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Vitalik Buterin Gives Away 3,000 ETH to Three Startups

cryptovest.com 19 December 2018 15:03, UTC
Reading time: ~2 m

Although there has been a lot of excitement surrounding Ethereum 2.0 and its eventual launch, the development of supporting applications for the platform has been moving slowly. In a Twitter thread addressing this issue, Vitalik Buterin, Ethereum’s creator, noticed some of the developers citing a lack of funding as the primary motive for the stunted progress.

His response was immediately to give 1,000 ETH (about $100,000) to Prysmatic Labs, a startup working on the scalability aspect of Ethereum 2.0.


Prysmatic Labs is a group of blockchain developers who got together to tackle the challenge of scaling the network. According to the team’s Medium blog, it chose to embrace the idea of sharding to scale the network.

This particular approach would split the Ethereum network into multiple components that communicate and collaborate as opposed to having the monolithic structure of full nodes. It has the advantage of being more responsive to transactions added to the ledger, but it also requires an overhaul of the current protocol topology that the Ethereum network uses.

After Prysmatic Labs got its donation, two more startups—Lighthouse and ChainSafe, both of which develop unique clients for Ethereum 2.0—asked for donations in the same thread. The former wanted more developers while the latter wanted peace of mind to dedicate more time to the project.

Daniel Goldman, the CTO of Abacus Technologies, jokingly posted his Ethereum wallet address and motivating his need for donation by saying, “I, uh, also get distracted sometimes?”

Immediately after that, Buterin sent him 100 TPT (Teleport Token).

“No idea what TPT is, just some random coin I got airdropped for some reason. So you can keep it,” he said.

The response itself could have been in jest, considering the fact that TPT isn’t worth a single penny.

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