Vitalik Buterin, Ethereum co-founder has splashed about USD 1.05 million (400 ETH) on RAILGUN. On May 22 2022, Buterin also donated 80 ETH then valued at about USD 300,000 to the RAILGUN smart contract project. This latest transfer continues Buterin’s routine support for the smart contract system.
But why does RAILGUN enjoy constant favor from the billionaire Ethereum co-founder?
The answer seems a bit technical. It is believed by some that transactions on the blockchain are very private and difficult to trace. In reality, however, people like Buterin understand that this is not the case. Blockchain users have privacy concerns to grapple with.
In his search for a solution to this, Buterin had often sought the support of Tornado Cash, a leading crypto mixer. However, Tornado Cash has been at loggerheads with regulatory authorities in recent times.
Hence, Buterin seems to have identified another option: RAILGUN. He has commended RAILGUN because of its protection of user privacy and prevention of malicious activities. According to him:
“RAILGUN uses the privacy pools protocol which makes it much harder for bad actors to join the pool without compromising users’ privacy.”
Not A Mixer
RAILGUN is often considered a crypto mixer but those behind it say it is not. According to a post they published on Medium,
RAILGUN is not a mixer and does not add tokens from different sources together, instead making transactions fully invisible through zk-SNARKs cryptography.
Furthermore, RAILGUN ‘shields’ a user’s tokens such that so that every transaction appears on the blockchain as being sent from the RAILGUN contract address.
With relayers, the gas fees also have no connection with the user, assuring privacy. Your trustless, immutable transactions within the system are completely invisible to outside observers — not just mixed.”
Legendary Philanthropy
Ethereum’s co-founder has now become iconic for his generosity. Not long ago, he donated 200 Ethereum with an estimated value of USD 532,000 to an animal welfare charity.
In 2021, Buterin made headlines for his philanthropy when he donated SHIBA coins valued at USD 1 billion to a COVID-19 relief fund in India.
In the earlier days of the conflict in Ukraine, the Russian-born crypto billionaire contributed to aid efforts with a USD 5 million donation to two Ukrainian charities: AID For Ukraine and Unchain Fund. Each charity got USD 2.5 million.
Buterin has also given out millions (including in ETH) to lots of other causes. Notable recipients include GiveWell, a non-profit organization that aims to find giving opportunities and the Methuselah Foundation, which works to extend the human lifespan.
Another beneficiary of his largesse is the Machine Intelligence Research Institute, an organization that focuses on building safe AI technologies.
Catalyzing RAILGUN’s Popularity
Buterin’s approval and usage of RAILGUN have increased the popularity of the service. According to Dune Analytics, RAILGUN now has almost 10,000 unique users on the Ethereum blockchain. It has also processed transactions valued at USD 1.6 billion.
RAILGUN has previously been criticized for being misused by hackers.
