Categories: Ethereum

Ethereum’s Vitalik Buterin on Controversial EIP-2025 Proposal

Click here to view original web page at ourbitcoinnews.com
Source: CEO Today

Vitalik Buterin, the 25-year-old founder and chief scientist of the revolutionary blockchain platform Ethereum spoke at ETHIndia this Friday, where he commented on the controversial EIP-2025 proposal.

EIP-2025 was proposed early last month. It suggested that Ethereum should temporarily increase its inflation rate, which means that the network should increase the block reward by 0.055 ETH. ETH is Ethereum’s cryptocurrency, currently worth $229.78. The increase would occur for 18 months to help fund Ethereum projects.

However, many of Ethereum’s core developers and community members think the proposal will be harmful to the Ethereum ecosystem in the long run. It could potentially reduce Ethereum’s appearance as a store of value. Moreover, the main issue among the community was related to governance, namely, who would be managing the rewards. This is because, according to the proposal, the extra rewards would only be available for 18 months, and would not go to the miners who are working on the blockchain but rather to a separate organisation for funding purposes.

Buterin echoed these concerns when addressing the audience at ETHIndia. He was worried about the allocation of funding from the block rewards. He was worried that it would eventually devolve into a competition over who should receive the funds. According to Buterin, the Ethereum governance mechanism is not equipped to handle potentially “controversial” decisions, especially due to its values of decentralisation. He was not optimistic about leaving it up to the Ethereum governance mechanism (who are more equipped to handle technical issues) to decide which specific people to fund. Nonetheless, he concluded by stating that he is happy that people are thinking about things for the Ethereum network that would boost innovation.

What is ETHIndia?

ETHIndia is a subsidiary of ETHGlobal, which hosts Ethereum hackathons around the globe with the aim to strengthen developer communities, help people integrate into the Ethereum community and work together to build innovative decentralised applications (dApps), while also winning crypto prizes. This year’s event occurred in Bangalore, from the 2nd-4th of August.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

40 mins ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

2 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

2 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

2 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

2 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More