Buterin: ETH Will Be Worthless Unless Protocol Changes
In response to claims that the Ether (ETH) cryptocurrency is headed for collapse unless the protocol changes, Ethereum co-founder Vitalik Buterin agrees for now.
In Ethereum as it presently exists, this is absolutely true, and in fact if Ethereum were not to change, all parts of the author’s argument ... would be correct, Buterin wrote in a Reddit post.
Cryptocurrency entrepreneur Jeremy Rubin made his claims in an article on TechCrunch. In his opinion, Ethereum has problems with scaling and smart contract security that will cause it to lag behind competitors, inevitably leading to a collapse by “economic abstraction.”
Economic abstraction means that the payment of fees (Gas) will happen in a token that is not native to the Ethereum network. Instead of paying gas in ETH, the owner of a smart contract would pay in the token native to their contract, likely based on the ERC-20 standard. This could make ETH redundant and decrease its value by extension.
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I hope they change it since they see this now. It would be better to fix things rather than wait for them to collapse and fail.
All currencies have to advance, innovate and not stop, because if they do not, it will be their loss.
@nataharuka this could also mean, like in my previous share about cofoundit dilemma that they can change token and chain models...
So, there is a distinction between ETH currency and Ethereum platform? I guess ... :)
looks like that, yes :)
Because there is no such distinction between BTC asset and blockchain. The same thing, one purpose only.
Bitcoin blockchain has the ability to hold tokens and execute contracts, yet nobody knows about it or seems to care ... :)
@mermaidvampire I think soon is one big Eth fork in the plan I think...maybe this was Vitalik talk...