The creator of Ethereum explained the process to perform the token burn; took advantage of the interview to comment on the future of his project.
Vitalik Buterin, founder of Ethereum, the largest running smart contract platform, participated in a podcast last Thursday (20). During the live, he commented on how he burned his Shiba Inu (SHIB) tokens, as well as making some comments about the future of his project.
The meme coin is one of the fastest growing digital assets in the short term, surpassing Dogecoin, the first coin of its kind to be launched. In just one year, Shiba Inu showed gains of approximately 100,000,000%.
Buterin received several tokens through community donations. As a form of thanks, he decided to burn almost the entire balance in his possession:
“Several people have shown their generosity and willingness not only to profit, but to make the world a better place.”
The Ethereum founder was keen to ratify his support for all individuals focused on making a difference.
The process of burning Shiba Inu tokens was quite simple. Buterin said he acquired a notebook to carry out the process of burning tokens, which were stored in a cold paper wallet – considered one of the safest ways to store cryptoassets, although it is not the simplest to use.
Two access keys were created: one was in his possession, while the other was sent to his family in Canada. To settle the balance, he contacted his family to obtain the other number.
Afterwards, Buterin downloaded an app to generate the necessary QR Codes, scanned them with his smartphone and inserted them into the Etherscan to start the process.
He showed optimism about the future of his creation. Buterin claims that ETH transactions will cost a maximum of $0.05. However, he believes the project will take up to two years to implement such a change.
So even though the 2.0 update will be released this year, it may be that the transaction fees won’t suddenly change.