Wanxiang’s $500,000 investment in 2015 was pivotal to Ethereum’s survival and future success.
Buterin describes ETH as a “world computer” powering decentralized applications worldwide.
Despite setbacks, Buterin is optimistic about ETH’s growth and impact on global innovation.
Vitalik Buterin, the co-founder of Ethereum, has explained China’s crucial role in the early days of the blockchain platform. During an interview on Tuesday with Wu Blockchain, Buterin shared that Wanxiang, a Chinese investment company, came to his rescue in 2015. This support provided a lifeline for Ethereum and forged a close relationship between the Ethereum network and the Chinese blockchain environment.
Wanxiang’s Crucial Investment
The foundation suffered a major blow in financial troubles in 2015 when Ethereum’s mainnet was launched to the public. The money was almost over, and the development team was at risk of losing its creation. Wanxiang stepped in at this high-stakes moment, purchasing 410,000 Ether for $1.20 per token, which totaled $500,000. It allowed the Ethereum Foundation to continue operating in a way that eventually paved the way for the future success of the Ethereum project.
Buterin highlighted that the partnership with Wanxiang was about more than just financial support for Ethereum. It was a strategic alliance that showed blockchain is a global project. He congratulated Wanxiang’s leadership for the move while explaining how the decision was in the Ethereum Foundation’s and the company’s best interest.
The interview also covered some of Buterin’s thoughts on the current Russia-Ukraine crisis. He spoke about the war’s impact on him and how it hit him hard after he voiced his support for Ukraine. Buterin said that his position may have serious implications, such as being unable to return to Russia and being prosecuted.
Ethereum as a “World Computer”
Buterin described Ethereum as something that is not limited solely to the idea of a cryptocurrency. He called it a “world computer,” which enables several applications running on the distributed network. This idea shows how Ethereum can catalyze the advancement of innovation across sectors that are not limited to financial solutions.
However, Buterin seems optimistic about Ethereum and stated that the current ecosystem is still young and ongoing. He believes the company’s biggest strength lies in its platform, which will become its key advantage as it grows in the globalized crypto landscape.
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