Vitalik Buterin medieval scientific theory inspired Etherum founding - How the name ethereum was born: its founder's decision to christen the world's most active blockchain as a medieval scientific theory.

Vitalik Buterin was inspired by a medieval scientific theory when he came up with the name of the ethereum network, according to Camilla Russo, a former Bloomberg journalist and founder of the DeFi (decentralized finance) news platform The Defiant.

In his 2020 book, The Infinite Machine, Russo says Buterin sought inspiration in terms of science fiction when he wrote the ethereum white paper in 2013.

Buterin was browsing Wikipedia when he came across the word "ether" and recalled this term from a science book he had read as a child.

Vitalik Buterin medieval scientific theory inspired Etherum founding

Ether is the concept, now refuted, that there is a subtle material that fills space and carries all waves of light. In the nineteenth century, scientists assumed that ether was weightless, transparent, frictionless, chemically or physically undetectable and permeated all matter and space, according to the Encyclopaedia Britannica.

"Vitalik wanted his platform to be the underlying, imperceptible medium for every application, just what medieval scientists thought was ether. Besides, it sounded good," explains Russo.

Thus, he landed with the word "ethereum" to describe the decentralized protocol.

Vitalik Buterin medieval scientific theory inspired Etherum founding

"Ether" refers to the cryptocurrency of the ethereum blockchain, a fuel that can be used for payments or to power decentralized applications built on the platform.

The aether theory was abandoned by scientists after Albert Einstein elaborated the special theory of relativity in 1905, according to the encyclopaedia Britannica. But the use cases of the ethereum protocol have only just begun, say crypto experts.

Vitalik Buterin medieval scientific theory inspired Etherum founding

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Government bills to lower consumers ' electricity bills won't go into effect until 2022

This Tuesday comes into force the new electricity bill that increases the costs of electricity to 10 million homes. The measure has generated controversy, as the Government has argued that adapts the Spanish model in the framework of the community and encourage energy saving, consumption and spending sustainable, while consumer groups criticize that penalizes the small consumer and breach of the measures of the coalition agreement between PSOE and United we Can.

Because of the criticisms raised by this measure, which states that consumers will pay more or less for electricity depending on the time to produce its consumption in 3 time slots, the Executive approved this Tuesday in the Council of Ministers 2 bills intended to reduce the electricity bill consumers through the regulation of income to electric pollutant emissions and the creation of a fund for the sustainability of the system.

In particular, it's the draft of the income limit to receive the power companies for electricity generation and the reduction of CO₂ emissions, the so-called "benefits fallen from heaven", and the bill to create the Fund for the Sustainability of the Electricity System, with which the Government plans to reduce the electricity bill to the consumer, although these measures might not be ready to enter into force until 2022, according to El confidencial.

The first project seeks to allocate part of the income they receive equal power to afford the debt of the system, premium renewable energy, transport energy to areas extrapeninsulares or support to vulnerable consumers, thus seeking to avoid the increase in the cost of emissions are transferred to the invoice of the light and removing part of the benefits to the energy, but not all, as stipulated in the coalition agreement between PSOE and United we Can.

In principle, this measure seeks to reduce the electricity bill by 5%, collect between 800 million and 1,000 million euros and cut the cost of supplying gas and hydrocarbons. However, the electricity companies could file legal appeals against this measure, given that their announcement has caused falls in the stock market given that the Government expects Iberdrola or Endesa to be harmed by this new law by receiving over-payments of around 400 million euros, according to the digital newspaper.

Despite these potential litigation on the part of companies, a judgment of the Court of Justice of the European Union has already endorsed in 2013 a cut similar benefits that are conducted between 2007 and 2009, although the Executive has chosen not to get rid of them all to make it easier for the energy to accept the new law, whose conditions have not materialized to negotiate them with the companies, in a process that could include the rolling closure of nuclear power plants, according to The Confidential.

In addition to negotiating with the energy sector, the Government will add parliamentary support for the implementation of this law, which could delay its approval until 2022. Meanwhile, the implementation of the Fund for the Sustainability of the Electricity System, designed to pay for renewable premiums, could also be delayed to 2022, given the criticism of Repsol and Naturgy, who criticize that it will move costs from the electricity bill to that of gas or fuel prices.