that a huge compensation could inappropriately influence decision-making.

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Fascin par le bitcoin depuis 2017, Evariste n'a cess de se documenter sur le sujet. Si son premier intrt s'est port sur le trading, il essaie dsormais activement dapprhender toutes les avances centres sur les cryptomonnaies. En tant que rdacteur, il aspire fournir en permanence un travail de haute qualit qui reflte l'tat du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Crypto: Vitalik accuses economists of distorting inflation - Cointribune EN

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NEW YORK and LONDON and SINGAPORE, May 27, 2024 /PRNewswire/ -- Taiko, a based rollup protocol designed to scale Ethereum natively, is now live on mainnet. This milestone was marked by Ethereum co-founder Vitalik Buterin proposing the first block, embedded with the names of all Taiko core contributors.

Quote from Ethereum's co-founder Vitalik Buterin:

Vitalik expressed his excitement and anticipation for Taiko's mainnet launch with this quote:

"I'm excited to see that Taiko is launching as a based rollup. Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction."

Taiko's launch on the Ethereum mainnet signifies a significant advancement in blockchain scalability. By leveraging the based rollup design, Ethereum block validators sequence transactions and blocks for Taiko, ensuring robust security and liveness guarantees from the base layer.

Quote from Ethereum Foundation's researcher Justin Drake:

Justin also praised Taiko's mainnet launch, highlighting its innovative solution to the centralized sequencing problem. He said:

"Taiko is based. It is making a leap forward in the decentralization, credible neutrality, and composability of rollups. The L2 is trailblazing based sequencing, a form of decentralized sequencing where L1 proposers are enrolled for L2 transaction ordering.

Based sequencing is IMO the ultimate form of decentralized sequencing. By reusing the Ethereum base layer, based sequencing is the simplest to deploy and the simplest to reason about.

Based sequencing also means credibly neutral shared sequencing. This is key to synchronous composability across rollups and ultimately key to fixing Ethereum fragmentation."

Quote from Taiko Labs' co-founder Daniel Wang:

After years of development, Daniel Wang shares what the launch of the network means to him, saying:

"We're thrilled to bring Taiko to the Ethereum mainnet. After more than two years of extensive development and testing, we are confident that Taiko offers a different rollup design, a securer and more efficient [Ethereum] scaling solution."

Trailblazers

To celebrate this momentous launch, and to thank the growing community of over 1 million users, participants will be rewarded for their engagement within the Taiko network and ecosystem. This campaign is aptly named Trailblazers and will distribute 100M TKO tokens (10% of the total supply). The campaign will be divided into seasons continually allowing newcomers and long-term supporters alike to get a slice of the large token allocation. More details on the campaign will be released in the coming days.

Path to Decentralization

Since its inception in 2022, Taiko has secured $37M in funding and developed theBased Contestable Rollup (BCR), which minimizes costs, strengthens decentralization and enhances security through a multi-proof system.

Taiko's development journey included seven testnets, each offering permissionless interaction. Initially, Taiko will act as the sole block proposer and prover for the first two weeks post-launch to ensure network stability. This phased approach prioritizes security and a smooth user experience.

After the network stabilizes, both proposing and proving blocks will become permissionless. Node running, an activity as important as proposing and proving, is already accessible to everyone.

"At this point, security and a smooth rollout is our top priority," Daniel Wang emphasized. "By stabilizing the network first, we ensure a reliable foundation before opening it up to broader participation."

The Taiko token (TKO) is needed for block proving as bonds, which means the token contract was deployed with the mainnet launch, however, the token will not begin to circulate outside the core nodes until the network has been deemed stable, which is estimated within a couple of weeks.

Taiko will be in the "training wheel mode" for a couple of years. Over this period, transferring ownership to a DAO and revoking all privileges from Taiko Labs and the core developers will be our primary goal.

SOURCE Taiko

Read the rest here:

Taiko Launches First Based Rollup on Ethereum with Vitalik Proposing Inaugural Block - PR Newswire

Vitalik Buterin supports the right of the crypto community to redefine the concept of inflation.

The co-fondatore di Ethereum afferma che la comunit crypto dovrebbe definire linflazione come laumento dellofferta di valuta, sfidando cos le tradizionali definizioni economiche e contrastando la disinformazione.

Lets see all the details below.

As anticipated, Vitalik Buterin, co-founder of Ethereum, stated that the crypto community has already claimed the right to slaughter the term inflation.

Buterins comments came in response to a post on X by the digital media company Axios, which claimed that the word inflation now means high prices rather than the increase in costs.

Despite the ironic nature of Axioss post, as suggested by the X community notes (CN), CN has clarified that the definition of inflation is not changing.

In his post on Farcaster, Buterin discussed Axioss definition of inflation, insisting that the crypto community has already redefined the term.

[] We have already decided that now it only means the increase of the total supply of a currency.

The confutation of Buterin to the Axios post received support from other Farcaster users, including the former Coinbase employee Binji.eth.

Traditionally, inflation refers to the increase in the general level of prices of goods and services, which reduces purchasing power because money is worth less.

However, the semantic change in the cultural redefinition of inflation, as described by Buterin, suggests that the ongoing global inflation stems from the fact that the total supply is essentially unlimited.

Buterin has recently turned to Farcaster on several occasions, promoting soluzioni e iniziative focused on the community that prioritize privacy protection and the resolution of exploitations.

From the proposal of remedies for the problem of miner extracted value (MEV) on Ethereum to the promotion of social media based on zero-knowledge (ZK) technology, Buterins involvement in the decentralized community has been constant.

However, it has not yet addressed the growing concerns of the community regarding the entry of Ethereum Foundation researchers, Dankrad Feist and Justin Drake, into the ranks of EigenLayer.

The decision to become consultants for EigenLayer in exchange for a substantial compensation in EIGEN tokens has sparked a heated debate in the crypto community.

Some members praised the transparency of the revelations, while others criticized the decision, suggesting that the enormous compensation might have influenced the decision-making process.

Vitalik Buterin has recently expressed his condolences for the passing of the legendary Shiba Inu dog, Kabosu. In this way, he has once again demonstrated his support and respect for the Dogecoin community.

Vitalik Buterin tweeted Rest in peace Kabochan in response to the tweet from Kabosus owner, Atsuko Sato (@kabosumama), about the death of the Shiba Inu dog at the age of 19.

In 2010, Kabosu became famous thanks to his viral photos on the Internet. In 2013, inspired by this Doge meme, Billy Markus and Jackson Palmer created the first criptovaluta meme, Dogecoin (DOGE).

Kabosu has become the mascot of DOGE and has gained further popularity with the expansion of the Dogecoin community.

Upon the death of Kabosu, many prominent figures in the crypto community, including Elon Musk, the official Dogecoin account, and DOGE founder Markus, paid tribute to Kabosu, sharing the grief of the Dogecoin community.

Musk tweeted that the dog had ascended to heaven and the creator of DOGE posted a meme with Kabosu talking to Death, in which the latter says to the dog:

They told me that you were the best.

This is not the first time that Buterin shows respect for the DOGE community. Previously, the founder of Ethereum made several large donations to the Dogecoin Foundation.

In 2021, Buterin became a member of this organization with the intent to propose various improvements for DOGE, including the transition of DOGE from the proof-of-work algorithm to the proof-of-stake algorithm.

Continue reading here:

Vitalik Buterin: redefining inflation in the crypto sphere - The Cryptonomist

Layer-2 (L2) project Taiko has officially deployed its protocol on the Ethereum (ETH) mainnet, marking a significant milestone after two years of work.

The Taiko protocol uses Based Contestable Rollup (BCR) architecture. It promises to enhance Ethereums scalability and security while maintaining a decentralized structure.

Ethereum co-founder Vitalik Buterin proposed the inaugural block, highlighting the significance of this launch. He expressed his excitement about Taikos unique approach, which integrates various proof systems to bolster the networks robustness.

Im excited to see that Taiko is launching as a based rollup. Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction, Buterin stated in the blocks metadata.

Read more: A Beginners Guide to Layer-2 Scaling Solutions

Taikos launch introduces several opportunities for users and developers to interact with the new network. Regular users can bridge ETH to Taiko using the official bridge and explore decentralized applications (dApps) for activities like swapping, borrowing, and staking. Although there are quota controls for bridging back to Ethereum, these limits will be gradually lifted.

Furthermore, developers can engage by running nodes, proposing, and proving blockswhich are essential for maintaining the networks security and functionality. The Taiko team will initially manage these processes to ensure stability but will soon open them to the broader community. Additionally, developers can build and deploy smart contracts on Taiko, which are supported by comprehensive documentation.

The team also plans to launch a DAO and transfer protocol control to token holders later in the year. TKO, Taikos native token, will launch a few weeks after the mainnet deployment. Taiko will hold an airdrop to distribute the token.

Some user categories eligible for the airdrop include proposer, prover, developer, and bridger. GitHub and Loopring community members who meet the conditions can also check their eligibility for the airdrop.

Taiko is a completely open-source, permissionless ZK-Rollup equivalent to Ethereum. Its goal is to offer an experience similar to Ethereum without the involvement of centralized parties, functioning entirely through community-driven mechanisms.

Read more: Layer-2 Crypto Projects for 2024: The Top Picks

This technological accomplishment and user-focused approach have garnered significant financial backing. In early March, Taiko announced the completion of commitments for a Series A funding round worth US$15 million.

Lightspeed Faction, Hashed, Generative Ventures, and Token Bay Capital led the round. This most recent round brings Taikos total raised capital to US$37 million across three rounds.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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L2 Taiko Goes Live on Ethereum Mainnet - BeInCrypto

Today, Ethereum founder Vitalik Buterin released an analysis of Layer 2s (L2s) and base layer execution sharding in scaling Ethereum, highlighting the key similarities and differences in these approaches.

In his new post, Buterin explored the parallels between L2s and sharding, noting how these approaches similarly aim to handle a large volume of transactions efficiently.

He emphasized that the endgame for both these methods is relying on ZK-SNARKs for computation verification and Data Availability Sampling (DAS) for data verification. Despite these similarities, he went on to explain how there are distinct differences that persist.

Buterin wrapped up by reiterating that while L2s and sharding have their idiosyncracies and are often seen as distinct scaling strategies, they are fundamentally similar in their general technical approaches.

The main difference, he noted, lies in who builds and maintains these components and the level of autonomy they possess. He concluded by emphasizing the need for addressing the coordination challenges of an L2-centric approach to fully realize its potential.

Some people in the Ethereum community still long for the original sharding vision, though as Vitalik's new post demonstrates, Ethereum has taken an approach via L2s that, in effect, is shardingit's just arrived along a different path than was initially planned. While pure sharding has its pros, the flexibility possible with rollups is a big leg up and highlights how Ethereum is now well-suited for development efforts of all stripes.

Originally posted here:

Vitalik Compares the L2 and Ethereum Sharding Visions - Bankless