Various observers have recently seen Ethereum on the edge of the abyss. These include Jeremy Rubin, who recently published a blog post titled “The collapse of ETH [Ethereum] is inevitable”. Arthur Hayes, the CEO of Bitcoin's Bitcoin Exchange, also predicted that Ethereum would soon become the “double-digit Shitcoin” (I reported). These statements have led to an outcry of outrage in the Ethereum community.
Rubin's blog entry sees the Ethereum Course on the Ground
Jeremy Rubin is currently technical advisor to Stellar and contributor to Bitcoin Core. In his entry, Rubin stated that Ethereum's projected price collapse had three reasons. Notable is the lack of scalability, inadequate adoption, and the lack of secure rules for smart contracts. In summary, according to Rubin, it is an “economic abstraction”. This term is used variously to pay the fees (gas) of smart contracts or transactions through a native token of the contract. This token is based on the ERC-20 standard, but is not an Ethereum. In this light, Rubin argued that paying gas fees with ERC-20 tokens eliminates the ethereum coin (ether). A collapse of the course is therefore inevitable.
“Instead of paying the gas in ETH [Ethereum], we could arrange for each” to-do coin “transaction to send a small amount of” token coins “directly to the block's mineral address so to pay for the execution of the contract. The payment of gas with an asset that is not ETH [Ethereum] is sometimes called “economic abstraction” in the Ethereum community. “
Buterin's answer will not be long in coming
The news of Rubin's blog entry spread like wildfire. Vitalik Buterin, the co-founder of Ethereum, therefore took immediate position on Reddit. Astonishingly, Buterin initially agreed in part. So it was said:
“For Ethereum, as it exists today, that's absolutely right. Strictly speaking, if Ethereum did not evolve, all of the author's arguments would be correct (except for the proof-of-stake part, which does not apply to today's Ethereum). “
However, in terms of “economic abstraction”, Buterin said that the community currently has two proposals. One of these proposals is aimed at requiring Ethereum as a means of payment for gas. This would create a structure that would prevent Ethereum's course from falling. This well-balanced answer from Buterin did not fail and was supported by some members of the Ethereum community on Reddit.
For example, the Reddit user wrote “u / Alzerion”:
“Is not it better to realize that something is wrong than to indulge in the illusion that everything is fine? He [Buterin] seems humble enough to see what's wrong with his project. “
Sources: TechCrunch, Reddit, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/droht-ethereum-eth-the-kollaps-vitalik-buterin-erklaert-seine-sicht-der-dinge/
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