As per the current structure of issuance, the annual supply of ETH generated is upto 18 million ETH
The reasoning behind the submission was the inability of an unlimited supply to maintain economic stability for the Ethereum Platform. He also felt that with existing miners dominating the ETH already generated, the supply would go against the promotion of an egalitarian coin distribution. He came at the number 120 million ETH becasue it is 2x the amount of ETH sold in the crowdsale in 2014.
In the event that the EIP is implemented at a time when it s not possible to cap the supply of ETH to 120 million, then the supply should be capped to 144 million. This figure was arrived at considering it to be 2 times the generated amount including both the sale and the premines.
While it is great that Vitalik is looking at capping the total supply of ETH to make it as stable as possible and increase its power as a store of value, I am skeptical of his point about an ‘egalitarian coin distribution’. I feel it warrants a greater explanation from Vitalik as to what he means by that and how he intends to achieve it. It will be interesting to see the Ethereum community’s thoughts on it for without their approval, the EIP wont be integrated.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Circle of Games (COG)—Web3's multi-gaming platform has raised a $1mn round from Nazara, with participation…
Unconference Bali 2024, Asia’s premier Web3 event, is poised to take center stage against the…
Tradeleaf, a leading FinTech company empowering global trade through digital solutions, recently celebrated a significant…
Foundership Global Accelerator, a prominent force in the Web3 & Emerging-Tech Community boasting over 10,000…
April 16, 2024 - Condo, the world's first real-world asset (RWA) meme token, was recently…
The Partisia Blockchain Foundation, at the forefront of crafting privacy-enhancing and interoperable blockchain platforms, today…