Vitalik proposes a new Ethereum Improvement proposal
Vitalik Buterin, co-founder of Ethereum has proposed a proposal that could work to answer one of the burgeoning questions whether a limit on the amount of creating of Ether could be set or not.
On April 1st, he presented his new Ethereum Improvement Proposal (EIP), he expressed his final thoughts on the matter. That was related to supply of ether especially for the users and developers regarding the limit of Ether, the network of cryptocurrency set out to be 120,204,432 in an upcoming software sale or its exactly double the amount of Ether tokens that was sold in 2014, in its original sale.
It has happened for the first time that Buterin has discussed the monetary policy of the platform. But due to lack of clarity, investors and critics raised their eyebrows on its potential doubting publicly as an investment opportunity.
According to the rules of Bitcoin Protocol, more than 21 million cannot be created, Ether has used a more than that in their open-ended policy. As per the original limit of issuance, 18 million ether was allowed to issue annually. Although, it has been a said a long time ago that the terms would be revised to design the protocol following a change in the milestone.
Buterin also said that if the idea is embraced, it would create the sustainability economically. By which the new Ethereum is created following a new algorithm. Ethereum soon is using the proof-of-stake algorithm instead of a proof-of-work model. Many of the discussion platforms have taken this change of news algorithm as an April fools prank. It this is sure, it will be clarifying in the near future.
Buterin see this phase as the ideal phase to provide clarification for those who operate the software necessary for transaction verification, will be given a reward in the coming days.
As per the vision of Buterin, the exact monetary policy will be decided after the issuance of 120 million ether whereas alternative limit may be high up to 140 million.
To gel up with the Buterin’s statements, developers and users need to accept the change. That is, merging the coding to the software to fulfill his idea. It may be just a start to a journey that may take months or year to complete it.
