In a shocking revelation of transparency breach on Ethereum, Pierre Rochard, a Bitcoin dev. is calling out to verify the total supply of Ethereum (ETH).
The amount of the bounty is relatively small, around $115 at the current price of Bitcoin. However, the issue that Pierre Rochard and Grubles (alias) are addressing here is important.
I will send 1 million sats to anyone who writes and successfully runs this script against their own ETH node within the next 12 hours.
— Pierre Rochard (@pierre_rochard) August 7, 2020
The argument is against the verification of ETH supply with an on-chain node. The allegations by Pierre Rochard and Grubles points out that Etherscan is the only primary source for that information.
It is known earlier that the inflation rate in Ethereum is arbitrary and set after consensus on Ethereum Improvement Protocols (EIPs). Nevertheless, this new information which has come light now questions the authenticity of the current supply as well. Grubles, another Bitcoin developer replies,
“It’s 2020 and total ETH supply validation on Ethereum is CLOSED SOURCE and run by a central 3rd party. You can’t make this up.” He notes in another tweeted, “It literally is a number that Vitalik makes up. I shit you not. Erik has his head deep in the sand.”
On the other hand, Bitcoin core simply has a dedicated API call function for it.
In the comments, however, Nic Carter, the founder of Coinmetrics and partner at Adamant Capital points out that Antoine Le Calvez, a crypto analyst calculates the on-chain supply on a regular basis. Confirmation from Calvez or proof of this, nonetheless, is still pending. Perhaps, Ethereum and blockchain geeks are busy discovering ETH supply. The hunt is on for an open source script to verify the total supply for Ether.
This is a blatant issue for the ecosystem which relies on trustlessness and transparency. We’re following the updates around it and will shortly release the next set of updates on it.
- JPMorgan Says “Fair Value” of Bitcoin is $38,000, Prefers Crypto Over Real Estate
- Just In: Bitcoin Maximalist Jack Dorsey Left Twitter Board, Here’s Why
- Breaking: Portugal Takes U-Turn On Crypto Taxation
- Ethereum L2 Protocol StarkWare Raises $100 Million At $8 Billion Valuation
- Just In: Polygon Launches Huge Fund For Terra Migration, Here’s Why
- Just-In: Andreessen Horowitz Launches $4.5 Billion Crypto Fund Amid Market Crash
- Why Banning Crypto Mining Is Almost Impossible?
- Will S. Korean Exchanges Relist LUNA? Rumors Claim Terra Founder Reaching Out To Exchanges
- Breaking: Binance “Working Closely” With Terra On Recovery Plan
- Breaking: Terra 2.0 Plan Officially Approved, Testnet Goes Live
- Sandbox Price Analysis: High Volume Breakout Aims SAND To Hit $2.6
- MATIC Price Analysis: Bullish Influence Grows on Consolidation
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline