Ethereum Cryptocurrency Crosses One Million Supply – Proves Co-Founder’s Prediction Wrong
In a development that’s already capturing the interest of cryptocurrency followers, Etherum reported on the morning of 11th June that its total supply has crossed 100 million, a milestone that has held the crypto-world in awe.
While Bitcoin restricted its supply from crossing 21 million supplies, Ethereum, on the other hand, has developed policies that allow for free trade without maximum supply restrictions and this has been raising concerns among users and followers, with much-predicting inflation in the Ethereum community.
Two years ago, in 2016, Vitalik Buterin who is a co-founder at Ethereum had projected that the supply of Etherum would stay below 100 million, until the end of this century at least. Unfolding events are showing that he probably got his calculations wrong.
It came as a surprise to a lot of people when Buterin, perhaps not so sure about his initial predictions any longer capped the supply of Ethereum at 120 million in an Ethereum Improvement Proposal (EIP). The EIP which was proposed in April, 2018 is yet to be accepted and Ethereum supply has up till now remain uncapped.
Most Mined Cryptocurenncy
With a near steady rise of 10% per annum, Ethereum has been on a constant unprecedented rise, making it one of the most mined cryptocurrency in the industry. The steady rise in the supply of Etherum has caused some measure of concern among the participants in the community. People are already predicting a difficulty for scarcity to be created on the network, considering that new currencies are printed on an almost daily basis.
Although quite a number of possible solutions have been suggested to help curb the problem, it seems that the firm is not yet ready to adopt any as none has been implemented thus far. Buterin’s proposal has been on the table for a while and the network seems prepared to adopt it, but even if it doesn’t, then there’ll be a strong possibility that the firm will significantly drop the amount by which the supply has been increasing. It seems almost imminent that the proof of stake consensus protocol will be implemented on the network. This protocol has been predicted to be able to reduce inflation rate by nearly 8% significantly.
It is already clear however that we are already very close to the implantation of whatever solution will be adopted.
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