He is one of the co-founders of Bitcoin magazine and most importantly the Ethereum blockchain network. A 25-year-old Russian Canadian prodigy displaying a love for math from early childhood started his career in blockchain by writing articles for 3.5 USD. Today he has an estimated net worth of between 100 million USD and 200 million USD. A large portion of this wealth came as a result of his work on Ethereum, the blockchain smart contract second generation coin. With the first-generation coins working by transferring value over the network, second-generation focusing on transferring value after a task was completed.
For example, if you let me use the processing power of both you and a few of your friend’s laptops whilst you sleep to solve a mathematical problem, I will compensate you once I complete the problems by the morning. Other examples include the use of spare hard drive space or simply payment for your online attention. The possibilities are endless with these capabilities and these smart contracts will be the basis of much of our economic transactions in the future. However, there are bottlenecks in the system with Ethereum still only managing a few transactions a second with competitors like Neo and Cardano offering technically better solutions with higher transactions per second rates (in the 1000s). The competition remains stiff from the East with Neo’s founder Da Hongfei as well Cardano’s Charles Hoskinson ex Etherum CEO himself. Though Valik’s Ethereum remains the largest smart contract by market capitalization and size of the development community, it’s still a bit on the back foot with the virtual machine capabilities being Quasi turning.
To metaphorically simplify, we are working at dial-up speeds presently but in a few years, we will be up to fiber line speeds! This is seen through advocating and development of various Ethereum upgrades which include the Casper and Sharding protocol technology. With positions held in Forbes’s 40 under 40 and 30 under 30 as well an honorary doctorate from the University of Basel, it is uncertain to ascertain where Valik will be in a few years – but we do know he has a lot to do and both the will and capabilities to get it done.