Bitcoin Core developer and technical consultant Stellar Jeremy Rubin have published an article that questioned the future of Ethereum as cryptocurrency because of the so-called “economic abstraction” in the network. Ethereum Creator Vitalik Buterin not remained aloof from this Declaration and brought his arguments to refute the thesis of ruby.
The term “economic abstraction” describes the payment of a fee (gas) for the execution of smart contracts or transactions with tokens of the standard ERC-20 or asset that is not associated with cryptocurrency Ethereum.
Jeremy Rubin said that if all the owners of smart contracts could pay for gas in their native treaties tokens, this would lead to an overabundance of Ethereum cryptocurrency on the market and, consequently, to its price collapse.
In response, the acne Buterin noted that would agree with these forecasts, if the Ethereum team worked on improvements to keep the cryptocurrency.
To solve the problem, the Creator of Ethereum proposed two options: modification of the market remuneration and a fee for the storage of data in the network. The first option involves the collection of the initiators of the blocks of minimum fees in Ethereum for targeting.
The second method proposed Butterini, includes payment in Ethereum for each byte of data is to avoid “sleep mode” block. In both mechanisms is expected to further burning of the assets.
Acne Buterin said that in any case economic abstraction can only be realized at the user level, and manufacturers of the units would still have some way to interact with Ethereum.
“You can also use interim solutions where third-party participants using the “wrapping transaction” would charge users a fee for transactions in other tokens, and then to settle with producers of blocks using Ethereum”, — he added.
Buterin also stressed that the implementation of consensus algorithm Proof-of-Stake will allow the cryptocurrency Ethereum to strengthen its position in the market.
ForkLog previously reported that the Ethereum developers have agreed to reduce the award to the miners up to 2 ETH.
We will remind, in August the acne Buterin made a proposal to change the system of commissions for transactions in the public block chain from auction to fixed.