"V God" is gone, the circulating supply of Ethereum has exceeded the 100 million milestone

Odaily资深作者

2018-06-12 00:25 (UTC+8)

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Ethereum co-founder "V God" Vitalik Buterin once predicted that the total future supply of Ethereum will not exceed 100 million, and he believes that reaching this figure will take at least the next century. But obviously, "God V" is

AI Summary

Today, Ethereum has created a new milestone - the circulating supply has surpassed the 100 million mark, which means that there are more than 100 million ETH circulating in the market.

Unlike Bitcoin's 21 million supply cap, Ethereum has chosen not to cap the total cryptocurrency supply, which has also raised concerns about Ethereum's inflation. As early as 2016, Vitalik Buterin, the co-founder of Ethereum, predicted that the total supply of Ethereum would not exceed 100 million in the future, and he believed that reaching this figure would take at least the next century. But obviously, "God V" is out of touch this time.

In April, Vitalik Buterin proposed an Ethereum Improvement Proposal (EIP), which aims to limit the total supply of ether to 120 million. "V God" stated in the proposal:

"In order to ensure the economic sustainability of the platform in the widest possible range of circumstances, and given that issuing new ether to miners with proof of work is no longer an effective incentive policy to promote egalitarian coin distribution, or any other significant event, I recommend that the Ethereum community agree to a hard limit on the total amount of ETH. I propose a maximum supply of ETH of 120 million, or to be exact two times the amount of ETH sold in the original sale of ETH. times."

But so far, this ethereum improvement proposal has not been accepted, which means that the cryptocurrency supply of the ethereum network remains unlimited.

The total supply of Ether is constantly increasing every year, with a growth rate of approximately 10%. Ethereum's genesis block (i.e. the first block of the blockchain) was launched in 2015, and 72 million ether coins were minted - meaning that in the nearly three years since the network's public launch, there have been more 28 million ether coins were mined.

In fact, the increase in ether supply has been worrying the ethereum community. After all, everything works on the same economic principle that, for goods and currencies, when the supply decreases, the price increases. Obviously, with the continuous increase of new coins, this kind of scarcity cannot be created.

Over the years, the Ethereum community has proposed several solutions to the Ether supply problem, but none of them have been implemented. Even V God's proposal to limit the supply of Ether has no facts. While the upcoming Ethereum consensus protocol, Casper, is capable of reducing the current inflation rate from 10% per year to 0.5-2% per annum, the implementation timetable for the protocol is still undecided.

It is worth mentioning that "V God" still seems to be a little godly, because he seems to have predicted that the supply of Ethereum will exceed 120 million, so he also put forward a further proposal-increasing the supply of Ethereum Limited to 144 million.