The Chief Executive Officer and Co-founder of Ethereum, Vitalik Buterin has hit back at “naysayers” who believe ETH will turn to zero in the nearest future.
The Claim
Amidst the exceptional performance of ETH in recent times, breaking records after records, especially in China, where they currently rate it as the best crypto for the second time in their rankings. However, some major players in the market are of the opinion that, although Ethereum can survive as a blockchain platform, its native token, the ETH has been predicted to the worth nothing in no distant time.
This new stance was spearheaded by Jeremy Rubin, who highlighted his opinion in a recent article he wrote on Techcrunch. Rubin, who is a Bitcoin Core contributor and an advisor to Stellar (XLM) stressed his point in the article.
“If all the applications and their transactions can run without ETH, there is no reason for ETH to be valuable unless the miners enforce some sort of racket to require users to pay in ETH. But if miners are uncoordinated, mutually disinterested and rational, they would prefer to be paid in assets of their own rather than in something like ETH,” he said.
The Response
The claim by Rubin created a lot of argument among analysts, some who are in support of the Rubin while some are against his views. His view didn’t go unnoticed by the Ethereum founder, Vitalik Buterin who also took his time to respond to Rubin’s statement. Buterin was of the opinion that, though the claim of Rubin looks feasible, in reality, it is highly unlikely to happen.
In his own words, he said,
“Economic abstraction can still happen at the user level; users could pay in Spankchain tokens, but the block proposers would still need to cough up ETH. One could also use intermediate solutions, where third parties create ‘wrapper transactions’ that take the fees for operations from the users that are paid in Spankchain tokens, and the third parties provide the ETH to the block proposers.”
Buterin also stressed that gas payments are an integral part of the Ethereum network‘s mechanism and as such cannot be discarded or avoided.
Although, the statement from Rubin isn’t a new thing, as this sort of battles has happened in the past. However, observers and market analysts are patiently watching, to see what becomes of Ethereum (ETH).
